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It can seem overwhelming with the volume of life insurance policies and products available in the market. At Sage Wealth Design, we help you select products and implement strategies that work best for you and your family. The most common types of insurance policies are:
Term Life Insurance
This type of insurance provides financial protection to the owner for a specific time period, typically between 10-20 years. With a more traditional term insurance policy, the premium amount remains constant over the course of the coverage period, often at a raised rate. Term life insurance can generally be less expensive than a permanent life insurance policy.
You can use a term life policy to replace lost income during working years, but the benefits are delivered to you in one lump sum, rather than in regular installments.
You can use a term life policy to replace lost income during working years, but the benefits are delivered to you in one lump sum, rather than in regular installments.
Universal Life Insurance
Universal life insurance is a permanent life insurance that provides coverage for your entire lifetime. These are often more flexible than whole life insurance policies, possibly allowing you to raise or lower your premium payment amount or coverage during your lifetime. Universal life insurance usually has higher premiums than term life insurance.
Additionally, universal life insurance is frequently used in estate planning strategies to preserve wealth transferred to beneficiaries. It can also be used for long-term income replacement. Some universal life insurance products focus more on building cash value and providing death benefits, while others focus more on providing guaranteed death benefit coverage.
Additionally, universal life insurance is frequently used in estate planning strategies to preserve wealth transferred to beneficiaries. It can also be used for long-term income replacement. Some universal life insurance products focus more on building cash value and providing death benefits, while others focus more on providing guaranteed death benefit coverage.
Whole Life Insurance
Whole life insurance is another permanent life insurance plan designed to provide lifetime coverage. Because of this coverage period, this type of insurance tends to carry higher premiums than term life insurance, and their payments are usually fixed. Whole life insurance has a cash value, which can act as a savings component and could accumulate tax-deferred over time, unlike with term insurance. Whole life insurance policies can also be used in estate planning to help preserve wealth transferred to beneficiaries.
Any references to [protection benefits, safety, security, lifetime income, etc.] generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Insurance products are offered through the insurance business Sage Wealth Design. Sage Wealth Design is also an Investment Advisory practice that offers products and services through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. IPW does not offer insurance products. The insurance products offered by Sage Wealth Design are not subject to Investment Advisor requirements. NPN #3771347
Protect Your Family’s Future With Life Insurance
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