Broker Check

Life Insurance

Whole Life Insurance:

The benefits of whole life insurance include guaranteed fixed premiums, a guaranteed death benefit and guaranteed cash value growth. This means that with whole life insurance, your premiums never increase as long as they're paid, and you can also take advantage of "living benefits," which enable you to borrow against the cash value of the policy for any purpose while you're alive. Borrowing cash from the policy can help in financing life-changing events or emergencies, and the policy's cash value accumulates on a tax-deferred basis. One thing to keep in mind when purchasing whole life insurance is that loans reduce the death benefit of your policy, and loan interest should be repaid in order to prevent lapse.

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Term Life Insurance:

 

Term life insurance provides coverage for a set period of time at a generally lower cost than permanent insurance. Many term life insurance products allow you to convert to a permanent policy, such as whole life insurance. The cost of insuring oneself increases over time, so it's important to understand your short- and long-term needs for financial security when you select a policy.

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Universal Life Insurance:

 

Universal life insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances as long as there is enough money in the account to pay for the monthly insurance and administrative charges.

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Survivorship Whole Life Insurance:

 

Survivorship Whole Life (SWL) is a second-to-die, level-premium, participating, permanent whole life insurance product, providing a guaranteed level death benefit. Premiums are payable until the second death or to attained age 100 of the younger insured, if earlier. The policy provides guaranteed cash value accumulation and the potential for the payment of dividends.

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Survivorship Universal Life Insurance:

 

Survivorship life insurance is a form of permanent life insurance that covers two people on one policy and pays a death benefit after both people on the policy have died. The cost for survivorship life insurance is usually lower than the cost of two individual policies.

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Executive Group Life Insurance:

 

Massachusetts Mutual Life Insurance Company’s (MassMutual) Strategic Group Universal Life® (Strategic GUL) provides permanent life insurance coverage to help protect your executives’ families against financial loss upon the insured’s death. Generally, they are covered for more than they would have been under a group term life plan. In addition, Strategic GUL provides flexibility of coverage by varying the timing and amounts of paid premiums. Strategic GUL lets your executives accumulate account values by paying additional premiums above the premium required to cover cost of insurance and administrative charges, within certain limitations. These account values grow at a competitive rate on a tax-deferred basis and can be borrowed against or withdrawn when extra funds are needed, as long as the certificate is kept in force. Upon retirement, there is no automatic coverage reduction or rate increase.

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