Life Insurance comes in two basic types:
Term Life Insurance
Premiums for Term Lifemay be guaranteed for one year, 5 years, 10 years, 15 years, 20 years or as much as 30 years. At the end of the term you may be required to be re-examined in order to get the lowest renewal rate. Renewal rates are always higher than the original rate due to age rating. If persons are less healthy at the end of the term period rates may be significantly higher.
Cash Value Life Insurance
The most popular cash value life plans are Whole Life and Universal Life.
Whole Life most often has a guaranteed premium for the remainder of the insured's life - cash values and dividends, if applicable, may allow the premium payor to stop paying after 12 to 15 years if the dividends meet expectations.
Universal Life has a premium that can be increased or decreased each month or year. The cash values are intended to build to a sum that allows the insured to levelize the premiums or eventually stop payments when values will support the cost of maintaining the insurance in later years. The face amount may remain fixed or increase with the cash value at the owners option.
At IBU we illustrate both types of insurance to find the plan that best suites your needs. We quote such "A" rated companies as: American General, Banner Life, Federal Kemper, First Colony, First Penn Pacific, Jackson National, North American, Protective Life, Security Connecticut, West Coast Life and etc. These companies have been chosen because of their competitive position in the life insurance market.
Term Life Insurance
Premiums for Term Lifemay be guaranteed for one year, 5 years, 10 years, 15 years, 20 years or as much as 30 years. At the end of the term you may be required to be re-examined in order to get the lowest renewal rate. Renewal rates are always higher than the original rate due to age rating. If persons are less healthy at the end of the term period rates may be significantly higher.
Cash Value Life Insurance
The most popular cash value life plans are Whole Life and Universal Life.
Whole Life most often has a guaranteed premium for the remainder of the insured's life - cash values and dividends, if applicable, may allow the premium payor to stop paying after 12 to 15 years if the dividends meet expectations.
Universal Life has a premium that can be increased or decreased each month or year. The cash values are intended to build to a sum that allows the insured to levelize the premiums or eventually stop payments when values will support the cost of maintaining the insurance in later years. The face amount may remain fixed or increase with the cash value at the owners option.
At IBU we illustrate both types of insurance to find the plan that best suites your needs. We quote such "A" rated companies as: American General, Banner Life, Federal Kemper, First Colony, First Penn Pacific, Jackson National, North American, Protective Life, Security Connecticut, West Coast Life and etc. These companies have been chosen because of their competitive position in the life insurance market.
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