Term

Advantages

Term can cover financial obligations that will disapear over time, such as college and mortgage expenses.

When young, the premiums are generally lower than those for  cash value insurance

Variable

Advantages

Lifelong protection as long as the premiums are paid.

 Higher growth potential than other types of life insurance products.

 

Whole Life

Advantages

Lifelong protection as long as the premiums are paid.

Premiums can be fixed or flexible to meet the individuals financial needs.

Indexed Universal

Advantages

Lifelong protection as long as the premiums are paid.

Cash value accumulation potential that is typically higher than Whole Life policies.

Disadvantages 

Provides protection for a specific period of time, not for life.

Premiums increase as you grow older and your health status changes.

Policies don’t usually build up a cash value.

Disadvantages

Subject to Market risk (considered a Security)

 The cash value of a variable life policy is not guaranteed.

 If the Market does not perform well, the cash value and death benefit may decrease and possibly lapse.

 

Disadvantages

Designed to be kept for the long term.

Cancelling a policies after only a few years can be expensive.

Disadvantages

 Limited index selections.

Subject to maximum crediting caps.

I recommend an Indexed Annuity Life Insurance plan, schedule a phone conversation now. I think you will be exited about the upside of this type of coverage.

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