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Common Types of Life Insurance

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A retirement and income planning specialist based in Highland Park, Illinois, Arthur S. Miller has served as the president of Capital Preservation Strategies, Inc., since 2013. Previously the owner of Asset Protection Associates, Arthur S. Miller also analyzes client's personal needs for life insurance and determines the value of utilizing life insurance and annuities for charitable giving purposes.

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Common Types of Life Insurance

  1. 1. By Arthur S Miller, Highland Park Illinois
  2. 2.  A retirement and income planning specialist based in Highland Park, Illinois, Arthur S. Miller has served as the president of Capital Preservation Strategies, Inc., since 2013. Previously the owner of Asset Protection Associates, Arthur S. Miller also analyzes client's personal needs for life insurance and determines the value of utilizing life insurance and annuities for charitable giving purposes. Life insurance is a valuable investment that allows individuals to designate family, friends, or a charitable organization as a beneficiary. One type of term life insurance covers a person for a set number of years with established, guaranteed premiums. A less costly option than other types of insurance, its benefits are paid out in a single lump sum. After the set number of years, term life insurance may still be available but generally at a much higher premium.
  3. 3.  A more expensive option, whole life insurance builds value through investments made by the insurance company. Although premiums usually stay the same throughout the length of the policy, the cash value of the whole life insurance can be borrowed without being taxed. Universal life insurance incorporates elements of both term and whole life insurance, and its accrued earnings can be used to cover the premium cost, often making it less expensive. The death benefits of a universal life insurance policy may be paid out in a lump sum or over a selected period of time.

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