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Whole - Universal - Participating Life insurance:
This policy may be designed with guaranteed level premiums for the lifetime of the policy (Life Pay) . Or you can choose to pay for a limited time and then you don't have to pay any more. For example:
Pay 20 years means the premiums are payable for the first 20 years. Then no premiums are paid, but the policy remains in force until the insured person dies or cancels the policy.
Term Life Insurance: The premiums are guaranteed level for a given period of time. For example:
Term 10 years – the premiums are guaranteed level for 10 years, then the policy will be renewed, and the premiums will grow up at renewal, or the policy may be cancelled.
Term to age 65 – the premiums are guaranteed level until the insured turns 65 when the policy expires.
Whole life insurance provides protection for the entire life of the insured. This policy usually has a growing cash surrender value. The death benefit, premiums, cash values are guaranteed for the entire policy period.
Universal life insurance combines permanent insurance protection with investment account options for tax-deferred savings growth. Universal life is a complex product with different options for saving and paying premiums.
Participating Whole Life Insurance policy provides permanent lifetime insurance protection and is also eligible to receive dividends. The amount of coverage and the premiums are guaranteed for life. Dividends can be used to buy more coverage, reduce your annual premium, or earn interest, or you can take them in cash.
Term Life Insurance provides protection within the period specified in the policy, there is no cash surrender value. The premiums are guaranteed level for a given period of time