Income
Help replace income that others depend on.
LIFE INSURANCE / PEOPLE. PLANS. POSSIBILITIES.
Life InsuranceBuilt AroundYour Life.
Your life doesn’t fit a template. Your coverage shouldn’t either. Start with your family, responsibilities, goals and budget—and the chapter you’re in.
An independent perspective. Clear explanations.
Space to understand your options.
THE REASON BEHIND THE POLICY
Life changes.
Your protection
should keep up.
Life insurance can help provide financial protection for the people you leave behind. A death benefit, subject to policy terms, can give them resources to handle responsibilities—and room to decide what comes next.
Home
Help with mortgage payments or housing expenses.
Everyday life
Support household costs and caregiving.
Education
Help keep children’s education goals in reach.
Obligations
Provide resources for outstanding debts.
Final expenses
Help address immediate end-of-life costs.
Business & legacy
Support thoughtfully structured longer-term plans.
Room to choose
Give loved ones financial flexibility.
A SIDE-BY-SIDE STARTING POINT
Term or permanent
life insurance?
Neither is universally better. Compare the structure with the responsibility you want to protect.
| What to compare | Term life | Permanent life |
|---|---|---|
| Coverage duration | A specified period, commonly 10, 20 or 30 years, depending on the policy. | Potentially for life, as long as funding and other policy requirements are met. |
| Premium structure | Often a lower initial premium than permanent coverage for the same death benefit. Renewal costs may increase. | Typically a higher initial premium. Payments may be scheduled or flexible, depending on the product. |
| Cash value | Generally does not accumulate cash value. | May accumulate cash value. Charges, crediting and access rules vary by policy. |
| Typical purpose | Responsibilities with a timeframe, such as replacing income or covering a mortgage. | Lasting protection needs, including family or legacy goals that may extend beyond a set term. |
| Flexibility | Some policies offer renewal or conversion options, subject to deadlines and contract limits. | Some policies allow changes to premiums or benefits. Adjustments can affect costs and policy sustainability. |
| Long-term coverage potential | Coverage ends at the end of the term unless an available renewal or conversion option is used. | Ongoing coverage requires meeting contract conditions. Insufficient funding can cause a policy to lapse. |
The right choice depends on what you’re protecting, how long you need protection, your budget and your long-term goals.
Help Me Compare My OptionsA CLOSER LOOK / IUL
What is indexed
universal life insurance?
Begin with the insurance. IUL combines a death benefit with cash value and contract-defined interest-crediting rules. It needs ongoing attention, not just an initial decision.
Life insurance.
Not stock ownership.
An index is a reference for calculating a credit. You do not directly own stocks or the index, and credited interest is not the same as a market return.
A crediting floor does not prevent policy expenses, loans or withdrawals from reducing cash value.
A SIMPLIFIED VIEW OF THE CASH-VALUE MECHANISM
Premium
Payments fund the insurance contract.
Policy expenses / cost of insurance
Fees and insurance charges are deducted under the policy’s rules.
Cash-value component
Remaining policy value is subject to ongoing charges and contract terms.
Index-linked interest crediting
An external index and the contract’s crediting provisions determine any credit.
Potential cash-value accumulation
Values depend on funding, credits and deductions; accumulation is not assured.
Conceptual sequence only. Charges and credits recur at contract-defined times. This is not a policy illustration or a projection.
What to understand
before purchasing IUL.
- Cost of insurance & expenses
- Insurance charges and policy fees reduce value. Ask how charges may change over time and whether surrender charges apply.
- Caps & participation rates
- A cap limits the index-linked credit. A participation rate determines how much of the measured index change is used. Contract provisions may allow these to change.
- Floors & spreads
- A floor applies to the crediting calculation, not your total cash value. Charges can still reduce value. A spread, if used, reduces the index result used for crediting.
- Crediting methods
- Measurement periods, index definitions and allocation rules matter. An index increase does not translate directly into the same increase in cash value.
