Domestic US Life Insurance

There are two main types of life insurance: term and whole life.
It is common to wonder which type of insurance is right for you. Ultimately, the question to ask is: which one best suits your needs?

Term Insurance: Provides coverage for a specified period of
time and pays a benefit if you pass away during the term.

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.

• Possibility of converting it into a whole life insurance policy later on.

• Income tax-free death benefit. *1

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

Why Consider Whole Life?

• Lifetime*2 coverage as long as premiums are paid.

• Tax-deferred growth of policy cash values.

• Liquidity through policy loans *3.

• Can help supplement retirement income *4.
A stable financial asset on your balance sheet.

• Income tax-free death benefit.

Long-Term Considerations:

Do you want coverage for a specific period of time or do you want lifetime*2 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 of 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
overtime?
If you select whole life insurance, the 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 combination of the two work for you?
A combination policy can offer some of the advantages of both types of insurance. By combining a smaller whole life policy and a term life policy that can convert into whole life, you can have an affordable plan that meets your protection needs while also establishing a lifetime asset.