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Life Insurance
 
What Kind of Life Insurance?
 

There are two basic types of life insurance: term and permanent. Each should be considered carefully to determine which best fits your individual needs.

Advantages of Term
       Advantages of Permanent
       
  • Lower cost protection in early years
  • Customized for coverage to last for a specific number of years
  • The option to exchange the policy for permanent coverage without having to show evidence of good health
    		•      
  • Lower cost in later years
    		•
  • Permanent protection
    		•
  • Level premiums
    		•
  • Accumulation of cash for emergencies, college education, retirement supplement
    		•
  • Tax-deferred wealth accumulation
    		•
  • Tax-free income distribution
    		•
  • Flexibility
    		•
  • Coverage without paying premiums by using various options
    • Disadvantages of Term
    		       Disadvantages of Permanent
    		     

     
  • Higher cost protection in later years
  • Increasing premiums
  • No equity or cash value savings
  • Failure to pay premiums ends coverage
    		•      
  • Higher initial cost
    		•
  • Future dividends and current interest rates not guaranteed
    		•
     
    Tax Notes: Proceeds from an insurance policy paid because of the death of the insured are generally excludable from the beneficiary's gross income for tax purposes. (IRC Sec. 101(a)(1).) Income and growth on accumulated cash values have been held by the Tax Court to be generally taxable only upon withdrawal. (IRC Sec. 72.). Consult your tax adivsor or attorney on your specific situation.
     



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