Many clients of First Citizens Securities utilize our expertise and partnerships in important areas of insurance, whether they're planning ahead for their beneficiaries, their parents or themselves. We offer insurance solutions from some of the most respected names in the insurance industry.
Long-term Care Insurance
If you're nearing retirement age or are concerned about the future care of older family members, you might consider Long-term Care Insurance. When you or someone you cover cannot care for themselves, this insurance can provide for daily activities such as bathing and eating, and for skilled nursing care or rehabilitation services.
It's important to remember that most other types of insurance do not cover long-term care expenses, and the cost of care can have a significant impact on a family's savings and other assets.
Term Life Insurance
Term life insurance is perhaps the simplest form of life insurance — developed to provide temporary life insurance protection at a low cost. Because term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range coverage (like paying off a loan or providing life insurance protection during the child-raising years).
Term life insurance differs from other forms of life insurance in that it does not build a "cash value" — should you want to "cash in" your policy while you are still alive. Also term life insurance is renewable each year by the policyholder — and the premium increases to reflect the policyholder's new age.
Universal Life Insurance
More costly than term life insurance, yet more flexible, universal life insurance provides a number of benefits, in addition to a "death benefit" for your beneficiary:
- Level Premium: Unlike term life, where your premium increases with age and the policy is only effective for a stated period of time, a universal life insurance premium is generally "level" — and payable for life.
- Flexibility: Depending upon how much insurance you need now and later, universal life enables you to adjust the death benefit and premium payments over the years (certain requirements and limitations will apply).
- Cash value: As you "pay into" your policy, a universal life policy accumulates a cash value. This cash value grows tax deferred.
To learn more about our insurance services, e-mail us.