Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates account value. Premiums and values are based on projections of assumed interest rates, the cost of insurance and the insurance company’s expenses.
Whole Life is a permanent insurance coverage that guarantees level premiums and the accumulation of cash values.
Term Life Insurance provides death protection for a state time period or term. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1, 5, 10, 15, 20 or even 30 years.
Long-Term-Care Insurance is a type of insurance designed specifically to cover the costs of long-term care services, most of which are not covered by traditional health insurance or Medicare.
Traditional long-term care insurance policies usually function much like car insurance-they require you to pay premiums, but do not accumulate any value. Additionally, you can’t get back any of the money you paid, even if you never use any of the policy’s benefits.
Therefore, WealthSprings offers a different kind of product to our clients, a universal life insurance policy with a long term care rider. It accumulates value that you can tap into in the event that you require long term care. If however, you end up not needing that kind of care, it also provides a death benefit to your heirs. In addition, the total cost of your LTC is known at the time you purchase the policy, not after your death.
Investment advice offered through PCG Wealth Advisors, a registered investment advisor. PCG Wealth Advisors and Wealthsprings are separate entities from LPL Financial.