- Premium funding & lapse risk
- Flexible premiums do not remove the need to fund the policy. Lower credits, rising charges or insufficient payments can require additional premiums to keep coverage in force.
- Loans & withdrawals
- Accessing cash value can reduce policy values and the death benefit, incur costs and increase lapse risk. Loans accrue interest; tax consequences may apply.
- Death-benefit options
- Different options can change the relationship between cash value and the death benefit, and affect policy costs. Cash value is not necessarily paid in addition to the stated benefit.
Review the actual contract, funding requirements and both guaranteed and non-guaranteed elements with an appropriately licensed professional. Contractual guarantees depend on the issuing insurance company’s claims-paying ability and policy terms.
START WITH YOUR RESPONSIBILITIES
How much
life insurance
do you need?
There isn’t one correct number for everyone. Build a picture of the needs you want to cover, the resources already available and what you can comfortably sustain.
Get Help Estimating Your CoverageNot sure how much coverage you may need? Try the Life Insurance Calculator.
Income replacement
Who relies on your income, and for how long? Include the cost of unpaid caregiving.
Mortgage & other debts
Consider housing costs and obligations you want a benefit to help address.
Dependents & education
Think about the number and ages of dependents, childcare and future education goals.
Savings & existing coverage
Review available assets and individual or employer coverage, including what happens if you change jobs.
Final expenses
Allow for end-of-life costs and other immediate household needs.
Long-term goals
Consider any lasting family, business or legacy responsibilities.
RECOGNIZE YOUR CHAPTER
Life insurance for
different stages of life.
Life rarely moves in a straight line. Open a chapter to explore questions that may matter to you.
Room for
what’s next.
Young adults
Start with the people or obligations that depend on you. Coverage needs can be modest or substantial; age alone does not determine them.
Newly married couples
Talk about shared income, debt and household responsibilities. Review who would receive a benefit and what you would want it to cover.
Parents
Consider income, childcare, unpaid caregiving and education needs. The value of a parent’s contribution extends beyond a paycheck.
Homeowners
Review the mortgage alongside other household costs. The amount and duration of protection may change as your balance changes.
Business owners
Insurance may play a role in business continuity or ownership agreements. Coordinate the structure with appropriate legal and tax professionals.
Approaching retirement
Revisit coverage in light of debts, dependents and household income changes. Retirement does not automatically end the need for life insurance.
Families considering a legacy
Clarify who or what you want to support over time. Ownership and beneficiary decisions may call for legal and tax guidance.
These examples are conversation starters. A life stage alone does not determine the right policy.
THE VALUE OF AN INDEPENDENT PERSPECTIVE
One company
doesn’t fit everyone.
An independent life insurance agent can help evaluate available options rather than being limited to representing just one insurance company. The conversation starts with your needs, then examines the choices available to you.
Get to know Douglas Benefits GroupA broader comparison
Consider available coverage structures, policy features and tradeoffs. Access depends on state licensing and carrier appointments.
Clear explanations
Work through premiums, benefits and limitations in plain English, and discuss an appropriate amount and duration of coverage.
A resource through the process
An insurance professional can assist with applications and underwriting questions, and remain a resource for reviews after a policy is issued.
Specific services and products depend on confirmed licensing and appointments. Douglas Benefits Group does not provide investment, tax or legal advice.
HOW THE PROCESS WORKS
From questions
to a clearer next step.
When licensing and product availability are confirmed, a typical application process looks like this.
Tell Us About Your Needs
Discuss the people, responsibilities and budget you want the coverage to reflect.
Review Coverage Options
Compare eligible options, costs and policy details. Ask what may change over time.
Apply for Coverage
Provide the information the insurer requests. Underwriting and an application do not guarantee approval.
Put Your Protection in Place
If approved, review the issued policy, complete any requirements and confirm when coverage takes effect.
Underwriting requirements vary by insurer and product. They may include health questions, prescription or medical-history review, records, exams or other information. Coverage is effective only when the insurer’s requirements are met.
