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Plan For The Unexpected:
Term, Indexed Universal and Whole Life insurance are designed to help protect you and your family through all stages of life. These types of plans can be structured to offer many different combinations of benefits. Some types of optional benefits can include such things as accidental death, disability, waiver of premium as well as critical, chronic, or terminal illness riders. Policies that accrue cash values may allow use of these funds as a loan or withdraw.
Some solutions the right type of life insurance may provide are listed below:
Term Life Insurance
Best choice for a Mortgage Protection policy
Term insurance is usually the most affordable plan. This coverage is in place for a certain time period often referred to as “temporary coverage.” Typically coverage term periods are 10, 15, 20, or 30 years. In the case that a covered loved one passes away before the end of the chosen term period, the policy pays the tax-free death benefit to your chosen beneficiary.
Though these type of plans can be very useful and is normally quite affordable for larger benefit amounts, coverage typically ends when the chosen term period expires. When a typical term plan expires you may forfeit all the premiums paid in to the policy ...Policy Pathways offers products that can return 50%-100% of all premiums you paid as long as no claim was paid out by the policy.
We also offer term plans that offer the option to convert your term in to permanent (whole life) coverage at the end of the term period, Some of these conversion options may no longer require monthly premiums to be paid & cover you until age 100 or 120.
Whole Life Insurance
Whole life insurance, a type of permanent plan that covers an insured to 100 or 120 yrs of age. These plans have an endowment feature that refunds all of your premiums should you out live the policy.
Typically whole life is designed to provide protection for your family with benefits that can cover end-of-life expenses, mortgages, asset protection as well as accruing cash values that can be either withdrawn, borrowed or accessed in an health or financial emergency. Death benefits paid in lump sums are tx-free.
Indexed Universal Life Insurance
Indexed Universal life (IUL) is permanent, flexible insurance coverage but offers opportunities to grow your cash values. It offers the convenience to adjust the monthly premium and death benefit, as well as accumulate growth on a tax-deferred basis. These policies accrue interest based on the performance of a linked indexed account for the potential to grow your money quicker at a low risk.
This type of policy does not directly participate in any stock or equity investments & cash value growth will be dependent upon the performance of the indexed account options you select. Cash values can be withdrawn and borrowed from your policy as needed. You may not be required to repay withdrawn funds however a decreased cash value and final payout will be reduced.
At policy pathways we recommend utilizing a portfolio approach when it comes to life insurance planning. The very best way to navigate the many, many options available is to fill out the form and allow us to review your current policy or structure a no obligation illustration.
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