Life Insurance

Definition: Provides coverage for a fixed period (commonly 10–40 years).

Premiums: Lower initial cost; predictable payments.

Benefits: Pays a tax‑free lump sum to beneficiaries if death occurs during the term.

Limitations: No cash value; coverage ends when the term expires unless renewed.

Best suited for: Families needing affordable protection during high‑expense years.

Definition: Permanent coverage that lasts for the insured’s lifetime.

Premiums: Higher but fixed; predictable long‑term cost.

Cash Value: Builds guaranteed savings over time, accessible via loans or withdrawals.

Benefits: Provides lifelong protection plus a stable savings component.

Best suited for: Estate planning, wealth transfer, or clients seeking guaranteed lifelong coverage.

Definition: Permanent coverage with flexible premiums and adjustable death benefits.

Cash Value: Accumulates based on interest rates or investments.

Benefits: Policyholders can increase/decrease premiums and adjust coverage.

Best suited for: Individuals seeking flexibility and potential growth in their policy’s value.

Definition: A whole life insurance where policyholders “participate” in the insurer’s profits.

Cash Value: Eligible for dividends, reduce premiums, increase coverage, or be taken as cash.

Best suited for: Clients wanting guaranteed coverage with potential for added financial benefits.

Definition: Coverage provided through an employer or association.

Premiums: Often subsidized or free.

Limitations: Coverage usually ends when employment ends.

Best suited for: Basic protection, often supplemented with personal policies.

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