If you hadn’t come home yesterday, how would your family pay for your funeral and burial costs, outstanding medical bills, and any other outstanding debts? How would they pay for their own ongoing living expenses such as food, utilities, and a mortgage?
Life insurance is a safe, simple way to guarantee that the people who depend on you now will be taken care of after you’re gone. Beneficiaries receive a tax-free cash payment that ensures their standard of living and way of life does not suffer. Please, don’t make a tragic situation even worse by failing to plan now. If you are the primary earner in your household, life insurance is not an option. It’s a responsibility.
The kind of policy you choose depends on your needs. These products are continually changing, and we can provide you with the latest information and policies available.
Term Life Insurance
Term life insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 10 to 20 years. Other policy life periods are available, including one-year annual renewable term.
Term insurance premiums will not increase during the guaranteed policy time period you select. Term life insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.
Universal Life Insurance
Universal life insurance is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments (i.e. the more you pay, the less time you will need to pay). Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.
Whole Life Insurance
Whole life insurance provides permanent protection for the whole of life, from the date of policy issue to the date of the insured’s death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child’s education, or cash surrender value if the policy is ever canceled.