Cyan offers a free Life Insurance Review.  Whether you have an old policy and you’re not sure if it’s appropriate for your current circumstances, or whether you don’t currently have any coverage, we’re happy to sit down with you and do an objective analysis.  Click here for a Life Insurance Review request form.


 

Most people are aware that there are two major categories of life insurance:

  • Term Life Insurance
  • Permanent Life Insurance

The primary difference is whether or not the policy is designed to expire (lapse) at some future date. However, there are many other differences, such as cash value accumulation and tax benefits that are not always as readily apparent.

Term Life Insurance

Term Life Insurance is purchased for a fixed period – 10, 15, or 20 years, for example. During this period (term), the annual premiums for the insurance coverage will remain constant. After the term has expired, premiums usually become unrealistically high, and almost all policies are allowed to lapse, even if the insured is still living. Term coverage is the least expensive life insurance during the first years, and it can be useful in protecting against an unexpected death which might place a financial strain on dependents. However, there is no residual value that remains after a Term Life Insurance policy lapses.

We offer Term Life Insurance from a number of excellent carriers, and you can get immediate quotes from us with a simple call or email.

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Permanent Life Insurance

There are many forms of Permanent Life Insurance. Today, one popular product is Indexed Universal Life Insurance (IUL). This product provides the basic life insurance benefit, but also builds tax-advantaged cash values that are protected from losses. For example, you might be credited extra interest if the S&P 500 increases year-over-year. But if the S&P 500 falls, you lose no value. What other investments guarantee no loss in value? This is definitely something worth looking into!

Because IUL is a form of Permanent Life Insurance, it is designed to be in force throughout the life of the insured, and the death benefits paid out to beneficiaries are highly tax-advantaged. In addition, many new IUL policies include the ability to use the death benefit as “living benefits”, such as funds needed for terminal, critical, or chronic disease expenses while the insured is still alive.

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