Life Insurance
Life insurance is a critical part of a financial plan and must be considered carefully. Most policyholders consider life insurance a means to replace income if something happens to them.
While this is a wonderful reason to purchase life insurance, there are many other reasons, including investment, protection, and philanthropy.
There is a life insurance policy for every need.
Our agency can help find the right life insurance policy for you, and who, and what you love.
Here is a brief overview of the types of life insurance we offer:
Term Life Insurance – A term life insurance policy provides coverage for a fixed term that is selected by the policyholder. Terms may be 10, 15 or 20 years. These policies are highly customizable and can be purchased to correspond with financial purchases such as a mortgage or college tuition for dependent children. Term insurance is pure protection and does not build up any cash value.
Whole Life insurance – Whole life insurance policies feature a fixed premium payment and cash value that accumulates over time. Policyholders can choose the benefit amount of the policy, so they can have peace knowing their loved ones will be taken care of.
Return of Premium Term Life Insurance- just like what it says, a return of premium life insurance policy is when the premium is returned at the end of the policy period.
Universal Life Insurance – Universal life policies offer permanent life insurance with some flexibility. With a universal life policy, policyholders have flexibility with premium payments and benefits, and the cash value of the policy earns interest.
Get the reassurance that your loved ones will have what they need with individual life insurance.
An important investment you can make for your family.
Individual life insurance is arguably one of the biggest investments you can make in securing the future of your loved ones. It’s a complicated subject, but don’t let that put you off. Discussing and understanding the different types of life insurance will help you make the decision that works for you and your family.
Frequently Asked Questions
First, you’ll need to determine the type of life insurance you want to buy, with the most common types being term life insurance, whole life insurance, and universal life insurance. Each has its own way of paying out, and the plan you choose may be determined by your individual needs.
With whole life insurance, there’s no set period. You usually pay regular premiums until you pass away, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you pass away. This is the most commonly held type of life insurance, as it provides both a savings account as well as a death benefit.
Universal life insurance works in a similar way to whole life insurance, but you have more flexibility about taking money early. You may even borrow money and repay it later; although, if there’s any loan outstanding when you die, the policy’s payout can be significantly affected.
The premiums you pay depend heavily on your age and medical history, along with the amount you want the policy to payout. Some policies may also require a medical examination to qualify. Your situation is unique, and the life insurance policy you choose should fit your specific needs.
Are you interested in life insurance to protect the future of your family and loved ones? Contact us to go through the options so you can determine if you need term life insurance, whole life insurance, or universal life insurance.