Life insurance is a hard topic to talk about, but it does need to be addressed. It is a serious issue once someone starts depending on your income. Meaning, when you pass, will your loved ones be financially secure without you? Having a life insurance policy will insure that your family does not have to worry about your finances. So, which life insurance policy should you choose: Term or Whole life?
Term life insurance is the simplest type of life insurance protection you can buy, and generally has the lowest out-of-pocket cost to obtain death benefit protection for a short-term.
Term life insurance:
Provides guaranteed death benefit protection with a level premium for 10-, 15- or 20-years.
Can be converted to a permanent policy, even if your health deteriorates.
Does not offer a savings component, cash accumulation or loan features.
Term life insurance product choices
Ohio National offers 10-, 15- and 20-years of term life insurance. All products are available with either a “Basic” or “Plus” conversion option.
Term 10, 15, and 20 “Basic” level term policies provide bottom-line pricing and a limited conversion option. If you never intend to purchase a permanent product, a Basic product may be the right choice for you.
Term 10, 15, and 20 “Plus” level term policies offer expanded conversion options to an Ohio National permanent life insurance product including our industry leading whole life, universal life or variable universal life insurance policies – for a just a few dollars more per month.
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.
Building value with dividends
These policies combine the traditional death benefit with a “cash value” that constantly grows. Any amount within a policy’s cash value can be withdrawn at any point in your life as a loan, though there may be a minimal percentage of interest charged, and a lower amount earned, on the loan amount until it’s repaid. Even if you never borrow any of the funds, the policy’s death benefit increases along with the cash value, so your dependents benefit nonetheless.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole – from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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