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Home :: About :: Contact :: Companies :: Policyholders :: Site Map :: Types of Life Insurance ::In choosing the type of life insurance policy you purchase, consideration must be given to the need which is being filled; e.g., funding retirement needs, creation of an estate, payment of estate settlement costs (federal and state death taxes, last illness and burial costs, probate fees, etc.), business buy-out, key person coverage, income replacement, debt and/or mortgage reduction, etc. Long-Term Level Premium TermLevel Premium, Level Coverage, No Cash Value: The annual premiums are fixed for a period of time, typically 5, 10, 15, 20, or 30 years. This is typically suitable for financial obligations that remains constant for a short or intermediate period; e.g., income during a minor's dependency. Whole LifeLevel Premium Coverage, Cash Values: Cash value typically increases based on insurance company's general asset account portfolio performance. Suitable for long-term obligations; e.g., surviving spouse lifetime income needs, estate liquidity, death taxes. Funding retirement needs, etc. Universal LifeLevel or Adjustable Premium and Coverage, Cash Values: Cash values may increase, based on the performance of certain assets held in the company's general account. Suitable for long-term obligations or sinking-fund needs: estate growth, estate liquidity, death taxes, funding retirement needs, etc. Variable Life and Variable Universal LifeLevel /Adjustable Premium and Coverage, Cash Value: Suitable for long-term obligations and those who are more active investors and for estate growth and death tax liquidity. They include an investment feature allowing the policy owner to "self-direct" the growth in cash and policy values. In Texas, cash values are protected from creditors in most cases. Single Premium Whole LifeEntire Premium is Paid At Purchase, Cash Values, Level Coverage: Provides protection as well as serving as an asset accumulation vehicle.
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