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Life Insurance

The list and combinations of life insurance choices seem endless. With so many options, it can be downright confusing. Do you know which life insurance type is right for you?

As Specialists in life insurance, as well as health insurance, we can help. Our dedicated team of life insurance professionals can find the right plan or combination of plans for your specific needs.

WHEN TO CHOOSE TERM LIFE INSURANCE?
Most individuals who choose term life have a longer term strategy for accumulating net worth and achieving their financial goals for their later and/or retirement years. These people need specific coverage for a period earlier on in their lives to protect their loved ones from incurred debt and undue financial hardship. For a homeowner with children, it might make sense to have a term life policy to cover the mortgage and living needs until the children are older and can financially provide for themselves. In this case, the term would expire about the time the children have moved out.

KEY FEATURES OF TERM LIFE INSURANCE:
• Coverage is for a specified “term” or period of time in your life.
• Premiums are typically lower, thereby making higher amounts of coverage relatively more affordable at least during the initial “term” or coverage period.
• Premiums can change after specific terms expire. To renew the policy, you may need submit continued proof of your insurability (medically qualify in order to renew your policy for an additional term)
• There is no accumulation of cash value or savings.

With so many options, many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right insurance quote for your unique financial situation and then take the time to review the quote(s) with you so that you clearly understand it and how the policy will protect you and your loved ones.

WHEN TO CHOOSE WHOLE LIFE?
Whole life insurance can be used in retirement years as cash assets. It can provide equity for loans and provide guaranteed fixed premium payments throughout the life of the policy. In addition, some whole life policies will pay (non-guaranteed) dividends.

KEY FEATURES OF WHOLE LIFE INSURANCE:
• Coverage is permanent, providing you with financial protection that can last for your entire life, not for only a specified “term” or period of time.
• Can build up equity or cash value – a “living benefit” that you can access.
• Premiums are standardly higher for a whole life policy than for a term life policy at least in the first few years; however, in the long run, a whole life policy can be of more value to you.

With so many options, many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right insurance quote for your unique financial situation and then take the time to review the quote(s) with you so that you clearly understand it and how the policy will protect you and your loved ones.

With so many options, many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right insurance quote for your unique financial situation and then take the time to review the quote(s) with you so that you clearly understand it and how the policy will protect you and your loved ones.

Universal Life Insurance (UL) is a type of permanent or Whole Life insurance policy. Under the terms of the policy, the premiums are flexible – from a minimum amount specified in the policy, to the maximum amount allowed by the contract. The advantage of a universal life policy is its premium flexibility and adjustable death benefits. The death benefit can be increased (subject to insurability) or decreased at the policyholder’s request. Premiums paid in excess of the current cost of the insurance is credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by the cost of the insurance charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium is made in a particular month.. Interest credited to the account is determined by the insurer but has a pre-determined minimum rate of 2%. When the earnings rate is pegged to a financial index such as a stock, bond or other interest rate interest, the policy is commonly called an “Equity Indexed Universal Life” contract. The cash value of an Index UL policy generally has principal protection, less the cost of insurance and policy administration fees. A Universal Life policy does shift some of the risk for maintaining the death benefit to the policy owner, and a UL policy will lapse when the cash values are no longer sufficient to cover the cost of insurance and policy administrative expense.”

With so many options, many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right insurance quote for your unique financial situation and then take the time to review the quote(s) with you so that you clearly understand it and how the policy will protect you and your loved ones.

Survivorship Life Insurance is also called “joint” or “survivor” insurance and sometimes “second to die” insurance because a survivorship life insurance policy does not pay until the 2nd insured person dies. Policies usually covers a couple (husband and wife) and is usually more affordable than carrying 2 separate policies on the couple. Oftentimes, these policies are useful in estate planning or in the case of a family-owned business, protecting the family business by allowing the business to continue running and delaying estate taxes until the second partner (or spouse)passes away.

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