Life Insurance

Life insurance is designed to provide you with financial security and support in the event of the death of the policyholder.  A premium is paid at regular intervals, and upon the death of the policyholder, the contracted amount is paid to the designated beneficiaries.  The cost of the premium is based upon many factors including the age of the policyholder, current health of the policyholder, amount of payout upon death of the policyholder, and the type of the insurance policy.  Payout can be used for almost any purpose, including but not limited to: funeral expenses, sustained quality of life for beneficiaries, resolution of outstanding medical costs, etc.   

While life insurance is not designed to function as the sole source of income for extended periods in the case of the policyholder’s death, it can serve as a vital financial bridge during a time of uncertainty and distress following the death of a loved one.  When negotiating and researching life insurance policies, care must be taken to ascertain the required function of payout monies.  The prospective buyer must also decide whether to choose either a term or a permanent policy.   

TERM INSURANCE

Term Insurance is the simplest kind of ‘temporary’ insurance you can purchase and is priced much lower than permanent insurance.  It is typically purchased as a 10 year term or 20 year term and very often used for mortgage insurance.

Most Term policies are RENEWABLE and CONVERTIBLE.  Renewable simply means that at the end of each term it expires and you can renew the policy for another term by paying the increased premium that was pre-established in your initial policy. Convertible means that you can convert a partial or the full amount of your policy to permanent coverage during the term of your policy.      

WHOLE LIFE INSURANCE

Whole Life Insurance is a ‘permanent’ combination of life insurance and savings/investments (cash values). It is more expensive than term insurance because it provides life-long protection.   It usually provides a face value and premium that are guaranteed for life.  It is very customizable to meet your needs and is often used in combination with a term insurance policy to ensure adequate coverage and affordable premiums.

UNIVERSAL LIFE INSURANCE

Universal Life Insurance is a ‘permanent’ solution that combines life insurance, a mutual fund style investment program (cash value) and an effective tax shelter. It is more expensive than term insurance because it also provides life-long protection. Universal Life Insurance can seem a lot more complicated than Whole Life Insurance when you learn more about it, however if it is set-up and utilized properly it is a very good insurance solution.  It is very customizable to meet your needs and often used in combination with a term insurance policy to ensure adequate coverage and affordable premiums.

Life Insurance is available for both children and adults. 

? Ask us why more and more parents are opting to insure their children.  The answer may make a lot of sense. 

We will help you determine the amount of coverage you need, the type of coverage suitable to you and the premium that fits your budget.  Life insurance does not have to be complicated, it needs to be understand and it needs to be right for you and your family

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