Life Insurance Products
Chances are you need life insurance!
Life Insurance is the answer to a simple, yet difficult, question: How will my family manage financially when I am gone?
There are many types of life insurance, but for all of them the bottom line is the same: It pays cash to your loved ones after you die, replacing your income and allowing the financial plans you put in place to continue uninterrupted. It can be used to cover daily living expenses, mortgage payments, outstanding loans, college tuition and other essential expenses. Most importantly, the death benefit proceeds of a life insurance policy are not subject to federal income taxes.
Recent statistics from the Life Insurance and Health Insurance Foundation for Education (LIMRA) show that 81% of Americans say they need life insurance and only 41% actually own an individual policy.
What does Ulster Investment Services Offer?
Universal Life
Universal Life Insurance offers the flexibility of varying the amount of your premium payments. It also offers the certainty of a guaranteed minimum death benefit as long as the premiums are sufficient to sustain it. Basically, you can change the amount of your life insurance as your needs for insurance change. As with all life insurance, the main purpose for buying a Universal Life Insurance policy is death protection to your loved ones at your death.
Variable Universal Life
This type of insurance is similar to Universal life as it blends the features found in Variable Life and Universal Life, offering a choice of underlying investment accounts, flexible premiums and adjustable death benefits. The amount of the death benefit may rise or fall, depending on the success of the underlying investments you choose. Variable Universal Life gives you more control of the cash value portion of your policy than any other insurance type. This means that the policyowner assumes all the risks inherent in the underlying securities investments. Overall, Variable Universal Life may be good option for people who want to combine life insurance with a higher potential for investment return at a higher risk, of course.
Variable Universal Life is sold by prospectus. Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. A prospectus is available from an Investment Executive. Please read the prospectus before investing.
Whole Life
Whole Life Insurance covers you for your entire life, not just a specific period such as term insurance. You will have a level premium that is guaranteed to never increase for life. When you first take out the policy, premiums can be higher than you would pay initially for the same amount of term insurance. But they are smaller than the premiums you would eventually pay if you were to keep renewing a term policy until your later years. Another valuable benefit of a participating whole life insurance policy is the opportunity to earn dividends. While you policy provides a minimum death benefit and cash value, dividends give you the opportunity to receive an enhanced death benefit and cash value growth.
Term Life
Term Life Insurance is life insurance that pays only a death benefit. It provides protection for a specific period of time - "the term" - and is designed for temporary circumstances. Typically, term insurance offers the greatest amount of coverage for the lowest initial premium and is a good choice for you young families on a tight budget. Let us help you with a free, no obligation insurance review.
Insuring the Stages of Your Life:
There are several stages of life or life events that might trigger the need for life insurance:
- Marriage
- Having children
- Owning a Home
- Changing Jobs
- Retired or planning for retirement
- Planning for college for children
- Other major purchases that create debt
How much insurance do you need?
The most common way to determine life insurance need is by conducting what is called a financial needs analysis with a licensed insurance representative. Our insurance representatives at Ulster Savings Bank will meet with you under no obligation and discuss your current and future financial obligations and existing resources and come up with your specific life insurance need.
Contact Insurance Representatives Richard Spriggs or Kelly Maroney today to schedule a financial needs analysis.
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PRIMEVEST Financial Services, Inc. is an independent registered broker/dealer and registered investment adviser. Member SIPC/FINRA. Securities and insurance products offered by PRIMEVEST: *Not FDIC insured * May go down in value * Not financial institution guaranteed * Not a deposit * Not insured by any federal government agency. FINRA Registered Branch: 180 Schwenk Drive, Kingston, N.Y. 12401
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Investment Executives are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
