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Life insurance gap

Life insurance gap

Maybe you don't have any life insurance, and you're concerned that your family is vulnerable. Or maybe you have some life insurance, but you worry that it's not enough to fully protect your family's needs. The following products can help you fill the life insurance gap in your financial strategy.

Term Universal life Guaranteed universal life

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 were to happen to you.

If you're looking for some basic, straightforward protection, term 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 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 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.

 

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

Don’t have a financial professional?

Get protected, earn interest

Universal life (UL) insurance provides death benefit protection along with an added ability 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?

 

Life insurance for the long haul

Guaranteed universal life (GUL) insurance is similar to term in that 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.

The best thing about GUL is that the premium is fixed, so the amount you pay will stay 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.

 

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 Midland National Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193, telephone (800) 923-3223.

 

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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