Life insurance is a type of insurance payable in the event of the death of the policy-holder to a specified beneficiary. Life insurance is of particular importance because it can protect the surviving family or business partner from significant financial burdens such as replacement of lost income, hospital and death expenses, and payment of remaining debts such as mortgages and business loans. We will find the best rate and company for each individual or group situation.
Types of policies:
Individual and Group Term Life
Term insurance provides protection for a specific period of time, or term. The premium stays the same throughout the term and if the insured person dies during the term, the beneficiaries receive the proceeds tax-free. 10, 15, 20 and 30-year level premium policies are available.
Benefits of a term life insurance policy include:
- Maximum coverage at an affordable price
- Provides for a family's loss of income
- Covers short-term debts and needs
- Provides additional insurance protection during the child raising years
- Covers specific financial responsibilities, like a mortgage or college education
A form of permanent life insurance, whole life insurance offers a guaranteed death benefit, guaranteed cash value and guaranteed level premium. It helps to protect your family’s long-term financial security at your death.
Benefits of a whole life insurance policy include:
- Protection for life
- Payments stay the same each year
- Ability to add additional money into the policy on a tax-favored basis
- Cash value you can use while you are living
Universal life is a type of flexible permanent life insurance that allows you to build your policy's cash value or focus more on guaranteed protection. It offers the low-cost protection of term life insurance as well as a savings element, similar to whole life insurance. The death benefit, savings element and premiums can be altered as a policyholder's circumstances change. This type of policy allows the policyholder to use the interest from the accumulated savings to help pay premiums.
Benefits of a universal life insurance policy include:
- Payment flexibility
- Tax-deferred cash value accumulation
- Ability to access the policy's cash value
- Estate and financial planning