Protection for life
Your life may change but your coverage won’t. Help provide lifetime financial security for your loved ones, while building your wealth.
Coverage for life… that can grow your wealth
With permanent insurance, you pay your premiums and have coverage for life. It also includes a savings component that you can access while you’re alive.
Protection for life
Your life may change but your coverage won’t. Help provide lifetime financial security for your loved ones, while building your wealth.
What is permanent life insurance?
It’s guaranteed lifelong coverage that protects the people you care about. But it’s more than just insurance. Over time your policy can build value you can access for cash during your life, with certain tax implications.
You can access money in your policy through a loan or a withdrawal. And when you die, the people you’ve chosen receive a tax-free payment, similar to term life insurance.
You can access money in your policy through a loan or a withdrawal. And when you die, the people you’ve chosen receive a tax-free payment, similar to term life insurance.
What types of permanent life insurance are available?
Both participating and universal life offer lifetime coverage and the opportunity for tax-free cash growth, but they’re structured differently.
Participating Life Insurance
- Guaranteed cash values
- Guaranteed insurance payout
- May pay a yearly dividend
- Premiums stay the same
Universal Insurance
- Guaranteed cash values on some policies
- Choose your investment options
- Generally less expensive than participating life insurance
- Flexibility in premium payments
What is the difference between universal and participating life insurance?
Universal and participating life insurance are the 2 forms of permanent protection. Here’s how they compare:
Participating life insurance
• Guaranteed money grows inside your policy
• Conservative asset management
• Policyowner dividends
• Conservative asset management
• Policyowner dividends
Universal life insurance
• Manage your risk profile and choose investment options
• Cost effective
• Payment flexibility
• Cost effective
• Payment flexibility
Common features
• Lifetime insurance coverage
• Guaranteed premium options
• Guaranteed payout
• Guaranteed premium options
• Guaranteed payout
How much insurance coverage do you need?
Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.
Here are a few things to consider:
- Your income
- Net worth
- Family needs
- Debt
- Other insurance you have
How much does it cost?
Generally, permanent insurance costs more than term insurance, but there are a lot of factors that determine the cost of your policy, including:
Age
Generally, insurance is less expensive when you’re younger.
Health
Family history, chronic diseases and lifestyle can increase costs.
Gender
Women live longer than men on average, so insurance may cost less.
Occupation
If you have a dangerous job, your insurance costs can be higher.