NEW! Please check out our new Life Insurance Calculator, available to help estimate your life insurance needs.
Planning for the future involves much more than investing. Life insurance is a second key consideration in any financial strategy. If you were to pass away, would your family still be able to pay the mortgage, auto loans, college tuition bills and other expenses? Or would the lifestyle to which your loved ones have grown accustomed suddenly seem out of reach? That's where life insurance can help. It can help your family keep its dreams alive regardless of what the future holds.
A Policy That Meets Your Needs
Life insurance is not a "one size fits all" proposition. There are a wide range of policies available, each with its own specific features and benefits:
Permanent insurance is designed for people who have a long-term need for financial security. Premiums are a fixed amount and you are covered for as long as you pay the required premiums. A key feature of permanent life insurance is that it builds cash value, which can be used during your lifetime for needs such as education expenses.
Variable Life Insurance
Variable life insurance is a form of permanent insurance that offers both the traditional protection of a death benefit and the opportunity to accumulate cash value. With variable life policies you direct the investment of the policy's cash value. Each time you pay a premium a portion is allotted toward insurance expenses and the remaining funds are allocated to a series of subaccounts, each with their own objective and risk level. These subaccounts can consist of stock, bond or money market portfolios which are managed by professional money managers. The policy's death benefit and cash value are linked to the performance of the underlying funds, therefore they can increase or decrease in value.
Fixed Whole Life
For generations, millions of individuals have turned to whole life insurance to meet their life insurance needs because with whole life, your premiums are fixed for the life of the policy. And as long as your premiums are paid in a timely manner the policy will remain in force and it cannot be cancelled. In addition, whole life builds cash values on a tax-deferred basis, which can be used to help fund expenses during your lifetime. As an example, First Investors Life's Interest Sensitive Whole Life policy earns a guaranteed1 minimum annual interest rate of 3.50% plus the potential of additional interest from excess rates declared by the Company, all tax-deferred.
Term life insurance is designed for individuals who need life insurance protection for a specific period of time, such as 10, 20 or 30 years. The premiums for term insurance are less expensive than for a comparable amount of permanent insurance at a given age. However, term insurance premiums may increase after either the guarantee period or the initial term period expires. And term life insurance does not accumulate a cash value. Term insurance does provide significant levels of life insurance protection that may be appropriate for individuals or families that need a large amount of life insurance protection and currently have limited budgets. Term life insurance can also be combined with a permanent life policy to provide an appropriate level of coverage with a lower total premium outlay than a permanent policy would cost alone. As an example, First Investors Life offers its Level Term Life Insurance.
Your First Investors representative will be glad to help determine your insurance needs and discuss what type of life insurance is right for you. Using our Survivor Needs Worksheet, your representative can give you an estimate of how much coverage is necessary to protect you, your family and your business with a free, no obligation consultation. Life insurance products offered by First Investors Corporation are underwritten by First Investors Life Insurance Company.
1 All guarantees are based on the financial stability and claims paying ability of First Investors Life Insurance Company, 40 Wall Street, 10th Floor, New York, NY 10005. For more information about any of the First Investors funds or First Investors Life variable insurance products, you may obtain a free prospectus by downloading it from our website, contacting your registered representative, or calling (800) 423-4026. You should consider the investment objectives, risks, fees or charges, and expenses carefully before you purchase a policy. The prospectus, or in the case of a variable insurance product, both its contract and underlying fund prospectus, contains this and other information, and all applicable prospectuses should be read carefully before you invest or send money. These products are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Life insurance and annuities are underwritten by First Investors Life Insurance Company, 40 Wall Street, 10th Floor, New York, NY 10005, and distributed by First Investors Corporation.