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Life Insurance

There are two basic types of life insurance:

Term Life Insurance covers you for a period of time—or term—that you choose. Permanent Life Insurance offers a few more variations, and provides a lifetime of coverage. Each has benefits that may be important to you depending on the ifs in your life.

Term Life Insurance

Term life insurance is the least expensive type of coverage, at least initially, and the simplest. Coverage is in effect for a fixed term or period of time—typically 1 to 30 years—and usually can be renewed. The policy pays your beneficiary a fixed amount of money if you die during the term of the policy. The premiums are lowest when you are young and generally increase upon renewal as you age. These policies do not build up a cash value.

Permanent Life Insurance
Whole Life, Universal Life and Variable Universal Life

Whole Life Insurance
Whole Life insurance provides protection as well as a cash value. Your premiums remain at a fixed level for the duration of the contract. Over time, the policy builds up cash value on a tax-deferred basis. It may also provide for dividends (which are not guaranteed), that can be used to add more coverage, can build a cash-value that you can use to supplement your retirement income or help provide for a child's education—it's your money to use as you need. But keep in mind life insurance should not be purchased solely for cash-value accumulation; its primary purpose is protection.

Universal Life Insurance
Universal Life Insurance is a flexible life insurance plan. These policies are interest-sensitive and permit you to adjust the death benefit and/or premium payments, within limits, to fit your situation. Your net premium payments are applied to the accumulation fund, which earns interest. The monthly cost of the death benefit and policy administration is deducted from the accumulation fund. As with Whole Life Insurance, the cash value is yours — you may withdraw it or borrow against it at any time. Or, you can use your cash value to pay premiums. Universal life rates are subject to change, but the rate will never fall below the minimum rate guaranteed in the contract.

Variable Universal Life Insurance
Variable Universal Life Insurance may be for you if you want to invest the cash value of your life insurance policy in various funding options that in turn invest in such things as stocks and bonds. You decide how your net policy values are to be invested—and you bear the investment risk. If market performance is poor, your death benefit may decrease, and you may have to pay higher premiums to keep the policy in effect. But your cash value also has the potential to grow more rapidly than with other cash-value policies if the market performs well. Like Universal Life Insurance, above, premiums and death benefits are adjustable within limits.

Variable Life Insurance is offered by prospectus only. The prospectus contains information about the product's features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding choices. Read the prospectus and consider this information carefully before you invest. Product availability and features may vary by state. All product guarantees are based on the claims-paying ability of the issuing insurance company.

The amounts allocated to the variable investment options of your account balance are subject to market fluctuations so that, when withdrawn or surrendered it may be worth more or less than its original value.