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Life Insurance

Term Life Insurance

There may be times when you need additional Life insurance coverage. Wouldn’t it be great if you could add this coverage at an affordable cost that might never increase? Level Term Life insurance policy provides coverage that remains level. Premiums are guaranteed to remain level for either 5, 10, 20 or 30 years. Premiums are subject to change at the end of the guaranteed period. What’s more, this product is very affordable.

Universal Life Insurance

Universal Life insurance offers you all of the advantages of a flexible Life insurance policy coupled with a cash Accumulation Account which earns an interest rate. It is designed to meet a variety of your current and future Life insurance and cash accumulation needs, from mortgage protection to retirement planning.
Term Life
Universal Life
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Level Term Life insurance coverage can help safeguard your family’s financial security by providing a death benefit that can be used to:
  • Pay off a mortgage balance
  • Help fund a child’s college education
  • Provide family income
  • Pay off personal debts
  • Pay final expenses
Level Term Life insurance coverage can be used to meet a variety of business life insurance needs. Some of these needs may include:
  • Key Person coverage
  • Funding for a buy/sell agreement
  • Low-cost optional employment benefit
Common riders and benefits for Level Term Life insurance:
  • Waiver of Premium
  • Accidental Death Benefit
  • Children’s Term Insurance Rider
  • Critical Illness Rider
  • Accelerated Benefit Rider for Terminal Illness
Because of its unique flexibility, you can readily adjust your coverage as your circumstances change.

Universal Life normally can provide:

  • Tax-deferred cash accumulation
  • Lifetime security for you and your family
  • Flexible premiums
  • Flexible benefits
Universal Life is designed to meet your changing needs during an entire lifetime. This simple, comprehensive, flexible Life insurance policy can serve your insurance and cash accumulation needs throughout all your years. You can normally “program” Universal Life to meet your changing needs.

Flexible premiums

Unlike many Life insurance products, with Universal Life you decide when-and how much-to pay toward your insurance policy, within broad limits. Your coverage continues as long as the policy has sufficient cash accumulation to pay the cost of insurance (including fees and insurance charges). Your first premium payment will start your policy and establish its Accumulation Account. The account (minus initial charges) immediately begins earning at a current interest rate. While the current rate is not guaranteed, the account is normally guaranteed to be credited interest at a minimum rate. After your Accumulation Account is set up, the cost of insurance is deducted from the account each month automatically.

Flexible benefits

You specify the amount and type of insurance coverage you need, which can be increased or decreased, within limits. Increases are subject to proof of insurability or size-of-premium requirements.

Increasing Death Benefit

This coverage adds level pure insurance to the cash accumulation. In the event of your death, your beneficiary will receive the face amount of the coverage plus the balance of the Accumulation Account. The monthly amount deducted from your Accumulation Account is adjusted as necessary to continue to provide the insurance coverage you specify. To keep the benefit increasing, the accumulation account must be sufficiently funded. Full coverage is guaranteed for you and your family…or your business…as your financial responsibilities grow.

Level Death Benefit

You can specify that the total death benefit remains level. This coverage can maximize the cash value available for education, business enterprises or retirement.

Tax-deferred cash accumulation

The Accumulation Account belongs to you. It is the source of your cash values. You may surrender the policy for the entire cash value, or make partial surrenders for part of the cash value. A surrender charge is deducted during the first nine years. Based on the current tax laws, all interest credited to your account is tax-deferred. This means you are not taxed each year, but only when you take cash out. And if you wait until retirement, you may be in a lower tax bracket. In addition, you may use part or all the available cash value to secure a loan.

Common riders and benefits for Universal Life insurance:

  • Waiver of Deduction
  • Monthly Disability Benefit
  • Accidental Death Benefit
  • Additional Insured Rider
  • Automatic Increase Benefit
  • Children’s Term Insurance Rider
  • Guaranteed Insurability Benefit
  • Payer Benefits
  • Deposit Fund Rider
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