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Life Insurance Types:
Term Life Insurance
Term Life is a kind of insurance that lasts for a specific number of years. For example, “Ten Year Term” usually guarantees that the premium will not change for ten years. However, in year eleven one of two things will occur: 1) the insurance will terminate, or 2) the insurance premium will increase, usually substantially.
Return of Premium (ROP) Life Insurance
ROP term insurance works very similar to term insurance. However, the differences are that is goes a step further by giving you all the money that you put into the policy at the end of your term insurance. The price of this is usually about 30 percent higher that regular term insurance. For example, If I purchase a twenty year ROP term insurance policy and I paid $20,000 into the policy over the years, then I will get the $20,000 in total premiums back minus a nominal policy fee.
Universal Life Insurance
These days, Universal Life is usually marketed to provide the lowest cost, guaranteed insurance premium that will last to age 100, or longer. Unlike Whole Life, there is little or no “cash value” with Universal Life.
Whole Life Insurance
Whole Life is insurance that offers protection for the “whole” life. It doesn’t expire.
Whole Life insurance also offers a savings component, called “cash value,” which
grows on a tax-
Joint & Survivorship Life Insurance
A Tool To Help You Protect Your Wealth From The IRS. Without proper planning, a chunk of your money could go to the IRS at your death. While estate taxes may be inevitable, there are ways to conserve — or at least replace — a portion of your estate. One effective tool to help protect your net worth is a survivorship life insurance policy. Ask us for more information...