Life insurance can help you secure your family’s financial future by providing the funds they need to:
- Cover burial expenses
- Uninsured medical bills
- Pay off your mortgage and other outstanding debts
- Maintain a comfortable standard of living
Remember, there are a variety of policies that we can provide. The kind of policy you choose depends on your needs.
Term Life Insurance
- This insurance policy is a low-cost way of providing maximum coverage for your family. And, protections provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. In addition, other policy life periods are available, including 1-year annual renewable term.
- Term insurance premiums will not increase during the guaranteed policy time period (term) you select. This insurance pays a death benefit only if you die during that term. And, generally provides the largest insurance protection for your premium dollar.
- Keep in mind, this policy remains in force for as long as premiums are current, provided there are no misrepresentations on the application. Also, the insurance coverage terminates if you discontinue your premium payments.
Universal Life insurance becomes characterized by great flexibility.
- Policyholders can determine the amount and frequency of premium payments – e.g., the more you pay, the less time you will need to pay. Remember, your premiums cover the insurance part, the savings or investment element, and the expense part.
- The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.
Whole Life Insurance
Whole Life Insurance provides permanent protection for the whole of life – from the date of policy issue to the date of the insured’s death, provided that premiums become paid.
- Premiums are set at the time of policy issue and remain level for the policy’s life.
- Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child’s education, or cash surrender value if the policy is ever cancelled.
In fact, these products are continually changing and we can provide you with the latest information and policies available! Feel free to reach out to one of our team members with your questions! Also, take a look at our published blog post to learn more about if you have all the insurance coverage you need.