... Coverage is for a specific price for a specific period
... No cash value - least expensive type of life insurance

... No investment component

... One use: to pay a specific lump sum to the designee upon your death

... Death benefit and policy limit are the same amount

... Policy protects your family by providing money to replace your salary  and to cover final expenses
... SOMETHING TO THINK ABOUT: If something happens to you, your spouse can invest the cash proceeds of your term policy and make mortgage payments out of those proceeds.  The tax deduction for the mortgage interest remains intact, and interest on your investment is earned for you ? instead of letting the bank earn the interest.

YOU MIGHT WANT TO CONSIDER A TERM POLICY RIGHT NOW TO PROTECT YOUR FAMILY FROM LOSSES SUFFERED SHOULD ANYTHING HAPPEN TO YOU...
Sold a 15-year term policy for $750,000, he was super preferred, age 47, annual premium was under $850.  That is about $71 per month.  Not much money to keep your family protected!  Ask Marilyn to show you how you can do that.

Whole Life - offers cash value if not borrowed out of policy
... Covers your "whole life," not just a specific period
... Premiums remain level (the same amounts)
... Insurance Company invests at least part of your premiums - you do not decide which investments - they decide
... Some Companies share investment proceeds by providing a dividend to policy holder
... Guaranteed rate of return is usually low, but the rate paid out can be in excess of the guarantee
... Pays death benefit to named beneficiary/beneficiaries
,,, Offers low risk cash value account
... Offers tax-deferred cash accumulation
... You have the right to withdraw from the policy as a loan which will decrease the death benefit
... Face amount is not flexible, nor is premium


Universal Life - You can make choices
... You can decide how much more you want to pay over and above the premium, offering premium flexibility
... Insurance Company chooses investment type - generally restricted to high quality bonds
... Investment and returns go into a cash-value account which you can use as premium payments or allow to build.
... Provides permanent protection for your dependents while being more flexible than whole or variable life
... Offers you a low risk cash value account and tax-deferred accumulation
... You have the right to borrow or withdraw from the policy during your lifetime


Variable Life - Wider Selection of Investment Products
,,, Stock funds can be included in investments - for the more risk-oriented insured
... Returns on investments can offset premiums or build in the account
... Pays death benefit to named beneficiary/beneficiaries
... Offers you low-risk tax-free cash accumulation
... Death benefit can vary in relation to fund returns of cash value account
... You can borrow from the policy during your lifetime
... Does not offer a cash value guarantee during your lifetime
... No premium flexibility
... No face amount flexibility


Universal Variable Life - More Control by Policy Holder
... Pays death benefit to named beneficiary/beneficiaries
... Offers you low risk tax-deferred cash value options
... Offers separate accounts for you to invest in including money market, stock and bond funds
... Offers premium flexibility
... You can make withdrawals or borrow from the policy during your lifetime
... States that if you terminate policy in early years you receive less cash value total return than in a whole contract
... You need to devote time to choose the investments
... Works best with larger premium amounts as premium must cover yo ur insurance and accounts