Peace of mind today in case you’re not around tomorrow.
What You Should Know
Whether you need life insurance to protect your family or to fund your buy sell agreement or Key Employee Policy; we’ll compare rates from multiple top rated insurance carriers to secure the coverage you need at a price you can live with. Obviously, the best time to buy life insurance is when you are young and healthy. The next best time to buy life insurance is while you’re still insurable, followed by before it’s too late. But if you already have health issues, don’t assume you won’t qualify, or that coverage will be too expensive to afford. We specialize in hard to place risks.
Types of Coverage
Life Insurance Coverage & Options
Term Life Insurance
Term Life insurance the least expensive life insurance and often the best option. The reason it’s less expensive than (whole life as an example) is that there is no cash savings included in this policy. Term life has often been referred to as “pure” insurance for that reason. It provides a death benefit for a specific period of time and nothing more. You choose how long you need the coverage and how long you want to lock your rates in, 1 year to 30 years. The longer the term of coverage, the higher the premium. Once the term is up the coverage ends.
Term insurance is often the first policy young people buy to cover themselves in a simple and economical way. Marriage or the addition of a child to the family are two common events that often trigger the purchase of term life insurance. Term is also used in financial planning to keep insurance costs down, so you can “invest the rest” in higher growth opportunities. Death Benefits are paid income tax free subject to IRS limitations and rules.
Whole Life Insurance
Whole Life Insurance provides a death benefit combined with a guaranteed internal investment return. For this reason whole life is more expensive than Term Life insurance. Whole Life is also permanent insurance. As long as you continue to pay the schedule premiums your policy will remain in force no matter how old you are. Whole life is considered a conservative, long term investment because it takes many years for the cash value to build up. Policies that mature, however, earn substantial compounded cash value. While higher risk investments could potentially reap much greater returns faster, whole life is a solid choice for long term planners. For this reason, Whole Life is a commonly used layer of a well balanced financial strategy. Available riders include Cost of Living and Waiver of Premium. Accrued cash value grows tax free, can be borrowed upon at any time and Death Benefits are paid income tax free subject to IRS limitations and rules.
Universal Life Insurance
Universal Life is similar to Whole Life Insurance in that there is both a death benefit and an investment component. In essence, Universal Life combines a Term Life product with a separate investment component into which you decide how much you want to invest. Investment amounts can also vary from year to year. This is helpful to those who need the flexibility to invest during a good year and not invest during the leaner years. Universal life also has similar riders to Whole Life insurance for Cost of Living and Waiver of Premium. Accrued cash value can be borrowed or withdrawn at any time. Death Benefits are paid income tax free subject to IRS limitations and rules.
From The Blog
Life Insurance Resources & Articles
We get asked all the time if the online insurance companies are killing our business. In fact, it’s just the opposite. It turns out, a lot of people still prefer friendly, personalized service. And that’s what we provide. What people don’t like is waiting on hold,...
We’re here when you need us. Open weekends and evenings by appointment. Always just a phone call away.