Individual Life Insurance
Any sound financial program begins with life insurance. In addition to providing a death benefit, life insurance can be used to provide a family with financial security, help save for a college education, build a retirement fund, and more. Crissie Insurance Group offers a variety of life insurance options to meet your financial needs.
Term Life Insurance - Term life provides coverage for a fixed period of time. Term life typically can be renewed after the initial contract term expires. Term insurance is usually the least expensive and simplest type of life coverage, but term life provides no savings advantage. Term life premiums are lowest when you are young and increase upon renewal as you age.
Permanent Life Insurance - Permanent life provides coverage for an indefinite time. Whole life insurance premiums continue at the same premium for the duration of the policy. Over time, your permanent life policy usually builds up cash value on a tax-deferred basis. Types of permanent life insurance are:
- Whole Life - Whole life is the most common type of permanent insurance policy. It offers a death benefit along with a savings account. If you choose this type of policy, you agree to pay a fixed amount in premiums on a regular basis in exchange for a specific amount of death benefits. The savings gained would grow based on dividends the company pays you.
- Universal or Adjustable Life - This type policy offers you more flexibility than whole life insurance. If you pass a medical examination, you may be able to increase the death benefit. The policy's savings vehicle (called a cash value account) generally earns a money market rate of interest. After money has accumulated in your account, you have the option of reducing your premium payment as long as there is a sufficient fund balance in your account to cover the costs. This can be useful if your economic situation changes suddenly. However, keep in mind that if you stop or reduce your premiums and the savings accumulation becomes depleted, the policy could lapse and your life insurance coverage will end.
- Variable Life - This policy combines death protection with a savings account that you can invest in stocks, bonds, and money market mutual funds. The value of your policy usually grows more quickly, but a variable life policy entails more risk. If your investments do not perform well, your cash value and death benefit may decrease. Some policies, however, guarantee your death benefit will not fall below a minimum level.
- Variable Universal Life - This policy has the features of variable and universal life policies combined. You have the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust your premiums, with a death benefit characteristic of universal life.
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