Three Types of Life Insurance

Greco Brokerage offers the three main types of life insurance. Below is a brief description of each.

  • The most common known and least expensive is Term Life Insurance, which may be comparable to fire insurance. Basically, it pays the claim if something happens. This type of insurance has the least amount of dollar outlay and there is no return on the money you’ve spent but the insurance company takes on the risk and pay the claim if something happens. Term insurance is used a lot of times because of cash flow situations. In addition, it can be used for short term obligations, mortgages, buy/sell partnerships, as well as many other applications.
  • Universal Life Insurance is a combination of term insurance with a side accumulation fund that builds cash value. It has a mid range cost, it offers flexible premiums, some built-in-guarantees, and most policies today offer a guaranteed death benefit.
  • Whole Life Insurance some financial advisors would argue it is undeniable the best (others may argue that point). In our opinion, it comes down to cost, so if you could afford this option, then it deserves some serious consideration. Why? It builds nice cash values and is permanent insurance for life. It has guarantees and, in some cases, can be a guaranteed paid up policy for life.

No matter which type of life insurance is right for you, we will shop the best price and give you top notch service.

Three Main Types of Annuities

Greco Brokerage offers three main types of annuities.

With an Immediate Annuity, a lump sum of money placed at the insurance company for a stipulated interest rate and that money is passed to you monthly for a certain amount of years. Purchasing an immediate annuity is like buying a monthly pension check, you pay an annuity provider a lump sum in exchange for a guaranteed income stream and your monthly payments usually start within 30 days of handing over your money.

A Fixed Annuity can work in various ways. It is similar to CDs but grows tax deferred at a fixed interest rate for a stipulated period. A fixed annuity is the most conservative, as both your principal and your returns are guaranteed, meaning you know exactly how much money you will make when you buy it.

An Indexed Annuity is credited based on a specified equity index or particular index on which the rate of returns are based. While less conservative than a fixed annuity, your principal is guaranteed with an indexed annuity. However, your returns will fluctuate depending on the index or indexes you choose and how market movements affect the indexes. Your account will never be credited with a negative return in any year of your contract.

Please note, these Annuities are not FDIC insured.