Whether you don’t have any life insurance at all, or you’re concerned that you don’t have enough death benefit protection to cover your family’s needs, the following products can help you fill the life insurance gap in your financial strategy.
- Term Life
- Universal Life
- Guaranteed Universal Life
As a bodyguard you hope you never have to use, the sole purpose of term life insurance is to protect your family or beneficiaries in case you were to die unexpectedly, helping to relieve the sudden loss of income, cover funeral costs, outstanding debts and more.
If you’re looking for some basic protection, term may be the way to go. Pay your premium over whatever term you choose (often 10, 20, or 30 years) and in return, you’ll receive death benefit protection. Once the term is up, the policy is terminated. The bodyguard calls it a day.
The amount of death benefit your beneficiaries receive will depend on how much you purchase. Your financial professional can help you determine how much death benefit you need.
Term can help you prepare financially for the chance of being diagnosed with a serious illness.
In addition to offering death benefit protection, some term products may also include accelerated death benefits. These benefits allow the policy owner to access the death benefit while living.
Term is usually the most affordable type of life insurance, often compared to the cost of a couple cups of coffee – which is much more affordable than a personal bodyguard.
Universal life (UL) insurance provides the policy owner with death benefit protection along with the potential to build cash value with a declared fixed interest rate.
Get death benefit protection and potentially earn interest at the same time.
Your life insurance premium first pays for insurance and monthly expenses. The remaining amount of money you put into the policy is credited to the cash value, which accumulates interest.
Coverage for a lifetime
Guaranteed universal life (GUL) insurance provides guaranteed death benefit protection for the amount of time that you and your financial professional determine you need. It’s like term, except GUL can provide coverage for the duration of your lifetime (subject to premium payment requirements), rather than in pre-determined lengths of time.
The great thing about GUL is that the premium is fixed so the amount you pay will be the same for your entire life, as long as you continue to meet the minimum payment requirements on time to maintain the guaranteed level premium. A missed or late payment can affect the guaranteed premium.
If you’re looking for death benefit protection coverage for the entirety of your life, GUL may be right for you.