Term life insurance provides coverage for a predetermined amount of time, typically between 10-30 years. A Death benefit will payout if the policy owner passes away within the term of the policy.
– Good for young families or people looking for more coverage.
IUL is a permanent policy it allows for flexible premiums and a death benefit. It also includes higher growth potential through index interest crediting. The policy owner can choose a percentage of the cash value to invest within specified indexes to increase the chances of larger returns. Can act as a savings vehicle.
Final expense is a permanent policy that is typically for older individuals that just want enough coverage for their burial, or any expenses left behind.
Whole life policy is a permanent policy that is design for someone who is looking for guarantee coverage and not cash value. With level premiums and no flexibility.
An annuity is a retirement vehicle that will allow for a death benefit, income for life, principal protection, and a guaranteed income for life.
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