Life Insurance

With life insurance you can ensure that the financial needs of the people you care about the most are met, even if you can no longer be there.  Your RNI Financial agent can help you to clarify just how much life insurance you really need to meet your objectives, and to identify the different insurance products that can be used to fill that need.  You can sleep better each night knowing that you have taken the necessary steps to create a legacy for your loved ones by making sure that future education, housing, final expense and other financial needs are covered.

 

Life insurance death benefits are usually free from income taxes and can be used to supplement a retirement plan, generate lifetime income, pay off a mortgage, provide funds for childcare, college education and more.  There are also life insurance policies that will accumulate a cash value over time, providing you with a vehicle to defer tax on interest earned and allow you to take tax-free distributions.

 

Here are some of the types of life insurance that you and your agent may consider including in your plan:

 

 

Term Insurance

 

  • Provides protection for a specific term.
  • Produces a death benefit that is generally free from income taxes.
  • Is often renewable after the policy term without evidence of insurability.
  • Usually costs less than permanent insurance in the short‐term.
  • Can sometimes be converted to permanent insurance with the same company during the life of the policy.
 

Mortgage Life Insurance

 

  • Provides protection for a specific term.
  • Produces a death benefit that will either pay off your mortgage or cover a certain number of mortgage payments in the event of your death.
 

Cashback Life Insurance

 

  • Provides protection for a specific term.   (Usually 20 or 30 years.)
  • Produces a death benefit that is generally free from income taxes.
  • Returns all or part of your premium to you at the end of the term.
  • Usually costs more than traditional term insurance.
  • Can sometimes be converted to permanent insurance at the end of the term.
 

Universal Life Insurance

 

  • Provides flexible death benefits and flexible premiums as long as the cash values are enough to cover insurance costs.
  • Typically includes a cash value account that accumulates at a floating rate of interest, with a minimum rate guarantee.
  • Accumulates cash value which you may use to help pay for the cost of insurance, riders and other policy expenses.
  • May provide a secondary guarantee such as no‐lapse protection which allows you to select a coverage period from 10 years to age 100.

 

To estimate your life insurance needs and understand how they may be impacted by your income, assets and more, contact an RNI Financial agent.