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Life Insurance

There's an old saying. You don't get life insurance for yourself. You get it for the people you love. The right life insurance not only offers financial security for your loved ones, but it also helps protect their future, your wealth, your business and your legacy. In short, it can protect everything you've worked for your entire life. It is a key part of any financial plan.

From the time we're young, we're told that working hard and saving money is the way to get ahead. While that's an excellent strategy for building wealth, it's not as simple as it sounds. Even though we don't know what's going to happen next week, next month or next year, we can help prepare for it with a risk management strategy that creates a foundation that offers you the confidence and control to focus on your life instead of your money.

With proper planning, such a foundation would:

Quickly provide financial benefits
Be shielded from creditors
Allow for multiyear planning
Offer income tax-free death benefits

So, what risk management strategy offers all this? Life insurance.

As a Citi client, you have access to a robust offering of insurance types, which Citi has curated by engaging top-rated carriers to ensure a wide range of financial needs can be met across nearly every phase of life. One of our experienced Citi Personal Wealth Management financial advisors and insurance specialists can help you select the appropriate coverage to address your unique needs.

Types of Life Insurance

One of the most critical aspects of life insurance is choosing the right type and amount of coverage. This will help ensure that the policy provides sufficient benefits to supplement your assets to meet your unique financial needs now and in the future.

Life insurance is designed to provide your beneficiaries (such as children, spouse or other dependents) with financial security when you are no longer there, such as using the insurance proceeds from the death benefit to help pay off any debt, maintain your family's style of living, ensure your children's education, and support your family's retirement and estate planning.

The insurance proceeds from the death benefit:

Typically transfer free of federal income taxes and go directly to the beneficiaries, bypassing probate court
May pass to the next generation free of federal and state estate taxes, with proper financial planning and advice from a qualified tax professional and estate planning attorney

The two general types of life insurance are term and permanent, which differ in key ways.

Term Insurance

Term insurance provides a payment to the insured's beneficiaries when the insured dies. The insured chooses how long they want to maintain the coverage, typically between 10 – 30 years. Deciding what duration of term insurance to buy can be a big decision for you and your family. Premiums paid for term insurance cover only the cost of insurance. They do not generate cash value.
Permanent Insurance

Permanent life insurance is coverage that can last for the lifetime of the insured if the premiums are paid. The three major types are Whole Life, Universal Life and Variable Universal Life.
- Whole Life insurance provides coverage for the insured's entire lifetime and builds cash value at a guaranteed rate, with possible additional dividends.
- Universal Life insurance also builds cash value based on an interest rate and offers a death benefit.
- Variable Universal Life insurance builds cash value based on market performance and has a separate death benefit. Keep in mind that a portfolio based on market performance is subject to market fluctuation and other investment risks.

Three major types of permanent life insurance
	Whole Life	Universal Life	Variable Universal Life
Death Benefit
Death Benefit	Whole Life Has feature	Universal Life Has feature	Variable Universal Life Has feature
Builds Cash Value
Builds Cash Value	Whole Life Has feature	Universal Life Has feature	Variable Universal Life Has feature
Guaranteed Cash Value
Guaranteed Cash Value	Whole Life Has feature	Universal Life —Does not have feature	Variable Universal Life —Does not have feature
Growth Tied to Interest Rates
Growth Tied to Interest Rates	Whole Life —Does not have feature	Universal Life Has feature	Variable Universal Life —Does not have feature
Guaranteed Minimum Rate
Guaranteed Minimum Rate	Whole Life Has feature	Universal Life Has feature	Variable Universal Life —Does not have feature
Flexible Premiums
Flexible Premiums	Whole Life —Does not have feature	Universal Life Has feature	Variable Universal Life Has feature
Growth Tied to Investments
Growth Tied to Investments	Whole Life —Does not have feature	Universal Life —Does not have feature	Variable Universal Life Has feature
Offers a Range of Investments
Offers a Range of Investments	Whole Life —Does not have feature	Universal Life —Does not have feature	Variable Universal Life Has feature
Considered a Security
Considered a Security	Whole Life —Does not have feature	Universal Life —Does not have feature	Variable Universal Life Has feature

To learn more, to have a Financial Advisor contact you, Or call 1-877-357-3399 / TTY: 711.

