If your parents or grandparents had previously purchased a whole life, universal life or variable universal life insurance policy for you, the policy’s cash value could help with a down payment. 

Whole life insurance provides affordable permanent protection for your family and has a savings component that builds cash value. 

Whole life insurance: 

Provides a guaranteed death benefit to protect your family. 
Offers a guaranteed premium structure, which means your premiums will never increase, but may be reduced or eliminated. 
Builds cash value that can only increase over time. 
Offers dividends. When dividends are declared, they may be credited to your policy, further increasing the cash value and death benefit.

A universal life (UL) insurance policy is more flexible than other permanent policies, so you can customize it to fit your lifestyle. 

Universal life insurance: 

May provide a guaranteed death benefit, ensuring the financial security of your family. 
Gives you the flexibility of choosing how much, and when, to make premium payments. (Depends upon the cash value in your policy.) 
Accumulates tax deferred and is accessible on a tax-preferred basis and is generally income tax free (under current tax law) to your beneficiary upon your death. 
Lets you access the cash value for any purpose you may choose including a down payment on a home, a tuition payment for your child or to provide cash flow during your retirement.* 
Allows you to change your death benefit which means you can increase or decrease your death benefit amount (increases are subject to underwriting) as your needs change. 
Guarantees the interest rate that you earn on your cash value to be at least 2.5 percent annually, although our credited rate, which is not guaranteed, has been much higher.

Variable universal life insurance provides death benefit protection plus offers the opportunity to build cash value through a broad array of portfolios. 

Variable universal life insurance: 

Gives you the flexibility of choosing how much, and when, to make premium payments. (Depends upon the cash value in your policy.) 
Can build cash value through a broad array of underlying variable portfolios that invest in stocks, bonds and other instruments. 
Accumulates tax deferred and is accessible on a tax-advantaged basis and is generally income tax free (under current tax law) to your beneficiary upon your death. 
Lets you access the cash value for any purpose you may choose including a down payment on a home, a tuition payment for your child or to provide cash flow during your retirement.
Allows you to change your death benefit which means you can increase or decrease your death benefit amount (increases are subject to underwriting) as your needs change.

Also, term life insurance is a good option to help cover your mortgage payments in the event of your death. The last thing you want your family to worry about is the roof over their heads. 

Whatever your financial needs or goals, we have the products and financial strength that can protect you and your family throughout your life and in the event of your premature or untimely death.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance. 

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