Life insurance provides a degree of financial protection against the certainty of death and can help survivors achieve specific financial objectives. Life insurance death benefits are usually income tax free and can be used to complete a retirement, generate lifetime income, pay off a the mortgage, and provide funds for childcare, college educations and more. Life insurance policies that accumulate cash value can often provide tax-advantaged money to help meet retirement or emergency cash needs.
Select-a-Term - Term Life insurance provides death benefit protection for a stated time period. Coverage periods are from 10 to 30 years depending on the age of the insured. It is well suited for short term goals.
Guaranteed Universal Life – GUL provides death benefit protection for a long time period – usually for a lifetime or a specific time period if designed that way. The premium payment period is guaranteed.
Survivorship Guaranteed Universal Life – SGUL covers two lives, where the death benefit is payable on the death of the second life. It is commonly used in estate planning, where the first spouse to die leaves his or her estate to the surviving spouse, utilizing the unlimited marital estate tax deduction; the estate then becomes taxable upon the death of the second spouse.