ANSWERS, WITHOUT THE JARGON
Good questions.
Clearer choices.
Life insurance is a long-term decision.
Understanding it starts here.
What is life insurance?
Life insurance is a contract with an insurer. In exchange for premiums and subject to policy terms, it provides a death benefit to designated beneficiaries if the insured person dies while coverage is in force. Exclusions and other claim conditions apply.
How does term life insurance work?
Term insurance covers a defined period, such as 10, 20 or 30 years, depending on the product. It generally has no cash value. If coverage expires, renewal or conversion may be available under the contract, with different costs and deadlines.
What is permanent life insurance?
Permanent insurance is designed for long-term, potentially lifelong coverage when policy requirements are met. It may build cash value. Whole life and universal life work differently, so compare the premium obligations, expenses and conditions needed to keep coverage in force.
What is indexed universal life insurance?
IUL is a form of permanent insurance with a death benefit and cash value. Interest credits may be linked to an external index using contract-defined rules. You do not own stocks or shares of the index. Expenses, funding and crediting limits affect policy values and sustainability.
Does life insurance build cash value?
Term insurance generally does not. Some permanent policies may accumulate cash value, subject to expenses and policy provisions. Cash value and the amount available on surrender may differ. Loans and withdrawals can reduce benefits, add costs and increase lapse risk.
How much life insurance do I need?
Consider income needs, debts, dependents, caregiving, education, final expenses and longer-term goals. Review savings and existing insurance alongside those needs. There is no single amount that fits everyone; the duration of coverage and a sustainable budget matter too.
How much does life insurance cost?
Premiums depend on the product, coverage amount, age, health, underwriting and other insurer-specific factors. Initial cost is only part of the comparison: ask whether premiums or policy charges can change, and what future funding may be needed. No rate is quoted on this page.
Do I need a medical exam?
Requirements vary by insurer and product. Underwriting may involve health questions, prescription or medical-history reviews, records, an exam or other information. An exam-free process, if available, does not mean approval is guaranteed or that health is not considered.
Can I have more than one life insurance policy?
It may be possible to hold multiple policies, including employer and individual coverage. Insurers may review the total coverage in force or being applied for and the financial basis for the requested amount. Eligibility and underwriting still apply.
Can I change my beneficiary?
Policy owners can generally request changes to revocable beneficiaries using the insurer’s process. Irrevocable designations, assignments, court orders or other restrictions may require consent or limit changes. Confirm the rules for your policy and keep accepted designations up to date.
What happens if I stop paying premiums?
Coverage may lapse after applicable grace periods. Some permanent policies may use available value to cover charges, but that value can run out. Review the contract before stopping payments; lapse or surrender may have financial and tax consequences, especially with outstanding loans.
Are life insurance proceeds taxable?
Death benefits paid to beneficiaries are generally excluded from federal income tax, but exceptions apply, and interest paid on proceeds may be taxable. Other taxes or policy transactions can be treated differently. Tax treatment depends on individual circumstances; consult an appropriate tax professional.
What is the difference between term and whole life?
Term covers a specified period and generally has no cash value. Whole life is a type of permanent insurance typically built around scheduled premiums and contract-defined benefits and cash values. Any guarantees depend on meeting policy terms and the issuing insurer’s claims-paying ability.
Can I buy life insurance if I have health conditions?
A health condition does not determine the outcome by itself. Insurers evaluate conditions differently, and eligibility, premiums and coverage may depend on treatment, history and other factors. An application may be accepted, rated, postponed or declined. Approval cannot be promised.
When should I consider buying life insurance?
A useful starting point is when someone relies on your income or caregiving, or when you take on obligations you want to protect. Marriage, parenthood, a home purchase or a business change can prompt a review. Consider affordability and current needs without rushing a decision.
YOUR LIFE. YOUR NEXT CHAPTER.
PROTECT WHATYOU’VE BUILT.And what comes next.
Understanding your options is the first step. Get help comparing life insurance coverage based on your needs, priorities and budget.