Some of our companies offer a different form of term insurance called return of premium term. Return of Premium (ROP) term life insurance is a product that combines some aspects of traditional term life insurance such as affordable, guaranteed level-premium periods (10, 20 or 30 years), with a return of premium feature. At the end of the level-premium period, 100% of the premiums paid may be returned to the insured if he outlives the term period. If not outlived, the death benefit is paid to the beneficiaries.
*Note: This contract has exclusions, limitations, reductions of benefits and terms under which the contract may be continued in force or discontinued. For costs and complete details of coverage, please call your agent.
Term Policies provide life insurance for a specified period of time. These policies provide benefits in the event of death, but they generate no cash value. Keep in mind that the cost of term insurance increases as you get older, which may make it more expensive than cash value insurance in the long run. Most companies will not sell term insurance to an applicant for a term that ends past his or her 80th birthday.
Universal Life products give you the flexibility to choose the amount of protection that best suits your family or business. With Universal Life insurance, you control the amount and frequency of payments. Looking towards the future you have the option to increase the premium or make lump sum contributions, subject to limits as specified in the policy. The extra dollars grow tax-deferred, and may increase the cash and death benefit values.
Certain whole life contracts do guarantee a specific cash surrender value at given ages, which is especially useful in certain Business Planning, such as Deferred Compensation.
*Note: The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with teh purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
*With all life insurance policies any/all guarantees are backed only by the claims paying ability of the individual carrier.