Guaranteed Life Insurance
The Legacy Group offers many variations of Guaranteed Life Insurance Policies. Some last for a specific term of time, so last for your whole life. Whats most important is that our policies are guaranteed life insurance by some of the most relaible companies on the planet. We are licensed to do business in all 50 states and we work with hundreds of guaranteed life insurance vendors to help you find the best price. Learn more about guaranteed life insurnace and non guaranteed plans below or call us at 1 800 245 TERM:
Whole Life and Universal Life Insurance
Whole Life
Whole Guaranteed Life insurance provides coverage for an individual's whole life, rather than a specified term, such as with term life insurance. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation. Whole life is the most basic form of cash value life insurance. The insurance company essentially makes all of the decisions regarding the policy. Regular premiums both pay insurance costs and cause equity to accrue in a savings account. A fixed death benefit is paid to the beneficiary along with the balance of the savings account. Premiums are fixed throughout the life of the policy even though the breakdown between insurance and savings swings toward the insurance over time. Management fees also make up a portion of the premiums. The insurance company will invest money primarily in fixed-income securities, meaning that the savings investment will be subject to interest rate and inflation risk.
Universal Life
Universal Life insurance, which is not a form of guaranteed life insurance. combines the low-cost protection of term insurance with a savings component that is invested in a tax-deferred account, the cash value of which may be available for a loan to the policyholder. Universal life insurance was created to provide more flexibility than whole life by allowing the holder to shift money between the insurance and savings components of the policy, because of this flexibility the insured does not gain the assurances of a guaranteed life insurance policy. Additionally, the inner workings of the investment process are openly displayed to the holder, whereas details of whole life investments tend to be quite scarce. Premiums, which are variable, are broken down by the insurance company into insurance and savings. Therefore, the holder can adjust the proportions of the policy based on external conditions. If the savings are earning a poor return, they can be used to pay the premiums instead of injecting more money. If the holder remains insurable, more of the premium can be applied to insurance, increasing the death benefit. Unlike with guaranteed life insurance such as whole life, the cash value investments grow at a variable rate that is adjusted monthly. There is usually a minimum rate of return. These changes to the interest scheme allow the holder to take advantage of rising interest rates. The danger is that falling interest rates may cause premiums to increase and even cause the policy to lapse if interest can no longer pay a portion of the insurance costs.
Call us toll free today at 1-800-245-TERM (1-800-245-8376). One of our representatives will be happy to help you select the policy that's right for you.
