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Life Insurance

Life insurance is a promise between an insurance company and an applicant- the policy owner. There are many types of life insurances as below.

*Term:

Term life insurance is one of the simplest and the most affordable types of life insurance. It can be divided as One Year Renewable Term and 10, 15, 20, 25, 30 even 35-year Term.

*Whole Life

Whole Life is a very traditional life insurance policy which provides cash value and life time death benefit guarantee. It can be categorized by straight whole life and limited pay whole life, such as 10, 15 and 20 years pays. Participating whole life pays dividends to policy holders which can be used to pay for future premiums, buying additional paid up insurance or earning interests in the policy.

*Index Universal Life

Indexed universal life insurance, or IUL, is one of the most popular life insurance policies in the market. Rather than growing based on a fixed interest rate, it is tied to the performance of a market index, like the S&P 500, and earn credited interest based on its performance. With zero percent floor as an added benefit, your policy will never be credited a negative interest rate. There are accumulation IUL to offer most potential cash value returns and protection IUL to offer death benefit guaranteed. Typical examples are AIG QoL Max Accumulator IUL for cash value accumulation and AIG QoL Value + Protector IUL for death benefit guaranteed.

*Guarantee Universal Life

Guarantee Universal Life or GUL is one type of Universal Life policy which provides guarantees for premium, payment durations and death benefit. Due to low interest environment, most carriers discontinued offering this product. A very few carriers still commit to this market.

*Survivorship Life – SGUL, SIUL and SWL

Survivorship universal life insurance is often referred to as second-to-die insurance. It covers two people and pays a benefit only after both covered individuals have passed away. As the policy pays upon the death of the second insured person, the premium for these joint policies are usually much less than if two separate policies were purchased. There are three types of Survivorship Life products- Survivorship Guarantee Universal Life, Survivorship Index Universal Life and Survivorship Whole Life policy. It typically is used for estate plan purpose.

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