Life After Life

Life after life…insurance for your love ones after your life.

A death in the family is not only emotionally devastating, it can also take a tremendous toll on the future financial security of a family. Suddenly, without the deceased’s income, paying the mortgage or providing for a child’s college education may become much more difficult.

Those who buy life insurance do so to help ensure their loved ones are taken care of financially. Life insurance is a promise by an insurance company to pay those who depend on you a sum of money upon your death. In return, you make periodic payments called premiums. Premiums can be based on factors such as age, gender, medical history and the dollar amount of the life insurance you purchase.

In the event of your passing, life insurance provides money directly to the individuals you select, your beneficiaries, who can use the money as they see fit, including:

• Replacing lost income
• Covering basic living expenses
• Paying household debts, estate taxes and funeral expenses
• Funding a child’s education
• Supplementing retirement savings

Life insurance comes in two main types – term and permanent – which may both be available through your workplace.

Term life insurance

Term life insurance pays a specific lump sum to your loved ones for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if your leave your company.

Generally, you should consider a term life insurance policy to:

• Get valuable coverage at an affordable price
• Help cover specific financial responsibilities like a mortgage or college expenses
• Supplement a permanent policy

Permanent life insurance 

Permanent policies do not expire. They are intended to protect your loved ones permanently, as long as you pay your premiums. Some permanent life insurance policies accumulate cash value. That means, the value of the policy will grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals, and can be used for a variety of purposes. This type of plan is typically portable so coverage can continue if employment terminates.

Consider a permanent insurance policy if you want:

• Protection for life
• Payments that stay the same each year
• To put additional money into the policy on a tax-favored basis
• Cash value you can use while you are living

Coverages at a Glance

Whether you’re looking for the affordability of term insurance, the lifelong protection and cash value of permanent insurance, or a combination of both, we have options to fit your needs and budget. Decide which coverage is right for you before getting a life insurance quote.

	Term Life	Whole Life	Universal Life
Advantages	Simple, affordable coverage for a period of time	Lifetime coverage with access to cash value	Flexible coverage flexible premiums
What It’s Used For	Appropriate for short-term coverage needs	Life insurance for life-long needs	Permanent protection and flexibility
Guaranteed Death Benefit	Yes Provided premiums are paid as required	Yes Guaranteed for the life of the policy provided premiums are paid as required
Cash Value	Available only for Return of Premium Term	Yes Cash value growth is tax-deferred.	Yes Cash value growth is tax-deferred.
Lifetime Level Premiums		Yes Guaranteed for the life of the policy
Lifetime Coverage1		Yes Guaranteed for the insured’s lifetime, provided premiums are paid as required	Yes It is possible coverage will expire when either no premiums are paid following the initial minimum premium or subsequent premiums are insufficient to continue coverage1
Flexible Premiums1			Yes Available for the insured’s lifetime1
Dividends2		Yes Eligible to earn dividends; however, dividends are not guaranteed2
Available Policies	Term Life Policies Select Term 10, 20, 30 Return of Premium 20, 30 Mortgage Life 15, 30	Whole Life Policies Whole Life Limited Pay 10, 15, 20 Single Premium Life Final Expense ($10,000 Whole Life in NY)	Universal Life Policies Universal Life Survivorship Universal Life Joint Universal Life