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Insurance

Insurance

Personalized insurance strategies can help you protect what matters and may even build wealth.

Nobody expects the unexpected, but it happens every day. In the blink of an eye, everything you’ve worked so hard to achieve can be lost. The good news is that with proper planning you can provide financial security for your family.

Life insurance helps protect your loved ones and is an essential part of a sound financial plan. Should something unexpected happen to you, it can help:

  • Replace your income.
  • Pay off a mortgage or other debts.
  • Pay funeral and final expenses.
  • Preserve your legacy by helping to pay estate taxes.

You can choose from a wide range of options from U.S. Bancorp Investments, Inc., including policies that may help you build wealth in addition to protecting what you’ve already accumulated.

Life Insurance

Term Insurance

This is the simplest and often the least expensive to purchase.

  • Term life insurance provides protection for a specified period of time, (e.g., 10 years, 20 years). It may be an attractive option for those who have limited budgets or a temporary need for life insurance. Term coverage can be useful when insurance is needed to help protect the ongoing operations of a business.

Whole Life Insurance

Whole life is a form of permanent insurance, meaning that it doesn’t have to be renewed and won’t lapse as long as premiums are paid on time.

  • The face amount of the insurance and the premium remain constant. The death benefit is guaranteed by the claims paying ability of the issuing insurance company. Cash value accrues in the policy and it can provide you with a source of potential cash flow in the form of loans or withdrawals. Tapping the cash value may reduce the policy’s death benefit. Some whole life insurance policies pay dividends that can be used to reduce premiums or to purchase additional coverage. It is important to remember that whole life insurance is based upon the life span of the insured.

Universal Life Insurance

Universal life is a form of permanent life insurance like whole life but with greater flexibility.

  • It gives you the ability to make changes to premium payments and the level of death benefits. You may also be able to withdraw or borrow against the cash value. Many universal life contracts can be structured with a death benefit guaranteed for a defined period of time or throughout your life (provided the required premiums are paid).

Variable Universal Life Insurance

Variable universal life gives you the ability to invest the cash value accrued in your policy.

  • Premiums due on the policy can be affected by the performance of those investments. Investment returns can potentially reduce the premiums you need to pay into the policy. However, you may have to pay additional premiums if the investment options don’t perform as expected. Variable universal life policies often include a death benefit guarantee. With this feature, premiums may be higher than normal, but as long as they’re paid, your policy won’t lapse during the guarantee period. This type of policy is worth considering if you have a long-term time horizon and are comfortable with the risk of owning investments that can fluctuate in value.

Other Types of Protection

Long-Term Care Insurance

Long-term care insurance can be a cost-effective way to help protect your assets and your family against the high cost of long-term care.

  • This form of insurance is designed to cover some or all of the medical expenses related to assistance needed in the event of a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. Coverage can be provided for expenses related to care in a nursing home, assisted living facility, hospice center or in your own home. The purpose of long-term care coverage is to help protect against the significant financial risk associated with the expense of this level of care. Whether you should purchase long-term care insurance depends upon your health, your ability to pay the premiums and your long-term goals.

Disability Income Insurance

If an illness or injury occurred during your working years, income needed to pay ongoing living expenses and save for your future could be interrupted. Disability income coverage is designed to replace a portion of income when sickness or injury prevents a person from working.

Life insurance coverage is important if you have concerns about any of the following financial issues:

  • Helping survivors pay major expenses like a home mortgage or college costs
  • Keeping financial goals on track for family members
  • Providing financial protection for other dependents or loved ones – such as aging parents or a disabled relative
  • Offsetting the potential impact of estate taxes
  • Building wealth for beneficiaries or charitable causes
  • Planning for business succession

Life insurance products and services are provided by U.S. Bancorp Investments, Inc..

The type and amount of insurance coverage you may need depends on your individual circumstances. Our knowledgeable financial professionals at U.S. Bancorp Investments, Inc. can help you determine what may be appropriate for you based on your age, current and future expenses, earning potential, family situation and other factors.

Life insurance products and services are provided by U.S. Bancorp Investments, Inc.. Here are common questions about life insurance.

  • There are several reasons why you may need life insurance. Most important is to help ensure that you have enough money to help meet the ongoing financial needs of dependents such as your spouse, young children or elderly parents, should you die and no longer be able to provide for them. Also, your survivors may need funds to pay off bills and debts and cover other costs – like funeral expenses.

