Domestic US Life Insurance

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    Term Life or Whole Life Insurance?

    There are two main types of life insurance: term and whole life. It is common to question which type of insurance is right
    for you. In the end, the question that should be answered is: Which one best meets your needs?

    Term Insurance: Provides coverage for a particular length
    of time and pays a benefit if you die during the term period.

    Why Consider Term?
    • Cost-effective coverage compared to
    whole life insurance
    • Ideal for those who need coverage for a
    specific period of time
    • Supplement whole life insurance
    • Can be renewed at annually increasing rates
    without proving insurability
    • Option to convert to whole life insurance later
    • Income tax-free death benefit1

    Whole Life Insurance: Provides lifetime coverage and can
    provide cash value accumulation within the policy.

    Why Consider Whole Life?
    • Lifetime2 coverage as long as premiums are paid
    • Tax-deferred growth of policy cash values
    • Liquidity through policy loans3
    • Can help supplement retirement income4
    A stable financial asset on your balance sheet
    • Income tax-free death benefit

    Long-Term Considerations
    Are you looking for coverage for a specific period of time or do you want lifetime2 coverage?
    Studies show that many people are living longer.5 This is important to consider when selecting life insurance. If you select
    term insurance, you may be at a higher risk for outliving your policy.
    Are you more interested in a short-term, cost-effective option, or would you like the opportunity to build up cash value
    over time?
    If you select whole life insurance, cash value grows tax deferred over the life of the policy and can be accessed
    through a loan to help provide an emergency fund or to supplement educational expenses or retirement income.3
    Term insurance can be cost-effective, but there is no cash buildup.
    Would a blend of the two make sense for you?
    A blended policy can offer some of the advantages of both
    types of insurance. By combining a smaller face amount
    whole life policy and a term life policy that is convertible to
    whole life, you can have an affordable plan that meets your
    protection needs while also establishing a lifetime asset.

    1 Life insurance benefits are generally includible in one’s estate. While beneficiaries generally receive death
    benefits free of income taxes, your estate may be taxed. A tax advisor should be consulted if your estate
    is sufficiently large to be subject to estate taxes.
    2 Whole life policies have a maturity date at which time cash value is distributed.
    3 Sufficient loan value generally not available in early policy years. Outstanding loans reduce the death benefit.
    4 Withdrawals to supplement retirement income are treated as a policy loan.
    5 U.S. National Center for Health Statistics; Centers for Disease Control and Prevention; Health,
    United States, 2016 Report; Published 2017
    C5699 (9/18)

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    • (646) 604-2988
    • (203) 900-3353