LifePlan Financial Inc. Health Insurance Washington State

Term life

Term Life Insurance provides a death benefit protection for a stated period of time or “term”. The protection can be at a guaranteed rate for the term or in some cases a guaranteed rate for the term and then a projected rate for a longer term. The term can be set for periods of 1, 5, 10, 15, 20 and even 30 years. Term insurance does not have cash value and you cannot cash it in.
Benefits of Term Life Insurance

• Meets short term goals by providing life insurance coverage to supply the funds to take care of some of life’s challenges such as paying off a loan, caring for children, etc.
• Term insurance is initially affordable.A large amount of insurance can be purchased for a relatively small premium.

universal life

Universal Life Insurance is an adjustable benefit, flexible premium life insurance policy that accumulates account value. It can help meet the needs of people who desire long-term death benefit protection with a flexible premium structure.
Benefits of Universal Life

• Adjustable death benefits and premium payments designed to fit your needs.
• The policy’s account value earns interest that is federal income tax deferred.

Variable Universal Life
Variable Universal life insurance offers a choice of death benefit options and a potential to accumulate non-guaranteed tax-deferred cash value that fluctuates based on the performance of underlying investment options that you or your advisor choose in the policy. The cash values and death benefit vary due to increases or decreases in the value of the separate accounts. You take the investment risk as the policyholder in return for possible improved benefits.

whole life

Whole life Insurance is also known as “ordinary life” or “straight life”. It is permanent life insurance protection that protects your family or business. Its purpose is to protect you or your business from the day you purchase the policy until you die, as long as you pay the premiums when due. Whole life insurance can be a solid foundation upon which to build a long-term financial strategy and is good for long-range goals because it provides coverage for your entire lifetime.
Benefits of Whole Life

• Whole Life offers level premiums that are payable for life. The younger the policy is purchased, the less expensive the annual premiums.
• Guaranteed cash values are accumulated by a portion of the premium paid by the client. These cash values can be borrowed against as a policy loan, at the current policy loan rate, or available to the insured if the policy is surrendered.
• Whole Life policies can earn non-guaranteed dividends that result when the actual life insurance costs turn out to be less than assumed when setting the premiums.