Level-premium term life insurance is sold in 10 to 30 year terms and typically offers even insurance coverage over a specified period of time. The simplicity and affordability of these plans do come at a cost. If you decide to continue coverage after the initial term is up, you will likely face significantly increased premiums to maintain the same level of coverage.
Universal life insurance from Protective offers flexibility to change coverage and premiums as your personal needs evolve. It is designed to last through your lifetime with an option to have a portion of your premium go into a cash value account, which you can borrow from while alive. This money may be used for additional retirement income, to pay for education and more. Additionally, the cash value will grow at a minimum guaranteed interest rate.
Custom ChoiceSM Universal Life, offers cost-friendly coverage with a set premium for a specific period of time along with extended level coverage after the initial term ends. Under this plan, a 30-year old male may receive $100,000 in coverage for a term of 10 years for as low as $7.17 per month. During the initial term period, you receive maximum coverage. Once this period ends, you will receive reduced coverage for the same price, keeping coverage intact and affordable, while reducing it as you grow older.
Variable universal life offers a flexible, permanent life insurance solution that will protect your family and provide long-term, tax-deferred accumulation of cash that may be used while you are still alive. This unique policy combines investment options, protection and flexibility. This kind of plan can be used for multiple personal and business financial planning goals. Use this type of coverage to protect family income, for estate planning, for extra retirement income or philanthropy or to protect your business with buy/sell agreements, key person coverage or compensation arrangements. Since variable life insurance allows investment options, it does pose some risks to your benefit.
Survivor universal life is designed for couples with estate planning needs. Both partners are covered under one policy and the benefit is paid upon the second death to cover estate taxes. This type of coverage is often more affordable than purchasing separate plans and often used to protect a business legacy, loved one with special needs or similar. Benefits are usually paid income-tax free and can be used for any expenses the beneficiary requires.
Protect My Child is a life insurance policy that helps secure the financial future of a child or grandchild. Coverage ranges from $10,000-$100,000 with a benefit value that grows over time to be used for education or other expenses, doubling at age 18. Protective offers single and level pay options with payments as low as $6.37 per month.