Insurance and Long-Term Care Planning

 
  • four basic types of life insurance


  • Traditional Term Insurance1

  • Fixed death benefit
  • Can be level or increasing premium
  • No cash value
  • Pure protection

  • Universal Life

  • Flexible or fixed death benefit
  • Flexible premiums
  • Growth of cash value based on declared interest rate
  • Protection and cash value

  • Traditional Whole Life

  • Fixed or increasing death benefit
  • Fixed premium
  • Protection and cash value

  • Variable Universal Life

  • Flexible or fixed death benefit
  • Flexible premiums
  • Growth or decline of cash value based on performance of market-based investment options2
  • Protection of cash value

Death benefits and premiums are subject to certain parameters within the policy. 1 Excludes term policies that offer a return of premium benefit. 2 The cash value of a variable universal life insurance policy is not guaranteed and may be worth more or less than total of premiums paid if surrendered or withdrawn.  Variable universal life insurance may go down in value.