Navigating insurance solutions, a guide to term and universal coverage.
Term Insurance
Term life insurance is a cost-effective way to offer your clients the financial protection of a life insurance policy for a specified length of time, along with the option to convert all or a portion of their coverage over to a permanent policy in the future. Key features can include:
- The ability to buy coverage at an affordable rate
- A fixed, level premium
- The option to select the term period that best fits the needs of your client
Universal Life (Permanent Insurance)
Universal life insurance can provide a lifetime of coverage with the potential on some products to earn cash value over time. It can be a good fit for clients who want permanent protection and possibly some cash value growth to help them meet specific long-term financial goals. Key features can include:
- Tax-deferred growth
- Adjustable premiums and death benefit
- Competitive fixed interest rate that’s credited monthly to the cash value account
- Access to policy cash value by way of income tax-free loans and withdrawals
Indexed Universal Life (Permanent Insurance)
Indexed universal life usually provides death benefit protection, along with an opportunity to build cash value based in part on the increase of market indexes. However, if indexes go down, the policy will continue to provide some safety with a guaranteed minimum interest rate. Key features can include:
- Greater growth potential compared to a traditional UL policy
- Money inside the policy grows tax-deferred in fixed and indexed strategies
- Guaranteed not to have a negative index crediting rate – even in a down market
Second to Die Insurance (Permanent Insurance)
Second to die life insurance is a policy on two lives that pays a death benefit after the second insured passes. Situations where this type of policy might be helpful can include:
- Business owners/partners who want to provide funds to support/continue the business upon the death of both partners
- Couples who need a financial vehicle to fund their estate tax liabilities or provide an inheritance
- A couple with a special needs child who will require a lifetime of care
Whole Life
Whole life insurance can provide a lifetime of financial security for beneficiaries, along with the opportunity to accumulate cash value over time. Policyholders can access cash value by way of income tax-free loans and withdrawals. Key features can include:
- Level premium payments
- Guaranteed death benefit
- Guaranteed cash value
- Tax-deferred cash value growth
- A fixed interest rate
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