Life

Permanent life insurance provides protection throughout your lifetime as long as you continue to pay your premiums in full. Most policies build cash value for you or your beneficiaries. Here are some plan options:

• Whole Life Insurance - This policy allows for the accumulation of cash value on a tax-deferred basis, which can be used when you need it. Your cash value will build slowly and steadily, and as your cash value increases, you'll see it grow faster.
• Universal Life Insurance - The flexibility of universal life coverage allows for changes to the death benefit, and size and timing of the policy's premium. Your tax-deferred cash value account accumulates at least the guaranteed rate of interest, but may accumulate at a higher rate depending on the current market.
• Variable Life Insurance - This permanent life insurance policy offers a cash value account. These policies require a fixed annual premium for the life of the policy and may provide a minimum guaranteed death benefit.

Term life insurance provides protection for specific price over a set period of time; usually 10, 15, 20, or 30 years. Coverage expires without value at the end of the term and policy owners need to either convert the policy to a permanent life insurance plan or purchase a new policy for a new term. Term life insurance pays out a specified lump sum to a beneficiary only in the event of death before the policy expires. Here are some plan options:

• Annual Renewable Term - The death benefit is a level amount and will remain the same for the term period. This policy can automatically be renewed without having to provide evidence of good health each year.
• Level Term - The death benefit is a level amount and will remain the same for the term period.
• Decreasing Term - The premiums remain level over a specific term, but the amount of death benefit protection decreases over the term of the policy. Decreasing term insurance is best when the policy owner's financial obligations decrease over time, such as a mortgage or personal loan.