At Auri Elan Insurance, we’ll help you evaluate the needs of your family, weigh alternatives, and make smart decisions. And we’ll be there with you as time passes, always ready to explain alternatives as the needs of your family evolve. As a full service agency, we offer Term Life, Whole Life, Universal Life, and Variable Life Insurance.
Term Life Insurance
Term Life insurance provides death protection for a stated time period, or term. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1,5,10,15, 20 and even 30 years.
- Clients that need to cover a larger temporary risk
- Clients that want a low-cost flexible product that can change as their needs change and grow
Benefits of Term Life Insurance:
- Initial Affordability – Can be purchased in large amounts for a relatively small initial premium
- Meets Short Term Goals – Well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years
Whole Life Insurance
Whole Life is permanent insurance coverage that guarantees level premiums and the accumulation of cash values. Whole Life insurance is a good choice for long range-goals. There is participating whole life insurance usually issued by a mutual life insurance company where one participates as an owner of the company and there is non-participating whole life insurance issued by a stock life insurance company.
- Clients with long-range goals
- Clients who might need access to cash temporarily or for emergencies
Benefits of Whole Life:
- Guaranteed Cash Values– A portion of the money paid into a whole life policy accumulates as guaranteed cash values. Therefore, if the policy is surrendered, these guaranteed cash values would be available to the client. Or, as long as the policy is in force, the client may borrow against them as a policy loan at the current policy loan interest rate.
- Premiums level and payable for life– Since premiums are level, the younger your client is when they purchase the policy, the less expensive the annual premiums will be.
- Dividends– Whole life insurance policies can earn dividends. Dividends result when the actual life insurance costs turn out to be less than assumed when setting the premiums.
Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates account value. Premiums and values are based on projections of assumed interest rates, the cost of insurance and the insurance company’s expenses.
Business owners looking to maintain the value of their business
Parents or grandparents who want to provide for their beneficiaries
Benefits of Universal Life:
Flexibility– You can adjust the death benefit and premium payments to fit your clients’ needs
Tax-Deferred Account Growth– The policy’s Account Value earns interest at the company’s current interest rate; federal income tax deferred. The current interest rate is guaranteed to be at least 4% a year
Variable Universal Life Insurance
VUL is a type of life insurance, that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner. The ‘variable’ component in the name refers to this ability to invest in volatile investments similar to mutual funds. The ‘universal’ component in the name is used to refer to the flexibility the owner has in making premium payments. The premiums can vary from nothing in a given month up to maximums defined by the IRS code for life insurance.
Client who wants to take advantage of flexible payments and investment options.
Benefits of Variable Life Insurance:
Flexibility– Opportunity to allocate net premiums among a variety of investment options.
Tax Treatment– Federal income tax deferral on any growth in the policy account value
Life Insurance protects your family against an uncertain future. We look forward to discussing the financial needs of your family and options for meeting those needs. To learn more about Life Insurance please contact us by email or at 617-329-1185.