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The Ins and Outs of Life Insurance

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By Cindy Diccianni, Financial Advisor

The complicated web of life insurance often paralyzes the consumer completely. As with many other aspects of investing, the terminology is confusing and understanding what you really need versus what you can afford can be a challenge. This article will present the different types of life insurance. You may want to discuss your particular needs with your financial advisor.

TERM INSURANCE

Term Insurance is designed to be suitable and affordable for a variety of individuals and purposes:

Ø To meet family obligations with a smaller income but good prospects for developing a career

Ø As protection for outstanding loans, whether these loans are personal or business

Ø As a means of protecting mortgage obligations

Ø To guard against un-insurability in the future

Ø To provide coverage for other family members

Ø To protect key people of a business in its formative years of growth

Ø To purchase time to increase earnings so that the coverage can be converted to a permanent life insurance policy without evidence of insurability in the future

UNIVERSAL LIFE INSURANCE

Universal Life is a flexible premium adjustable life insurance product that provides permanent life insurance protection (complete with tax-free death benefits and tax-deferred growth of cash value), plus the flexibility of adjusting your premiums and protection as your needs evolve. With Universal Life you can:

Ø Choose death benefits and premiums that fit your needs

Ø Provide a tax-free death benefit to your love ones

Ø Protect and increase your assets through the tax advantages of life insurance

Ø Adjust the amount and timing of your premium payments

Ø Increase or decrease your policy’s death benefit

Ø Add coverage for family members or other individuals

Ø Increase your premiums to build cash value

Ø Utilize the policy’s cash value

Ø Protect your home

Ø Fund a college education

Ø Pay off outstanding debts

Ø Protect a business

Ø Supplement your retirement

VARIABLE UNIVERSAL LIFE

Variable Universal Life insurance is a flexible premium life insurance policy that combines the security of life insurance with the opportunity to participate in the stock market through Separate Account investment portfolios. This type of insurance includes:

Ø A guaranteed death benefit, free from federal taxes which is backed by the claims-paying ability of the insurance company and is payable to your beneficiaries no matter what the nature of the economy or the turns of the market

Ø Tax-deferred growth of the policy’s cash value

Ø Access to income-tax free dollars for use during your lifetime (through policy loans and withdrawals)

The opportunity to participate in the stock market involves:

Ø A choice of Separate Account investment portfolios made up of stocks and bonds

Ø A diverse range of portfolios (from Indexed to International)

Ø Professionally managed investment portfolios

Insurance, no matter what the type, protects an individual and his/her family from events in life that would financially devastate them. Almost everyone has a need for some type of life insurance. When someone dies, the emotional loss is great; safeguard the ones you love financially.

Cindy Diccianni is a Registered Nurse, a Certified Senior Advisor (CSA), a Registered Investment Advisor and a Registered Representative with Leigh Baldwin & Company member NASD and SIPC. She is affiliated with Ortner, O’Brien & Ortner Advisory Group, Inc. and co-founder of Nurturing Your Success, Inc. Her passion is assisting clients in creating the financial freedom they dream of. You may visit Cindy at www.nurturingyoursuccess.com or write to her at Cindy@nurturingyoursuccess.com. You may also call her directly at (610) 251-9393.

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