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Life Insurance

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Term Life Insurance

There are many variations of term life insurance.

Most popular is Level Term Life. Level death benefit and level premiums for 5, 10, 15, 20, 25, 30 and 40 years. Not all durations are offered by all companies. No cash value. Very economical.

Return of Premium term – Same as level term, except at the end period, all your premiums are returned.

Yearly Renewable Term – Increasing term. Premium increases each year and the death benefit stays the same.

Permanent Life

Universal Life – Flexible premium and Flexible death benefit. If properly designed, can last your lifetime. May have cash value based on a current interest rate. Based on your state laws, the cash values may be creditor proof.

Whole Life – Guaranteed premiums and Guaranteed death benefits. Guaranteed cash value typically paid after the 2nd or 3rd year and continuing each year for the life of the contract. Dividends are projected to be paid after the 2nd or 3rd year also. Dividends are not guaranteed. Cash value and dividends accumulate on a tax deferred basis. Based on your state laws, the cash values may be creditor proof.