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Bankers Insurance/Carter Bank - Danville and Roanoke Virginia insurance agency.
Gene Hayes - Bankers Insurance in Virginia
Gene Hayes CIC
Senior Vice President; Producer
" Helping you understand your insurance needs"

Permanent Life Insurance

Permanent insurance, including Whole Life Insurance, Universal Life Insurance and Variable Universal Life Insurance, can provide protection for your entire lifetime, or in certain instances up to a specific age—at which point the company pays the policy owner the cash value. Permanent life insurance policies can build a cash value—money that you can borrow against and in some instances, withdraw to help meet future goals, such as paying for a child's college education.

Features of Universal Life

  • Flexibility -- You decide how much life insurance  you need -- and subject to certain requirements and limitations, you can adjust the death benefit and premium payments to fit your changing needs.
  • Security -- You help protect your loved ones against possible financial hardship in the event of the insured's death.
  • Tax-Free death benefit -- Under current tax laws governing individual life insurance, life insurance proceeds are generally income tax free to the beneficiary.
  • Tax-Deferred account value growth -- The policy's account value earns interest at the carrier's current interest rate -- federal income tax deferred.

Features of Whole Life

  • Premiums generally are level and payable for life -- Since premiums are level, the younger you are when you purchase a whole life policy, the less expensive the annual premiums will be.
  • Dividends -- Whole life insurance policies can earn dividends. Dividends result when the actual life insurance costs turn out to be less than assumed in setting the premiums. When this happens, a carrier may return a portion of the life insurance premium as a dividend. Dividends are not guaranteed, since the actual costs are unknown in advance.
  • Guaranteed Cash Values -- Unlike term life insurance, which does not accumulate any cash values, some of the money paid into a whole life policy accumulates as guaranteed cash values. If you choose to surrender the policy, these guaranteed cash values would be available to you. Or, as long as the policy is in force, you can borrow against them as a policy loan at the current policy loan interest rate.

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Carter Bank & Trust
Independent Insurance Agent     Professional Insurance Agents Association of Virginia and D.C.
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Disclaimer: These products are not a deposit, not FDIC insured, not guaranteed by the bank or any Federal agency.