Life Insurance
Getting the lowest premiums
Putting off life insurance? The truth is, the longer you wait to get life insurance, the more your policy will cost you. LEARN MORE
Getting the lowest premiums
Putting off life insurance? The truth is, the longer you wait to get life insurance, the more your policy will cost you.
LEARN MORE
Your at the Right Place
What type of life insurance do you need? Life insurance ensures the loved ones who depend on you will be able to carry on in the event of your passing. You can also make it an essential part of your overall financial goals to help you reach life’s milestones. Here’s some of the things you can do with a good life insurance policy:
- Pay your final expenses
- Pay off your mortgage/debts
- Pay for your child's education, wedding or other milestone
- Build wealth and/or leave a legacy
Determining the type of policy for you and your family depends on your needs and what is most important, such as budget, taking care of your dependents, or financial planning.
Main Types of Life Insurance
Term Life Insurance does not build cash value but is one of the simplest, most cost-effective types of life insurance.
Permanent Life Insurance builds a cash value and helps young people and their families save for the future.
What You Need to Know
Term Life is a simple, budget friendly way to protect the financial future your love ones. Although it does not build a cash value, it will help pay for your final expenses, your mortgage, your taxes, and the living expenses of your loved ones when they no longer have your income.
This type of coverage covers you for a set period of time provided you pay the monthly premium, or in some instances, a lump sum in advance. The policy will pay to the named beneficiary the face amount of the policy (set benefit and/or lump sum) upon death of the insured within the stated term. Depending on the policy, it may also make payments upon terminal or critical illness.
This type of life insurance policy provides a death benefit, so it has all the benefits of a term policy, but also helps you save for the future by building a cash value. Several advantages of Permanent Life include borrowing against the policy or building a tax deferred investment income, in addition to paying a death benefit.
Whole Life, Variable Life and Universal Life are all types of cash value life insurance. Cash value insurance is also known as permanent life insurance because it provides coverage for the policyholder’s entire life.
Final expense insurance may also be called small whole life insurance and is designed to help protect your loved ones from the financial burden of funeral costs related to your passing. Unlike life insurance, final expense policies have a much lower face value because they are intended to only cover costs related to a person’s final expenses. Therefore, these policies can often be purchased at low or reasonable premiums.
Features include:
- Premiums do not increase, ever
- As long as make you premium payment, policies will remain effective
- Guaranteed death benefit
- Often these plans do not require a health exam
- May not pay death benefits during the first two or three years the policy
Incredibly, people suffer from a heart attack or stroke every 30 seconds. They develop cancer and or Alzheimer’s at the alarming rate of every minute. When these events occur, living benefits allows you to use your life insurance benefits while you are still alive. In other words, you can receive care and pay for chronic or terminal illness that precedes death with your living benefits.
Simply defined, an annuity is an insurance product designed to pay you an income over a period of time. In that sense, they are also considered investment contracts. Accordingly, they can help you grow your savings, inheritance, and retirement portfolio. In fact, they often provide you with retirement income that you cannot outlive. Thus, payments may begin immediately, or at some future date in exchange for a lump sum payment, or a series of payments made prior to start of the annuity. Thus, it really depends on your needs on how you structure the annuity.
Why buy an annuity?
Annuities may arise as a result of a structured liability settlement. They can provide either an immediate income stream, or an income stream at retirement (or other future date) that transfers some of the risk of you outliving your money (“lifespan uncertainty”), to the insurer.
NOTE
Annuities are complex with an array of product choices. These could be fixed, variable or indexed. Additionally, they can be deferred, or immediate. And, they can be for both the qualified and non-qualified marketplaces. In fact, many people are sold annuity products, but don’t really understand them. Because of the complex nature of annuity products, we recommend you contact an experienced agent to discuss possible benefits, risks, and costs. Additionally, you may also discuss potential tax deferral advantages to see if annuities are a good fit for your financial plans. If you would like more information, please fill out the form to the right and submit.
