Life Insurance That Cares as Much as You Do

What It Is:

Term life insurance provides pure coverage that pays a death benefit if the insured passes away within the selected term.

Why It’s Popular:

Cost-Effective: Offers the lowest cost per dollar of coverage—ideal for income replacement or mortgage protection.

Simple: Focuses solely on protection with no cash value component.

Options:

Level Term: Premium and death benefit remain constant throughout the term.

Convertible Term: Allows conversion to permanent life insurance within a set period without a new medical exam.

What It Is:

Whole life insurance is permanent coverage that lasts your entire life as long as premiums are paid, while building guaranteed cash value.

Benefits:

Guaranteed death benefit and fixed premiums.

Cash value grows on a predetermined schedule.

Certain policies may pay dividends (not guaranteed) to increase value or reduce premiums.

Use Cases::

Estate and legacy planning

Covering final expenses

Long-term wealth accumulation strategies

What It Is:

Final expense insurance is a simplified-issue whole life policy with modest coverage amounts (typically $5,000–$30,000) designed to cover funeral and end-of-life costs.

Benefits:

Easier underwriting, often no medical exam required.

Fixed premiums with permanent coverage.

Ideal For:

Individuals seeking straightforward, “set-it-and-forget-it” protection for final expenses.

What It Is:

Universal life insurance is permanent coverage with a cash value account credited at a declared interest rate, allowing flexible premiums within policy limits.

Benefits:

Adjustable premium payments to fit changing financial needs (within policy minimums).

Helps maintain coverage while managing cash flow.

Watchouts:

Underfunding the policy can reduce cash value and risk coverage lapsing—regularly review annual statements.

What it is:

Indexed Universal Life (IUL) insurance is a type of universal life policy where cash value growth is linked to a market index (e.g., S&P 500) with a guaranteed floor of 0% and a cap or participation rate.

After you reach it:

Your plan covers 100% of eligible, in-network services for the rest of the plan year.

Benefits:

Protects against market losses with a floor, while offering upside potential up to the cap.

Tax-advantaged growth if structured properly.

Considerations:
Growth depends on caps, participation rates, and policy costs—careful policy design is important.

What It Is:

Long-term care insurance provides coverage that reimburses qualified care services when an individual is unable to perform Activities of Daily Living (ADLs) or has cognitive impairment.

Benefits:

Shields retirement savings from high long-term care expenses.

Offers flexibility in care settings, including home care, assisted living, and adult day care.

Key Features:

Daily or monthly benefit amounts

Benefit period and elimination period

Optional inflation protection riders

What It Is:

Short-term care insurance provides coverage for home health or facility care over a limited period, typically shorter than traditional long-term care policies.

Benefits:

Easier underwriting; often quicker approval.

Can supplement savings to cover care gaps.

Lower premiums compared to standard long-term care insurance.

What It Is:

An annuity is a contract with an insurance company designed to grow funds tax-deferred and/or provide guaranteed income, either immediately or at a future date.

Types:

Fixed: Offers a guaranteed rate with principal protection.

Fixed Indexed: Interest is linked to a market index, with floors and caps.

Variable: Investment options in market-linked subaccounts; returns and principal may fluctuate.

Use Cases:

Pension-style retirement income

Required Minimum Distribution (RMD) planning

Protecting against outliving your savings (longevity hedge)

What It Is:

Group life insurance is coverage provided through an employer or association. Basic coverage is often paid by the company, while employees can purchase additional supplemental coverage.

Benefits:

Minimal or no medical underwriting for base coverage amounts.

Convenient payroll deduction and potential portability if you leave the employer.

What It Is::

Critical illness insurance provides a one-time lump-sum payment upon the first diagnosis of covered conditions such as cancer, heart attack, or stroke, depending on the policy.

Benefits:

Cash can be used for any purpose: medical treatment, travel, mortgage payments, or lost income.

Complements existing health insurance by covering deductibles and non-medical expenses.

Note:

Covered conditions and definitions vary by policy—always review the policy details carefully.