| LIFE
INSURANCE |
| Life insurance is designed to protect
the financial interests of your family and estate by providing a death
benefit to the named beneficiaries. Life insurance can be purchased
in varying dollar amounts and lengths of time, and is available in
numerous coverage types: Term insurance provides protection for a specific period of time. It pays a benefit only for death during the term. It is the most affordable life insurance product on the market. Permanent insurance provides lifelong protection. These policies are designed and priced to keep over a long period of time and have a cash value. There are several categories of permanent insurance: • Whole life or ordinary life is the most common type of permanent insurance. The premiums generally remain constant over the life of the policy and must be paid periodically in the amount indicated in the policy. • Adjustable life insurance premiums are recalculated at set time periods, typically every five or ten years, to reflect current interest rates. • Universal life allows you, after the initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional whole life policy. Key Employee life insurance is also available to protect an employer from the loss of an individual employee whose special skills or experience are vital to the company. Policy proceeds are used to cover lost income and to locate and hire a replacement for the key employee. |
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