• Provides Insurance for a specific period of time
• Pays face amount (death benefit) only
• No cash value
• Use when:
  • You have a temporary need for life insurance
  • You need a large amount of insurance for a specific amount of time
  • You need additional coverage to supplement an existing plan

Permanent

Whole Life (WL)

• The premium may be level or increase after a fixed period, but the premium will not change from the scheduled premium at issue.
• Cash value that increases over the life of the policy by a fixed rate of interest
• Death benefit is constant
• Use when:
  • You need lifetime protection
  • You like premiums that will not increase
  • You have a need for additional income during retirement
  • You have long-term financial goals that can be supported by the policy's cash value
  • Your only existing coverage is through you employer and you may need additional coverage at retirement

Universal Life (UL) and Indexed Universal Life (IUL)

• Premium flexibility
• Minimum premiums required for the first 1 or 2 years then premiums are flexible depending on cash value
• Level death benefit or one that fluctuates with the cash value (not a guaranteed death benefit)
• Use when:
  • Your insurance needs are likely to grow and change
  • Your business anticipates changing stages of growth and development
  • You are attracted to the flexibility of unstructured premiums
  • You want to pre-fund policy values

• Pays overhead expense incurred such as rent, utilites, employee salaries, property and payroll taxes, property and liability insurance.

Group

• Voluntary Income Protection