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Life insurance gap
Life insurance gap

Whether you don't have any life insurance at all, or you're concerned that you don't have enough death benefit protection to cover your family's needs, the following products can help you fill the life insurance gap in your financial stategy.

 

Term Universal life Guaranteed universal life

Like the bodyguard of life insurance

Like a bodyguard you hope you never have to use, the sole purpose of term life insurance is to protect your family or beneficiaries in case you were to die unexpectedly, helping to relieve the sudden loss of income, cover funeral costs, outstanding debts and more.

If you're looking for some basic protection, term may be the way to go. Pay your premium over whatever term you choose (often 10, 20, or 30 years) and in return you'll receive death benefit protection. Once the term is up, the policy is terminated. The bodyguard calls it a day.

The amount of death benefit your beneficiaries receive will depend on how much you purchase. Your financial professtional can help you determine how much death benefit you need.

Term can help you prepare financially for the chance of being diagnosed with a serious illness.

In addition to offering death benefit protection, some term products may also include accelerated death benefits. These benefits allow the policyowner to access the death benefit while living.

Term is usually the most affordable type of life insurance, often compared to the cost of a couple cups of coffee - which is much more affordable than a personal bodyguard.

Get a free term quote.

 

Contact your financial professional to determine if term is right for you.

Don’t have a financial professional?

 

Life insurance, plus interest

Universal life (UL) insurance provides the policyowner with death benefit protection along with the potential to build cash value with a declared fixed interest rate.

Get death benefit protection and potentially earn interest at the same time.

Your life insurance premium first pays for insurance and monthly expenses. The remaining amount of money you put into the policy is credited to the cash value, which accumulates interest.

 

Contact your financial professional to determine if UL is right for you.

Don’t have a financial professional?

 

Coverage for a lifetime

Guaranteed universal life (GUL) insurance provides guaranteed death benefit protection for the amount of time that you and your financial professional determine you need. It's like term, except GUL can provide coverage for the duration of your lifetime (subject to premium payment requirements), rather than in pre-determined lengths of time.

The great thing about GUL is that the premium is fixed, so the amount you pay will be the same for your entire life, as long as you continue to meet the minimum payment requirements on time to maintain the guaranteed level premium. A missed or late payment can affect the guaranteed premium.

If you're looking for death benefit protection coverage for the entirety of your life, GUL may be right for you.

 

Contact your financial professional to determine if GUL is right for you.

Don’t have a financial professional?

 

The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

 

The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

Life insurance policies have terms under which the policy may be continued in force or discontinued. Current cost of insurance rates and interest rates are not guaranteed. Therefore, the planned periodic premium may not be sufficient to carry the contract to maturity. Please refer to the customized illustration provided by your agent for additional detail. The policy's death benefit is paid upon the death of the insured. The policy does not continue to accumulate cash value and excess interest after the insured's death. For costs and complete details, call or write to North American Company for Life and Health, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193, telpehone (877) 872-0757.

The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

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