Life Insurance

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Whole life insurance is a type of permanent insurance that provides coverage for the insured’s entire lifetime, as long as premiums are paid. It includes a guaranteed death benefit and a cash value component that grows over time on a tax-deferred basis, which policyholders can borrow against or withdraw from during their lifetime. The alternative to permanent insurance is term life insurance. 

Universal life insurance is a type of permanent insurance that offers flexible premiums, adjustable death benefits, and a cash value component that earns interest. It allows policyholders to change their coverage and payment amounts over time, making it a more customizable option compared to whole life insurance. An alternative to Universal Life insurance is Term Life insurance. 

Indexed Universal Life (IUL) insurance is a type of permanent insurance that offers flexible premiums, an adjustable death benefit, and a cash value component that grows based on the performance of a market index, such as the S&P 500. It provides downside protection with a guaranteed minimum interest rate while offering the potential for higher returns linked to market performance. An alternative to IUL is Term Life Insurance.

Customized Whole Life Insurance with a Limited Pay option is a permanent insurance policy where premiums are paid for a set number of years—such as 10, 15, or 20—rather than for life. After the payment period, the policy is fully paid up but continues to provide lifelong coverage and cash value growth, offering both financial security and long-term savings. An alternative to CWL is Term Life Insurance. 

Term insurance is a straightforward and affordable form of life insurance that provides coverage for a specific period, such as 10, 20, or 30 years. If the insured dies during the term, the policy pays a death benefit to the beneficiaries. It does not build cash value and is often used to cover temporary financial obligations like a mortgage, income replacement, or education expenses. Once the term ends, coverage stops unless it’s renewed or converted to a permanent policy.