Universal Life Insurance
Appropriate for people who need a permanent life insurance plan where premium payments are flexible and death benefits are adjustable.
Benefits
- Flexibility to maintain your policy while increasing, decreasing or skipping premium payments based on changing needs.
- Average cost usually lower than whole life at similar coverage amounts.
- Flexible premiums.
- Low cost.
- Income Tax-Free Death Benefit.
- Withdrawal or tax-free loans available.
Term Life Insurance
Appropriate for people who need a permanent life insurance plan where premium payments are flexible and death benefits are adjustable.
- Provides coverage for a specific period of time (e.g., 10, 20 or 30 years).
- Pays a benefit only if the insured dies during that term.
- Offers some ability to convert to a permanent policy.
- Fixed premiums for specified number of years and increased upon renewal.
Benefits
- Highest death benefit at the lowest cost.
- No surrender charges.
- Makes sense when there is a need for coverage that will disappear at a specific point in time.
Whole Insurance
Appropriate for people who need a permanent life insurance plan where premium payments are flexible and death benefits are adjustable.
Benefits
- Provides a guaranteed death benefit and guaranteed tax deferred build up of cash value with level policy premiums.
- Level premiums initially higher than with term and universal life policies of similar coverage amounts.
- Does not have flexible premiums.
- Policy performance directly related to performance of the insurance company’s dividends.
Variable Insurance
Appropriate for people who need a permanent life insurance plan where premium payments are flexible and death benefits are adjustable.
- Is a permanent plan combining the standard features of a universal life policy with investment choices for your premium dollars.
Benefits
- Lifetime protection.
- Flexibility to change premiums.
- Income tax-free death benefit.
- Withdrawals or tax-free loans available.
Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Bethpage Federal Credit Union and Bethpage Financial Group are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Bethpage Financial Group, and may also be employees of Bethpage Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Bethpage Federal Credit Union or Bethpage Financial Group.
Securities and insurance offered through LPL or its affiliates are:
Not Insured by NCUA or Any Other Government Agency
Not Credit Union Guaranteed
Not Credit Union Deposits or Obligations
May Lose Value
The LPL Financial registered representative associated with this website may discuss and/or transact business only with residents of the states in which they are properly licensed. No offers may be made or accepted from any resident of any other state.