    If you have no dependents or have adequate financial resources for them, the need for life insurance may be less obvious. But some people find coverage advantageous as a way to leave money to one or more beneficiaries while helping to minimize the potential tax consequences to an estate.

    If you are a business owner, life insurance can play a crucial role in assuring the continuation of the business. If you have a substantial estate subject to tax consequences, proceeds from life insurance can be used to offset taxes due upon your death. You should consult with your accountant, legal professional and an estate planning advisor for more information.

  • If keeping costs low is your primary goal, term insurance can provide temporary coverage generally for the lowest cost. However, insurance is in place only for a stated term (such as ten or twenty years from the time the policy is issued). At the end of the stated period, the policy may expire worthless and you may not receive benefits. Term life insurance is less expensive to purchase when you are younger, but premiums can become much higher later in life.

    If you prefer to have protection in place throughout most or all of your life, whole or universal life insurance may be a better option. These are forms of permanent life insurance based upon the life of the insured. While initial premiums are higher than with a typical term policy, it is possible for coverage to continue until death of the insured, and cash value may accrue in the policy on a tax-deferred basis that can be used to help meet financial needs during your life. When you are younger, a large portion of the premium goes toward the savings component of the policy. Later in life when the cost of insurance is higher, more of the premium goes toward insurance coverage. However, the death benefit can be in place no matter how long you live if premiums are paid.

  • Insurance proceeds can provide the cash necessary to help settle an estate and cover final expenses such as hospital or funeral costs. This prevents others from being burdened with expenses related to your death. If you are younger and have the potential to be married and have a family in the future, purchasing insurance now could be more cost effective than waiting.

  • The duties of a stay-at-home spouse are comparable to (or more demanding than) other full-time positions. Although they don’t generate earned income, stay-at-home spouses have significant responsibilities, from cooking and cleaning to childcare and transportation. Replacing those functions would come with a cost. A surviving spouse can also benefit from insurance proceeds to help reduce the family’s debt load and build a financial cushion.

  • The group policy coverage you obtain through your employer can be a great benefit but has one important limitation – it may only be in force during the time you are employed at that company. If you should be laid off or change employers, you may need to find another form of coverage. An individually owned life insurance policy helps assure that you maintain sufficient coverage regardless of your employment status. It also can be structured to allow coverage to remain in place after retirement. If you wait until you leave a workplace to purchase coverage, you may face greater expenses (premiums are higher for older individuals) and potential issues of insurability in the event of illness.

  • You can name immediate family members (spouse, children) as beneficiaries to help provide them with financial protection in the event of your death. But other relatives or close friends could be named as well. Depending on your financial circumstances, it may be beneficial to name your trust, estate or a charity as beneficiaries.

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We'll work with you to develop a plan that reflects your goals and dreams, and help you make informed choices about your future.

We offer investment products and services to help you work toward your goals and simplify your financial life.

Investment products and financial services are provided through U.S. Bank and/or its affiliate, U.S. Bancorp Investments.

Investment products are:

Not a Deposit Not FDIC Insured May Lose Value Not Bank Guaranteed Not insured by any Federal Government Agency

Guarantees are based upon the claims-paying ability of the issuing insurance company.

For U.S. Bank:

U.S. Bank is not responsible for and does not guarantee the products, services or performance of affiliates.

U.S. Bank and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.

For U.S. Bancorp Investments, Inc.:

Investment products and services are available through U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.

U.S. Bancorp Investments, Inc. and its representatives are not a tax or legal advisors. When it is appropriate, you are encouraged to seek professional tax or legal advice.

Insurance products including annuities are available through U.S. Bancorp Insurance Services, LLC, and U.S. Bancorp Investments, Inc.; in Montana, U.S. Bancorp Insurance Services of Montana, Inc.; and in Wyoming, U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp and affiliates of U.S. Bank. Policies are underwritten by unaffiliated insurance companies and may not be available in all states. CA Insurance License # OE24641.

The Financial Industry Regulatory Authority (FINRA) Rule 2267 provides for BrokerCheck to allow investors to learn about the professional background, business practices, and conduct of FINRA member firms or their brokers. To request such information, contact FINRA toll-free at 1.800.289.9999 or via www.finra.org. An investor brochure describing BrokerCheck is also available through FINRA.

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