In its simplest form, life insurance is a promise between an insurance company and you, the policy owner. If you pay a certain amount of money (premium) to the insurance company, the insurance company will pay a certain amount of money (death benefit) to the person (beneficiary) you tell us to when the person whose life is being insured dies.
There are many types of life insurance. Term insurance only provides a death benefit for a limited period of time. By contrast permanent insurance can provide a death benefit and the potential to build policy cash value that you can access during your lifetime using policy loans and withdrawals.1 Permanent insurance can also offer the flexibility to increase or decrease your death benefit as your needs change, as well as the potential to reduce or skip premium payments.2
LIFE INSURANCE
Whole Life Insurance
These policies are designed for individuals who want guarantees and who are focused on providing death benefit protection over cash value accumulation.
Offers
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Guaranteed death benefit3
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Guaranteed cash value
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Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.
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Level premiums that are guaranteed to never change.
Indexed Universal Life Insurance
May be ideal for those who need death benefit protection but are focused on cash value accumulation for lifetime needs such as supplementing retirement income.
Increasing the death benefit may be subject to additional underwriting approval.
Offers
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Flexible death benefit
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Flexible premium
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Cash value grows based on an interest crediting strategy that is tied to changes in a market index such as the S&P 500.4
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Downside protection through minimum guarantees3 to ensure that your cash value will not decline due to decreases in the Index.
Term Insurance
May make sense for those who have budget limitations, large protection needs or temporary need.
Offers:
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Guaranteed death benefit for a fixed period3
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Fixed premium.
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No cash value.
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Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.
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Initial premiums tend to be lower but will eventually increase.
Annuities
An annuity is a common way to help save for retirement with tax advantages1, and to convert assets into a regular income stream during retirement. You can buy an annuity using a single deposit, or with flexible, ongoing premiums over time. Some annuities are available for shorter or longer time periods. In New York, we may offer state-specific annuities, and not all products are available. Ask your agent for details.
Living Benefits
Life insurance protects clients when they die too soon. But you don't have to die to benefit from life insurance coverage.
With life insurance with Living Benefits, you can also get money during your lifetime when there's a qualifying event.
Mutual Funds
A mutual fund is a pool of money from many different people which is then invested in a portfolio of stocks, bonds and/or other investments to meet a specific objective. They are very attractive to the average person because you can actively participate in a wide range of investments which would be prohibitively expensive on your own. Because mutual funds are managed by professional money managers, you only need to know which funds are consistent with your own goals and tolerance for risk.
How do they work? Instead of buying individual stocks or bonds you are purchasing a share of the fund, making you a shareholder. You can buy and sell shares in mutual funds and while you hold your shares you can participate in the fund’s rewards (increase in value) and risks (decrease in value). Mutual funds are very easy to invest in, although, fees and costs can vary widely.
Retirement Plans
Helping You Get One Step Closer to Retirement
How confident are you about having a comfortable retirement? If you are a little worried, you’re not alone. We can help.
Participating in your employer’s 403(b) or 457(b) plan can take you one step closer to a retirement that can support your lifestyle.
IRA
Since no one can predict the future, the only thing you can do is plan for it. You work hard your entire life so that at some point you can have the choice to do what you want. That could mean kicking back and relaxing, sailing around the world, devoting yourself to your children, grandchildren or a worthy cause or even starting a whole new career. People who retire today can expect to live longer than their parents and grandparents, so here’s a good rule of thumb: live comfortably and plan accordingly. One option that can help you meet your retirement goals is an Individual Retirement Account (IRA).