Long Island Permanent Life Insurance
By Insurance Suffolk Brokerage
For lifelong peace of mind and the power of tax-deferred cash accumulation, Permanent Life Insurance policies are your best choice for maximum Long Island life insurance protection. Like term life insurance, there are many flavors of permanent life insurance policies for you to choose from. Thus, it’s important to consider your needs and exposures carefully before choosing the right product for you. Our life insurance professionals at Insurance Suffolk make choosing permanent life insurance policies simple and easy.
Types of Permanent Life Insurance Policies Include:
Whole Life insurance – Being the simplest form of permanent life insurance available to you, whole life insurance offers lifelong protection with fixed premiums, maximum cash value that grows tax-deferred, guaranteed interest rates and dividends that can be used to increase the value of the policy
Guaranteed Universal life insurance (G/UL) – Being the most affordable of all the permanent life policies on the market, G/UL policies offer a guaranteed death benefit (regardless of the cash value in the policy) with minimal guaranteed cash accumulation. Purchasers of these policies care more about lifetime protection as opposed to cash accumulation
Indexed Universal life insurance (I/UL) – For added flexibility with lifelong protection, I/UL policies allow you to change the amount of your premiums as your economic situations change. If you find yourself with a surplus of cash, increase the premium to add more cash value in your policy. If times are rough, reduce the premium to give you back the liquidity you need during a hardship period without sacrificing the policy’s death benefit
Irrevocable life insurance – If you are working with an estate attorney in preparing a living trust, ask your estate attorney about irrevocable life insurance policies. These policies are a great way to limit or avoid estate taxes should you pass away. Your estate attorney can help you with understanding these programs. If irrevocable life insurance is recommended to you by your estate attorney, contact Insurance Suffolk to help you with getting a policy prepared for you
When considering permanent life products, understand:
- – Dividends are not guaranteed (whole life)
- – Any unpaid loans at the time of your passing may reduce the death benefit
- – Interest rates are guaranteed and non-guaranteed, which provides you with maximum cash growth
- – Always consult with your tax professional when considering permanent life insurance policies. It’s important to understand the taxation of permanent life insurance policies that have tax-deferred cash accumulation and loans that are taken out against them
From Babylon to Massapequa, to Lindenhurst to Merrick, our life insurance professionals at Insurance Suffolk help our local residents in finding the right permanent Long Island life insurance policy that fits your specific needs at affordable prices. Contact one of our Long Island insurance brokers for a free evaluation and life insurance quote today.