Which type of policy is a good fit for you?
Because no single type of life insurance is right for everyone, there are
several options from which to choose. One of these may be right for you.
Term insurance:
Term policies provide life insurance coverage for a specific period of time; say 10, 15 or 20 years. For example, if you purchase a 20-year term policy, pay premiums and live to the end of the term the policy will terminate. Term policies offer the advantage of higher death benefits with lower, level premiums. Some policies offer guaranteed conversion rights to any currently offered permanent policy with no additional underwriting.
Whole life:
Whole life insurance is similar to a term policy, because it offers the predictability of level premium payments. But, unlike term insurance, whole life policies provide coverage for your entire life (instead of a set term). Whole life policies also have a cash value that grows tax-deferred and that you may be able to access under certain circumstances.
Universal life:
Universal life insurance also provides coverage for your entire lifetime. Universal life offers you the flexibility to pay your premiums at any time and at any amount (subject to some limits), as long as the policy expenses and cost of coverage are met. Universal life policies also have a cash value that can grow at a declared interest rate, tax-deferred and which you may be able to access under certain circumstances.
Fixed index universal life:
Fixed index universal life (FIUL) insurance works the same way as a universal life policy, but with the addition of potential indexed interest. Indexed interest is credited based on changes in an external index or indexes, which you choose when you buy the policy. Your policy’s cash value can grow tax-deferred and which you can access under certain circumstances.
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Call toll free 1-866-467-3102 or e-mail me today at warren.farber@farberinsurance.com to review your options for a secure financial future