Life Insurance
Life Insurance is not complicated or expensive when you work with one of our licensed representatives. Let's explore options to protect your loved ones.
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Below is an overview of the types of life insurance policies we offer to help you select the best option for your needs.
Life insurance primarily falls into two categories: term life (temporary coverage for a set number of years) and permanent life (lifelong coverage that includes a cash-value savings component and living benefits for chronic, critical, or terminal illnesses).
1. Term Life Insurance
This is the most straightforward and affordable option, providing a death benefit if you pass away during a specified period (e.g., 10, 20, or 30 years). If you outlive the term, the policy expires without a payout.
- Level Term: Premiums and the death benefit remain the same throughout the entire term.
- Decreasing Term: The death benefit reduces over time, commonly used to align with a shrinking mortgage or debt.
- Convertible Term: Allows you to convert your policy into a permanent life policy without undergoing a new medical exam.
2. Permanent Life Insurance
This type of policy covers you for your entire life and builds a tax-deferred cash value account that you can borrow against during your lifetime.
- Whole Life Insurance: Features fixed premiums and a guaranteed death benefit. The cash value grows at a fixed interest rate determined by the insurer, and the policy may pay yearly dividends.
- Universal Life: Offers flexibility by allowing you to adjust your premium payments and death benefit amounts as your financial needs change.
- Indexed Universal Life: Ties cash value growth to a market index (such as the S&P 500) while providing a minimum guaranteed interest rate to limit downside risk.
Please find more about Indexed Universal Life for businesses in our website!
3. Final Expense Insurance
Also known as burial or funeral insurance, these are smaller, easier-to-qualify whole life policies (typically $5,000 to $25,000) designed specifically to cover end-of-life costs.
4. Joint/Survivorship Insurance
This covers two people under a single policy:
- First-to-Die: Pays out upon the death of the first insured individual.
- Second-to-Die (Survivorship): Pays out only after both individuals have passed away, which is commonly used for estate tax planning
We cover diabetes as well.
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