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Life Insurance

Life insurance offers financial protection for loved ones in the event of the policyholder’s death. Each type of life insurance has its features, benefits, and considerations, so it’s essential to evaluate your financial goals and needs carefully when selecting a policy. Consulting with a licensed insurance agent or financial advisor can help you choose the most suitable life insurance coverage.

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Term Life Insurance

Term life insurance provides coverage for a specified term, typically 10 to 30 years. If the policyholder dies during the term, the beneficiary receives the death benefit. Term life insurance is generally more affordable than permanent life insurance but does not accumulate cash value.

Variable Life Insurance

Combines life insurance coverage with investment opportunities. Policyholders can allocate their premiums among various investment options, such as stocks, bonds, or mutual funds. The cash value and death benefit of variable life insurance fluctuate based on the performance of the underlying investments.

Whole Life Insurance

Whole life insurance offers coverage for the entire life of the policyholder as long as premiums are paid. It builds cash value over time, which can be accessed through policy loans or withdrawals. Premiums are typically higher than term life insurance but remain level for the policy’s life.

Variable Universal Life Insurance

A hybrid of universal life insurance and variable life insurance. Policyholders can adjust premiums, death benefits, and investment allocations over time. Variable universal life insurance offers both the potential for cash value growth and investment risk.

Universal Life Insurance

Like whole life insurance, universal life insurance provides lifetime coverage and accumulates cash value. However, it offers greater flexibility in premium payments and death benefit adjustments, allowing policyholders to tailor the policy to their changing needs.

Indexed Universal Life Insurance

Offers flexibility in premium payments and death benefit adjustments, like universal life insurance, but with cash value growth tied to the performance of a stock market index, such as the S&P 500. Indexed universal life insurance policies typically include a guaranteed minimum interest rate to protect against market downturns.