Foster & Associates will guide you through the maze of life insurance options for estate planning purposes to protect your loved ones’ futures. Life insurance also has its role in good business strategies—protecting the business from failure when a principal dies. Some types of policies let you borrow against the cash value; others have no cash value. We’ll sit with you to determine what policy or policies are right for you now and into the future.
Term Life Insurance
Consumers typically buy Term Life Insurance to provide death benefit protection for a specific period of time. Term life insurance does not build life insurance policy cash value and premiums for term coverage are usually initially lower than other types of life insurance because the policy only provides a death benefit for a defined period. Later, some term insurance policies can be extended or converted into another type of permanent insurance.
Whole Life Insurance
Whole life insurance provides a lifetime death benefit for a set or level premium amount and builds cash value you can tap into while you’re living. The strength of a whole life insurance policy is that it provides guaranteed cash values and benefits in return for fixed premiums.
Guarantee Universal Life Insurance
Guarantee Universal life (GUL) insurance policies provide a death benefit as well as the opportunity to build policy cash value. This coverage is different from term and whole life insurance because, within policy limits, you can vary the amount and timing of your premiums. You can also increase or decrease your death benefit (based on your insurability). As long as you maintain sufficient policy value to keep your policy in-force, your policy’s flexibility enables you to pay premiums as your circumstances allow.
Index Universal Life Insurance
Index universal life (IUL) insurance includes the premium flexibility and adjustable death benefit that typical Universal Life coverage provides. IUL can provide the potential for greater policy value growth with less risk to you than a Variable Universal Life policy. Index Universal Life Insurance coverage is typically purchased for one of two reasons:
As a death benefit with the opportunity for cash value growth to provide financial flexibility.
Gerber Life Grow-Up® Plan
This whole life insurance policy for newborns and children helps protect and provides guaranteed life insurance coverage for your child or grandchild as an adult. This coverage doubles. During age 18, the Grow-Up® Plan’s coverage amount doubles automatically. For example, a $10,000 policy doubles to $20,000, a $15,000 policy doubles to $30,000 and so on – with no increase in your monthly premium. That’s a guarantee of double the coverage at the same childhood premium!
Your child can keep the Grow-Up® Plan as an adult and can increase coverage, at Gerber’s standard rate for your child's age at that time, as long as premiums are paid. Your child can purchase up to 10 x the original coverage amount, regardless of health, occupation or anything else…even if your child cannot get insurance from other companies.