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Life Insurance

Types of policies

Term Life

Term Life InsuranceA type of life insurance which is designed for temporary or short term situations.  For example, insuring oneself for a particular amount time or for a future event.  Policies are typically more affordable at early ages but progress to more expensive premiums in later years. Think of it as “renting” insurance as in renting a home or apartment dwelling.  As long as you pay for it, you have it.  Stop paying, and you simply “walk away.”  You build NO equity in the policy.  Should you pass away while having it, then the death benefit is paid to your named beneficiary(s).

Permanent Insurance (Whole Life, Universal Life, etc.)

Permanent InsuranceThese types of life insurance are more “permanent” in nature, meaning they are designed to be in place for the insured entire “life time” and to pay the death benefit to the beneficiary(s) when the insured passes away.  Premiums are typically higher at the beginning of the policy but remain steady or constant throughout the life of the policy.  The policy builds “equity” which may be withdrawn within limitations, for emergency situations.  These withdrawals may be in the form of a “policy loan” which provide for repayment back into the policy.  Withdrawals and/or loans may reduce the amount of the death benefit from the stated amount, so please check your policy provisions.  Think of these types of policies as purchasing a home or ownership in other types of dwellings; you build equity in your policy as you would in your home.  Should you decide that the policy is no longer needed, you may surrender the policy for its Cash Surrender Value and walk away with some cash.  Whole Life policies usually offer a steady crediting rate whereas Universal and Variable Universal policies credit on varying stock market returns.

Blueskye Insurance Advisers, LLC, a subsidiary of Blueskye Investment Advisers, LLC has relationships with insurance brokers, affording optimum selection of insurance companies and products tailored to your specific needs and situations.  For example, company “A” might be better suited for “him” at his age and health conditions while company “B” may be better for “her”.  Blueskye has the power to provide proper placement for you.