Term and Return of Premium Life Insurance

Term Insurance

Term insurance provides a low cost option for clients who need life insurance for a specific period of time. 10, 15, 20 and 30 year options are the most common terms available. AIG offers the select-A-Term plan which allows you to choose a more specific term. Once the term is up, the premium goes up on an annual renewable basis.

Term policies have conversion privileges built into them; this allows a term plan to be converted into a permanent plan. Make sure to review the conversion details as not all plans provide the same benefits.

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Return of Premium Term Life Insurance

Return of premium term life is a very popular option for many clients. It is a type of term insurance, where the client receives their premium back at the end of the term. It is available as a specific product or as a rider from some companies.

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Permanent Insurance

About Permanent

There are two main types of permanent life insurance. The traditional type is Whole Life Insurance, a product with fixed lifetime premiums. Whole life policies can be participating or non-participating. With a participating policy the owner can receive dividends when the company make a profit. The other type of permanent insurance is Universal Life Insurance. UL is more common today, because the policies are more flexible than whole life. The policies have a cash value associated with them that grow with interest. The owner of a UL policy can take loans and disbursements from the cash value. This makes the premiums somewhat flexible. If there is not enough cash value in the policy and the owner wants to lower their premium, they can lower the death benefit of the plan.

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Guaranteed Universal Life

UL with a no-lapse guarantee is a great option for clients worried that their term insurance will not last long enough. The policies will not lapse as long as the minimum no lapse premium is met. It is generally the least expensive type of permanent insurance.

 

Indexed Universal Life

If the client is looking for higher projected interest rates, Indexed Universal Life policies have some of the best projection. The Cash Values grow based upon one or more financial indexes. The most commonly used index is the S&P 500.

 

Universal Life with a Long Term Care Rider

Universal Life with a LTC rider provides an option for clients worried about the high cost of Long Term Care. It is an acceleration of the policy death benefit, upon qualification of the client. They receives money to pay for the assisted living, nursing homes and many other expenses.

Call us to find out more about UL with the LTC rider.