Do you have enough life insurance?

Life insurance gap

If 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 strategy.

Mother and daughter

Term life insurance:
The bodyguard of life insurance

Like a bodyguard you hope you never have to use, term's sole purpose is to protect your family or beneficiaries in case anything happens to you.

If you're looking for some basic, straightforward protection, term life insurance may be the way to go. Pay your premium over the agreed upon term, 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 professional can help you determine how much death benefit you need.

Term insurance can help you prepare financially for being diagnosed with a qualifying illness.

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

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

Get a free term quote

Mother and daughter

Guaranteed universal life:
Life insurance for the long haul

Guaranteed universal life (GUL) insurance is similar to term life insurance because its sole purpose is to provide death benefit protection. However, unlike term, GUL can provide you with guaranteed death benefit protection for the duration of your life (subject to premium payment requirements), or for the amount of time that you and your financial professional determine you need.

One of the best things about GUL is that the premium is fixed, so the amount you pay stays 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 for the long haul, GUL may be right for you.

Talk with your financial professional today to see which North American life insurance product is right for you.

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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.

Texas Residents: Receipt of acceleration-of-life-insurance benefits may affect your, your spouse’s or your family's eligibility for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary social security income (SSI), and drug assistance programs. You are advised to consult with a qualified tax advisor and with social service agencies concerning how receipt of such a payment will affect your, your spouse’s and your family's eligibility for public assistance.

Insurance products are issued by North American Company for Life and Health Insurance, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193 Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply.

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