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Traditional Products
Whole Life
Whole Life insurance provides death protection for as long as you live. Because whole life remains in effect as long as you pay premiums, the initial premiums will be higher than comparable term insurance (in most cases). But you will pay less over the long run because term rates will continually increase each time you renew your policy in later years. And, in some cases a health condition may arise which would prevent you from being able to renew coverage at any cost.
With some whole life plans, you will pay premiums for only a certain period of years or until a certain age. At that point your premiums cease but your death benefit coverage remains in effect forever.
Since most whole life policies involve some "prefunding" of future mortality costs, whole life policies have cash values. Policy cash values are available to the policyowner at any time by surrendering (canceling) the policy. Alternatively, the cash values can normally be borrowed from the life insurance company. Interest is charged on this loan, and the loan is deducted from the policy cash value if surrendered or from the face amount if a death claim is paid.
Annual dividends are another source of policy values for some whole life policies.
Term Insurance
Term Insurance provides death protection for a specific period of time or "term" of one or more years. With term plans, a death benefit is paid only if death occurs during that term of years.
This type of coverage provides the largest immediate death protection for the premium dollar. It is frequently used by young families to provide significant and immediate death benefits at the lowest cost. It is usually "converted" or replaced with whole life coverage at a later date when the wage earner(s) are better established.
Some term plans are "renewable" for one or more terms even if your health has changed but, in every new term, the premiums will be higher. Some term plans are also "convertible" which means you may trade the term policy for a whole life or other insurance plan even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.
Dividends
Premiums for participating policies are usually based on fairly conservative mortality, interest, and expense assumptions. The insurer may then recognize more favorable experience through the payment of dividends. While most participating policies include an illustration of dividends, the actual dividends paid are not guaranteed. If future mortality, interest, and expenses are more favorable, dividends paid may be higher than those illustrated, and vice versa. The term "dividend" as used with life insurance should not be confused with the same term used to refer to earnings on shared stock.
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Sunrise Agency 2285 Route 112 Medford, NY 11763 Phone 631-289-2777
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