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Whole Life & Universal Life

Whole life and universal life insurance can help you build a solid foundation of financial security for your family. Our insurance professionals can help you select a whole or universal life policy from carriers with personalized service and superior ratings for paying claims.

Permanent Life Insurance with Cash Value
Whole and universal life policies provide permanent life insurance protection with a tax-deferred savings component.

  • You'll have lifelong insurance coverage the insurer cannot cancel as long as you pay premiums when due.
  • The insurer cannot increase premiums as you get older, even if your health deteriorates.
  • Death benefits paid to beneficiaries are generally free of federal income tax.
  • Tax-deferred cash values may be accessed to meet goals such as sending children to college or supplementing retirement income

Whole Life
Also known as ordinary life, whole life is an attractive option if you're looking for straightforward insurance coverage with a predictable accumulation of cash value.

  • The death benefit amount you purchase remains constant and is guaranteed by the insurer.
  • Increases to cash value are based on a fixed rate specified in the policy.

Depending on the policy, you'll pay premiums for a specified period -- 20 years, for example -- or for life. The longer the premium-paying period, the lower the monthly premium. With a shorter period, you'll pay a higher monthly premium but will build cash value faster.

Universal Life
If your financial and estate goals require a more flexible insurance plan, consider universal life. These policies let you actively manage your insurance needs throughout your lifetime.

  • Within policy limits, you can increase or decrease the amount of your premium payments.
  • You may be able to increase death benefits when your financial responsibilities are at their peak.
  • You can devote more of your premium dollars to tax-deferred savings as the need for death benefit protection diminishes.
  • Cash values earn an adjustable rate of interest, based on the insurance company's investments.
  • Some policies will return part of your premium to you at age 65 or after a specific number of years.