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INSURANCE OPTIONS

There are three main options for Life Insurance. The following is intended to give you an introduction and comparison of the three.

Term Insurance

Permanent Insurance

Universe Life

Inexpensive at first but no return.

You will need to maintain the premiums.

You are paying for pure protection – no equity will be earned.

You can expect premiums to keep increasing.

Ends at age 75.

More expensive at first but with the security that equity brings. Also, the return is greater.

You own the coverage.

With each payment, you are building equity. You can borrow against it, use it for collateral, or supplement retirement income with it.

The cost remains constant until you own it.

Ends at age 100.

Combines permanent protection at the cost of a term plan and a savings account allowing for the accumulation of non-taxable amounts.

Adjustable premiums and face amount.

You choose the investments from a variety of guaranteed fixed income and index linked accounts at a reasonable administration cost.

Initial premium must cover at least the minimum costs of the policy

Contains guarantees on some of the monthly charges.

Cash value and death benefit are generally not guaranteed.

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