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Life Insurance

Purchasing a life insurance policy is an investment many people evaluate during the estate planning process. In the event of one’s death, a life insurance policy is a safety net that ensures their loved one’s future financial obligations are met, covering items such as funeral costs, outstanding debt, estate taxes and everyday living expenses. Also, if a stay-at-home parent should pass away, expenses such as childcare and other domestic items can create financial hardship, too.

Term Life Insurance

Just as its name implies, Term Life Insurance covers you for a specific period of time, or term, that you choose. Since it offers a death benefit but no cash value, Term Life Insurance is an inexpensive way to protect your beneficiaries for a specified period of time. Term Life Insurance is best suited for various individuals and needs. It is ideal for:

  • People who have a temporary need for life insurance protection
  • Individuals who need a large amount of insurance protection but have limited cash
  • Those with specific business needs, such as additional coverage for a key employee

At the option of the policyholder and without evidence of insurability, term life insurance can be renewed at the end of the term for a limited number of successive terms. It can also be converted or exchanged for a permanent insurance policy, without evidence of insurability down the road. Once the term expires, coverage ceases, and the policy has no further value. It’s important to note that rates generally increase along with the insured’s age.

Permanent Life Insurance

Permanent life insurance is any form of life insurance other than term. Examples are whole life, universal life and variable life. These policies combine term life insurance with a long-term, tax-sheltered savings plan.

Whole life is the most basic type of Permanent life insurance. It provides coverage that lasts a lifetime and also builds up a cash value that you can borrow against, withdraw or use to pay future premiums. A life insurance policy with a cash value is ideal for:

  • Those who have a lifetime need for insurance protection
  • Individuals who prefer stable premiums over the life of the policy
  • People who want a policy that allows them to build tax-deferred values
  • Those who value the high degree of coverage the policy affords

While rates for a whole life insurance policy remain stable over the life of the policy, premiums are initially more costly than those of term insurance policies.


    Investment Advisory Services offered through O.N. Investment Management Company. Securities offered through the O.N. Equity Sales Company. Member FINRA/SIPC. One Financial Way, Cincinnati, Ohio 45242. 513/794-6794. HollandStivers & Associates, LLC is independent of the O.N. Equity Sales Company. Our representatives are licensed to sell health and life insurance in Alabama, Illinois, Kentucky, Missouri, Ohio, Tennessee, and Texas. Our representatives are licensed to sell securities in Illinois, Indiana, Kentucky, Missouri, Mississippi, North Carolina, and Tennessee. Early withdrawals may be subject to surrender charges (contingent deferred sales charges.) Withdrawals may be subject to ordinary income tax and, if taken prior to age 59 ½, a 10 percent federal tax penalty may apply. Fixed annuities are not insured or guaranteed by the FDIC or any other government agency. Variable annuities and Mutual Funds are sold by prospectuses which contain more complete information including investment objectives, strategies, risk factors, fees, contingent deferred sales charges and other costs that may apply. Please read the prospectuses carefully before investing. Past performance is no guarantee of future results. Variable annuities are long-term investment vehicles designed for retirement purposes. Early withdrawals or surrender charges may be subject to surrender charges (contingent deferred sales charges.) Withdrawals may be subject to ordinary income tax and if taken prior to age 59 ½, a 10 percent federal tax penalty may apply. Withdrawals reduce the death benefit, cash surrender value and any living benefit amount. Variable annuities are not insured or guaranteed by the FDIC or any other government agency and are subject to investment risks, including possible loss of principal investment. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. Asset allocation does not assure a gain and does not protect against a loss in declining markets.