Life Insurance

Life Insurance provides the opportunity to protect your family’s financial future upon the insured’s death.

Life Insurance

Life Insurance: 

Can provide your family the ability to pay for a home mortgage

Help your family maintain their standard of living and life-style

Pay off debt

Create a college fund for spouse or children

Protect your business needs

 

Nichols & Associates provides policies of life Insurance, temporary or permanent, and universal insurance. No one type of insurance is better than the other because each policy is created to suit you and your family’s every need.

Orange Triangle

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.

Contact Us




    Green Triangle
    Dental Slider Image

    Dental

    Dental Insurance provides coverage for oral health care for individuals, groups, and businesses .

    Disability Slider Image

    Disability

    Disability insurance includes paid sick leave, short-term disability benefits, and long-term disability benefits.

    Life Slider Image

    Life

    Life Insurance provides the opportunity to protect your family’s financial future upon the insured's death.

    LTC Slider Image

    LTC

    Long-Term Care Insurance is designed to cover personal and custodial care in your home, facility or community.

    Health Slider Image

    Health

    You buy health insurance for the same reason you buy other kinds of insurance, to protect yourself financially.

    All the recent changes to health insurance had me unsure on the choice for my family. Matt at Nichols and Associates helped me find the best plan to meet my growing families' needs.

    - Amber, Lynn Haven