Life Insurance

Term Life Insurance

Offers protection for a specific period of time, ranging from 10, 20 or 30 years. The policy pays a death benefit to the beneficiary if the policy holder passes away during the term covered by the policy.

If you stop paying premiums, the insurance stops.

Coverage ends at the end of the term but can be renewed, usually at a higher premium, because you are older. You may need to be re-underwritten based on your current health at that time.

There is a different type of term life policy which may return your base premium to you if you continue to keep the policy in force, and if you do not die by the end of the policy term.

Features Include:

• Provides affordable protection for growing families with limited finances
• Funds executive benefit programs and helps provide debt protection for growing businesses
• Allows conversion to a permanent, cash value life insurance policy when it’s convenient, without providing evidence of good health or insurability as long as the death benefit remains the same
• Provides a death benefit that can be used to keep your business operational or maintain your family’s lifestyle -Provides specific protection for short- or long-term needs that diminish over time, such as business loans or mortgages
• Supplements other coverage to meet high protection needs
• Provides no cash accumulation
• Premiums may increase as the client ages

Whole Life Insurance

Also known as “permanent life” is protection that is current and valid for as long as you live. By choosing to pay a premium that does not increase as you grow older, you average out the costs of your policy over your lifetime on a yearly basis. The important feature of whole life insurance is that it builds cash value, which is a sum that increases over the years on a tax-deferred basis. If you cancel your policy, you can receive the cash value in a lump sum, although any gains will be taxable.

Features Include:

• Covers two individuals with benefits payable upon the surviving insured’s death
• Affordable premium payments
• Minimum face amount of $250,000
• Four-Year Term Insurance rider
• Policy Split Option provision
• Estate Tax Repeal rider
• Single Life Term Insurance rider
• Choice of Death Benefit Options
• Lapse Protection Provision

Universal Insurance

A Universal life insurance policy contains two elements: pure life insurance and a savings element. Each month you pay your premium the insurance portion is paid, administration costs are taken out, and the remainder goes into the policy’s savings account.

Features Include:

• Flexiblity-As you pay your premium, a universal policy builds cash value over time. If needed, portions of the cash value can be withdrawn or borrowed. If you aren’t able to pay your premium, you can skip a premium and the policy will use the cash value to keep insurance in effect. As long as there is enough cash value in the policy to pay the monthly premium, your policy will stay active.
• Longevity-Universal life insurance guarantees that a death benefit be paid to your beneficiary upon the death of the policyholder.
• Ability to change death benefits at any time during a term. Tthe policyholder is capable of changing death benefits to fit current needs.

For more information on Life Insurance, contact us at 850.747.0288.