What is life insurance?
A life insurance policy is a contract between a policy owner and an insurer. The insurer agrees to pay a sum of money upon the occurrence of the death of the individual insured under the policy. In return, the policy owner agrees to pay a stipulated amount, or premium, at regular intervals.
How is life insurance used?
Life insurance can be used for attracting and retaining key employees, financial management, protecting your business, retirement planning and succession planning.
What are the benefits of life insurance?
There are several benefits to both employees and employers when life insurance is used within business planning strategies. The primary purpose of life insurance is to provide your beneficiary a death benefit in the event you, the insured, dies. This death benefit can be used to help ensure the continuity of your business or be used to transfer business interest. In addition, depending on the life insurance product chosen, a policy can be used to offer supplemental retirement income benefits1 to you and survivor benefits to your beneficiaries.
What are the different types of life insurance products and solutions that can help your business?
COLI/BOLI is life insurance purchased and owned by a company/bank to insure the lives of key employees. COLI/BOLI also can be used as a source of funds to help support deferred compensation and other post-retirement employee benefit programs.
Executive Group Life Insurance is employer-sponsored group life insurance designed with the specific needs of executives and professionals in mind.
Whole life insurance provides protection for a lifetime. It offers guarantees that you can’t find in other forms of life insurance, including guaranteed premiums that will not increase, a guaranteed death benefit and guaranteed cash value growth.
Term insurance can be your gateway to permanent insurance, providing the amount of protection you need today at a cost that is less than a comparable permanent policy.
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.
Variable universal life insurance is a flexible premium, permanent insurance product combining death benefit protection with the option to allocate net premiums among divisions of the Separate Account and Guaranteed Principal Account.3
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1Access to cash values through borrowing or partial surrenders can reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
2Variable life insurance policies are sold by prospectus. Before purchasing a variable life insurance policy, investors should carefully consider the investment objectives, risks, charges and expenses of the variable life insurance policy and its underlying investment choices. For this and other information, obtain the prospectuses for the variable life insurance policy and its underlying investment choices from your registered representative or click here for our financial documents. Please read the prospectuses carefully before investing or sending money.
3Guarantees are based upon the claims paying ability of the issuing company.