LIFE INSURANCE
Are your clients and their families properly protected? USI provides you access to a comprehensive selection of life insurance products. We help guide you, so you can deliver the very best solutions to protect your clients' assets and loved ones.
TERM LIFE INSURANCE
Term life insurance often provides the lowest cost of life insurance coverage which is why it is most popular with the general public. Premiums remain guaranteed for a level period of time for a stated death benefit. The policyholder often has options to either renew coverage or convert the policy to -permanent coverage. In addition, business owners in a partnership often have a Buy-Sell Agreement in place to provide protection for the surviving partner(s) in the event that one of the partners dies. Typically, a Buy-Sell Agreement is funded through a Term Life Insurance policy.
ENHANCED BENEFIT TERM
Term Life with Accelerated Benefits allows the policy owner to access all or part of their death benefit while living if they experience a qualifying terminal, chronic, or critical illness. Since these benefits are generally unrestricted, once qualified, the policy owner can use the benefit for any reason.
INDEXED UNIVERSAL LIFE
Indexed universal life (IUL) insurance allows the owner to allocate cash value amounts to either a fixed account or an equity index account. Policies offer a variety of well-known indexes, such as the Nasdaq-100 or the S&P 500.1 IUL insurance policies are more volatile than fixed ULs, but they are less risky than variable UL insurance policies, because no money is actually invested in equity positions.
IUL insurance policies offer tax-deferred cash accumulation for retirement while maintaining a death benefit. People who need permanent life insurance protection but wish to take advantage of possible cash accumulation via an equity index might use IULs as key person insurance for business owners, premium financing plans, or estate-planning vehicles.
GUARANTEED UNIVERSAL LIFE
Guaranteed Universal Life insurance takes the concept of universal life insurance but removes the market risk aspect of it. Your premiums stay the same regardless of how market indexes perform as your plan’s interest rates are baked into the premiums when you sign up for the policy. This type of life insurance has a “no-lapse” guarantee, meaning that as long as you pay your premiums, you’ll have coverage.
SURVIVORSHIP LIFE INSURANCE
Survivorship coverage is best applied when used for protecting the financial health of future generations. Usually, a survivorship life insurance policy is used to pay estate taxes, inheritance taxes, and to cover the financial needs of policyholders’ children or dependents
WHOLE LIFE INSURANCE
Whole life insurance provides coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. These policies are also known as “permanent” or “traditional” life insurance. “Blue Chip” investment grade whole life plans can provide significant cash accumulation benefits and stable and secure cash growth.
FINAL EXPENSE INSURANCE
Final Expense is a “catch phrase” to describe low face permanent life plans; normally whole life or guaranteed universal life. Many “Final Expense” plans can be acquired with minimal underwriting requirements, making them attractive to seniors as well as the writing agent.
LINKED BENEFIT LIFE INSURANCE
This is life insurance coupled with long-term care combination products (often called hybrid or asset-based products) which fall into two main categories: linked-benefit products under and accelerated death-benefit riders. Benefits under 7702(b) are closer to true long-term care benefits and can be marketed as such, while accelerated death-benefit or chronic illness riders under 101(g) cannot be marketed as long-term care insurance, even though the benefits can be used for long-term care expenses.
GROUP LIFE INSURANCE
Group life insurance is offered by an employer or another large-scale entity, such as an association or labor organization, to its workers or members. It is fairly inexpensive, may even be free, and is pretty common nationwide. It has a relatively low coverage amount and is typically offered as a piece of a larger employer or membership benefit package.
BANK LOAN INSURANCE
This unique insurance protection was designed to indemnify a lender for the balance of money at risk given a contractual business loan agreement. A premature death or disablement of the borrower will usually trigger an immediate call on the loan. The protection of other business assets becomes even more essential during this type of situation.