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• TERM LIFE
• WHOLE LIFE (PERMANENT)
• MORTGAGE PROTECTION
• UNIVERSAL LIFE (PERMANENT)
• CHILD LIFE (PERMANENT)
• FINAL EXPENSE (PERMANENT)
• CASH-BACK TERM LIFE
• BUSINESS PARTNER LIFE
• GROUP LIFE PLANS
• EVERYTHING ELSE!

54% • Percent of American adults who have life insurance

27% • Of American adults with life insurance, the percent who only have group coverage — which

usually isn’t enough (and is rarely portable)

10x to 15x • The multiples of your annual income that most financial advisors recommend you need

when buying life insurance for income replacement

40% • Percent of insured who wish they had purchased their policies at a younger age

Stats about the $$$ of life insurance

8% • Average percent increase in your insurance costs as you age, assuming your health stays the same

Unlike term life insurance, which promises payment of a specified death benefit for a specific period of

years, permanent life insurance lasts the lifetime of the insured (hence, the name), unless nonpayment

of premiums causes the policy to lapse. Permanent life insurance premiums go toward both maintaining

the policy’s death benefit and allowing the policy to build cash value. The policy owner can borrow

funds against that cash value or, in some instances, withdraw cash from it outright to help meet needs

such as paying for a child’s college education or covering medical expenses. There is often a waiting period after the purchase of a permanent life policy during which borrowing against the savings portion is not permitted. This allows sufficient cash to accumulate in the fund. If the amount of the total unpaid interest on a loan, plus the outstanding loan balance exceeds the amount of a policy’s cash value, the insurance policy and all coverage will terminate. Permanent life insurance policies enjoy favorable tax treatment. The growth of the cash value is generally on a tax-deferred basis, meaning that the policyholder pays no taxes on any earnings as long as the policy remains active. As long as certain premium limits are adhered to, money can also be taken out of the policy without being subject to taxes because policy loans usually are not considered taxable income. 

RENEWAL INSURANCE DATA

https://www.investopedia.com/terms/p/permanentlife.asp

Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees

payment of a stated death benefit if the covered person dies during a specified term. Once the term

expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the policy to terminate. When you buy a term life policy, the insurance company determines the premiums based on the value of the policy (the benefit amount) as well as your age, gender, and overall health. In some cases, a medical exam may be required. the insurance company may also inquire about your driving record, current medications, smoking status, occupations, hobbies and family history. If you die during the term of the policy, the insurer will pay the face value of the policy to your beneficiaries. This cash benefit—which is, in most cases, not taxable—may be used by beneficiaries to settle your healthcare and funeral costs, consumer debt, or mortgage debt among other things. However, if the policy expires before your death, there is no payout. You may be able to renew a term policy at its expiration, but the premiums will be recalculated for your age at the time of renewal. Term life policies have no value other than the guaranteed death benefit. There is no savings component as found in a whole life insurance product.

RENEWAL INSURANCE DATA

https://www.investopedia.com/terms/t/termlife.asp