Term

Life

Whole

Life

Universal

Life

Variable

Universal Life

Death

Benefit

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Flexible

Payment

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Invested in

Market

*

Cash Value

Guaranteed

**

Tax

Advantages

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Low Monthly

Cost

*

Term vs. Permanent Insurance


Term insurance is a form of temporary insurance that provides a lump-sum payout upon death for a stated period of time. Since term insurance can be purchased in large amounts and for a relatively small expense, it is most suitable for income replacement and short-range goals.

 

Permanent life insurance, on the other hand, is a form of lifetime coverage that may play an important role in retirement and estate planning. With permanent life insurance, most policy premiums stay the same and can provide protection for you and your loved ones throughout your lifetime, as well as build cash value that you can use in retirement. Permanent life insurance is more appropriate when insurance needs are long term or if you want to accumulate cash value.

Our experienced agents will evaluate your needs today and help you secure your future.

Let Peak Insurance Agency provide you with the flexible options through many different types of life insurance:


  • Whole Life
  • Universal Life
  • Term Life
  • Variable Universal Life
  • Long Term Care
  • Short Term Disability
  • Long Term Disability

What type of life insurance is right for you?

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Converting Your Term Insurance to a Permanent Policy

Many times you can convert your current term insurance policy to a permanent policy for the same amount of coverage you currently hold. When you convert your current term policy into a permanent policy, you do not have to provide additional evidence of insurability. This can be a great benefit if you purchased your term policy when you were younger and in good health.  

 

By converting to a permanent policy, you may reap the benefits of locking in permanent rates at a more affordable premium due to not having to provide evidence of insurability at your older age. Also, permanent products offer a guaranteed death benefit and level premiums for the life of the policy, as well as build cash value for future needs.

*Investors should carefully consider the charges and fees associated with a new insurance policy as well as any cost that may be associated with surrendering the current policy.

Get a Quote Today! 337-456-8481

Understanding the Types of Permanent Insurance


There are a variety of permanent insurance options to choose from:


  • Universal Life provides flexible premium, death benefit and cash value options. This flexibility is important since accumulation and death benefit needs change over time. By adding optional riders, you can customize the policy to meet your needs.
  • Variable Universal Life offers all the flexibility of universal life protection, and also offers a variety of investment options whose values vary based on market performance. Consequently, these policies may be suitable for those willing to assume investment risk.*
  • Survivorship Life Insurance covers two individuals on one policy, paying a death benefit upon the second death (when estate taxes are due). For married couples looking fund their estate tax liability, survivorship life insurance is possibly the most cost-effective method. It can be considerably less expensive than insuring each spouse independently.

 

*Variable insurance guarantees are based on claims paying ability of the issuer. Withdrawals made may be subject to fees when distributed and treated as ordinary income. Outstanding policy loans at death, and withdrawals, will reduce the policy death benefits and cash values. The investment returns and principal value of the available subaccount portfolios will fluctuate so that the value of an investor's unit, when redeemed, may be worth more or less than their original value.