Taking Care Of Your Future
Life insurance is insurance that you purchase in order to assist your family financially in the event of your demise. Purchasing life insurance can help provide you with peace of mind that your family will be taken care of if anything happens to you.
The death benefit that is paid to your beneficiary can be used to cover final expenses, assist your family in replacing your lost income, and can help to pay monthly bills and other expenses so that your family is not struggling financially in addition to coping with grief.
Term Life Insurance
Term Life Insurance is the most affordable form of life insurance available. Nearly half of all life insurance covering American families against the loss of a breadwinner is in the form of term life insurance.
Term life insurance policies provide affordable, temporary coverage. Term policies contain no cash value and are designed for death benefit protection only. The premiums may be level for the first 10, 15, 20 or 30 years, depending on the policy selected. Because the death benefit protection is for a limited period, the premium is often the lowest of all types of life insurance policies. However, after the level term period, premiums go up significantly and increase annually.
Once you have been approved and paid the first premium for a term life insurance policy, the policy is active for as long as you continue to pay the premiums. There is no obligation to pay, but most term life insurance policies will lapse following a 30 day grace period after a premium payment has been missed. When the specified term is up, the policy is no longer active (death benefits will not be paid) and premium payments are no longer due.
Some term life insurance policies can be renewed when you reach the end of a specific period, which can be from one to 30 years. The premium rates increase at each renewal date.
Premiums for term life insurance are typically less expensive than premiums for permanent life insurance at the start. This makes term life insurance a more affordable and desirable option for younger people that may have mortgages, business loans, and other bills that take up a majority of monthly income.
Before selecting a term life insurance policy, it is important to know how long the term will be, whether the policy is convertible, and whether the policy is renewable.
Permanent Life Insurance
Permanent insurance provides lifelong protection. If you wish to have peace of mind knowing that your family is covered in the case of an emergency, you may wish to consider permanent life insurance.
Whole Life insurance
Whole life is the traditional form of permanent life insurance. It provides the certainty of level premiums, a guaranteed interest rate and a guaranteed death benefit. Whole Life provides the extra security of guaranteed protection at affordable rates, yet it includes the element of cash value accumulation.
Universal Life Insurance
Universal Life is a flexible premium, adjustable life insurance product that provides you with the flexibility of choosing the policy features that are appropriate for you and adjusting those features as your financial priorities and needs change. You also can reduce or increase the amount of the death benefit more easily than under a traditional whole life policy.
Contact us to learn how we can secure your retirement years using a life insurance option and provide certainty to your family.