Traditional and Variable Life Insurance
It has been said of life insurance that nobody wants it, but everybody owns it. The common dislike of life insurance is understandable, because it is generally perceived to benefit only the insured's beneficiaries, and its purchase forces us to admit our own mortality. However, there are also a number of benefits available to owners during their lifetimes. Life insurance can provide:
6. A contingent deferred sales charge may be assessed against the contract value of a variable product if the policy is surrendered early. The termination value may be more or less than the amount of the premium payments made to the contract.
7. Variable life insurance is a security and is offered by prospectus only. Shares of variable life insurance subaccounts are subject to investment risk, including possible loss of principal amount invested, and will fluctuate in value. One may receive more or less than one paid when shares are
It has been said of life insurance that nobody wants it, but everybody owns it. The common dislike of life insurance is understandable, because it is generally perceived to benefit only the insured's beneficiaries, and its purchase forces us to admit our own mortality. However, there are also a number of benefits available to owners during their lifetimes. Life insurance can provide:
- • Tax-deferred accumulation of wealth (cash values) within the policy.
• Tax-free access to accumulated value for income or emergencies.
• Access to cash values via withdrawals and loans during the insured's lifetime6.
• Income tax-free payment of the death benefit to the beneficiaries.
• A potential solution to business or estate transfer problems.
• Access to top money managers and the ability to direct one's own investment within the policy (variable life policies only).
• Asset allocation models and the ability to transfer assets at no cost between the subaccounts of the policy (variable life policies only)7.
6. A contingent deferred sales charge may be assessed against the contract value of a variable product if the policy is surrendered early. The termination value may be more or less than the amount of the premium payments made to the contract.
7. Variable life insurance is a security and is offered by prospectus only. Shares of variable life insurance subaccounts are subject to investment risk, including possible loss of principal amount invested, and will fluctuate in value. One may receive more or less than one paid when shares are
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