Key Differences Between Permanent and Term Life Insurance:
Feature	Permanent	Term
Coverage Duration
Coverage Duration	Permanent Life	Term A specific number of years
Cash Value
Cash Value	Permanent Yes	Term No
Key Benefits:
Key Benefits:	Permanent Cash Value and protection	Term Protection only
Loans Available*
Loans Available*	Permanent Yes, if there is Cash Value	Term No
Tax Benefits
Tax Benefits	Permanent Federal income–tax–free death benefit, which may be subject to estate taxes Tax-advantaged growth and opportunities Tax-favored withdrawals	Term Federal income–tax–free death benefit, which may be subject to estate taxes
Major Advantages
Major Advantages	Permanent Coverage designed to last a lifetime Potential to build Cash Value	Term Lower cost of death benefit protection
Other Considerations
Other Considerations	Permanent Higher annual premiums vs. term life Loans and withdrawals may reduce death benefit	Term Premium and death benefit ends when term ends, but the policy may have the option to be converted to permanent insurance.

* Distributions are taken through loans and withdrawals, which reduce a policy's cash surrender value and death benefit and may cause the policy to lapse. Loans are generally income tax-free. Withdrawals and surrenders are tax-free up to the cost basis, provided the policy is not a modified endowment contract (MEC). You should consult your tax advisor before taking a loan or withdrawal from a life insurance policy.

Long–term Care Insurance

You may find it challenging to think about long-term care insurance. A health event that could happen in the future is usually not top of mind.

Long–term care insurance is designed to help cover expenses related to prolonged physical illness, a disability or a cognitive impairment such as Alzheimer's disease. Long–term care services may include help with activities of daily living such as bathing, getting dressed and eating.

Although typically associated with Nursing Home care, long-term care insurance may also cover health care, respite care, hospice care, adult day care, or care in an assisted living facility.

Long–term care insurance is not designed to cover medical, surgical, or prescription drug expenses typically covered by health insurance. Funds to cover long–term care expenses may also be provided through riders on life insurance policies that accelerate the policy's death benefit in the event of chronic illness.
Annuities

Designed for retirement purposes or other long–range goals, an annuity can provide you with the ability to accumulate assets on a tax–deferred basis.

It is a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you beginning either right away with an immediate annuity, or at some point in the future with a deferred annuity. You can purchase an annuity contract by making either a single purchase payment or a series of purchase payments.

Some annuities, such as structured and variable annuities, also have an investment component (e.g., stocks, bonds and other securities), which is subject to market fluctuation and other investment risks.

Keep in mind that there are fees and expenses associated with annuities, so be sure to inquire about them. In addition, bear in mind that guarantees, including interest rates and subsequent payouts, are based on the claims—paying ability of the issuing insurance company, among other risks.

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If you have a complaint or concern regarding an annuity or insurance policy marketed through Citi, please contact your financial professional or our call center at 1-800-846-5200 (TTY: 711), or you may contact us in writing at Citi Personal Wealth Management, P.O. Box 310, New York, NY 10008-0310. Complaints will be escalated and handled in accordance with our complaint-handling procedures. Alternatively, you may contact the insurance company issuing the annuity or insurance product directly, or contact your state insurance department.

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INVESTMENT AND INSURANCE PRODUCTS: NOT INSURED BY THE FDIC • NOT INSURED BY THE FEDERAL GOVERNMENT OR ANY OTHER FEDERAL GOVERNMENT AGENCY, BY THE BANK, OR BY ANY AFFILIATE OF THE BANK • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, THE BANK OR AN AFFILIATE OF THE BANK • MAY BE SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL INVESTED

The information provided is solely for informational purposes. It is not an offer to buy or sell any of the securities, insurance products, investments, or other products named.

Terms and conditions of accounts, products, programs and services are subject to change.

Please note that by visiting the URL or hyperlink within this piece, you will leave Citi Personal Wealth Management materials and enter another website created, operated and maintained by a different entity.

Life insurance and long-term care insurance are medically underwritten. You should not cancel your current coverage until your new coverage is in force. A change in policy may be subject to additional insurance and investment-related fees as well as increased risks, and may also require a new medical exam. New surrender charges may be imposed with a new contract or may increase the period of time for which the surrender charges apply. Surrenders may be taxable. You should consult your own tax advisors regarding tax liability on surrenders.

Citigroup Inc. and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Citi Personal Wealth Management is a business of Citigroup Inc., which offers investment products through Citigroup Global Markets Inc. (CGMI), member SIPC. Insurance products offered through Citigroup Life Agency LLC (CLA). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number 0G56746). Citibank, N.A., CGMI and CLA are affiliated companies under the common control of Citigroup Inc.

� 2022 Citigroup Inc. Citi and Citi with Arc Design are registered service marks of Citigroup Inc. or its affiliates, and are used and registered throughout the world. 6/22

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