Popular forms of Life Insurance

Term Life

  • provides coverage for a set period of time
  • typically has a level guaranteed death benefit and premiums guaranteed for specified durations
  • level premium periods can range from one year to 30 years

There are a number of life insurance carriers that offer term insurance. It is best to speak with a licensed insurance professional if you are considering purchasing term insurance as there are many factors that can affect the price, such as the amount of death benefit, the applicant’s health, add-on rider costs, etc.

Guaranteed Universal Life - GUL

GUL is a specific type of life insurance that grants the insured a guaranteed amount to pass to heirs. This type of policy has a cash value accumulation feature which is derived from the payment of premiums over the life of the policy.

Indexed Universal Life - IUL

IUL is a specific type of life insurance that can offer both a death benefit and a cash value accumulation feature.

In addition to the option of growth based on a fixed interest rate, the policy also has the potential to gain more. The policy is linked to a market index and if the index increases, so does your interest for that term (limitations and caps apply*), but if the index declines, your locked-in principal and interest don’t.

*The fixed rates are typically low, and your earnings are capped at a certain percentage of the index, depending on the terms and conditions of your IUL contract. For example, you may have a 2% cap and earn 4%–7% per year in addition to the fixed rate. Fixed rates and caps are subject to change after the first year.

The products described on this site contain limitations and exclusions and the actual product material(s) should be reviewed carefully to understand all the benefits, limitations and exclusions prior to purchase.