Life Insurance
Life insurance is one of those topics that many of us don’t want to talk about, but making sure those you love are taken care of means you need to have this covered. No one wants to think about passing away, but taking care of your life insurance not only helps to make sure your family is taken care of when you’re gone, but it lets you live better, secure in knowing everyone is truly taken care of.
Get the Right Life Insurance Policy
There are many different types of life insurance policies out there. One size does not fit all in this case, so you need to understand what’s available.
The four major policy types we offer are:
- Term Life Insurance Policies
- Whole Life Insurance Policies
- Universal Life Insurance Policies
- Variable Universal Life Insurance Policies
Term Life Insurance
When most people think of life insurance, they are most likely thinking of term life insurance. This form of life insurance is very simple. A policy holder pays an affordable monthly fee (called the premium) to have coverage of a certain total amount covering them over a set amount of time.
Term refers to the time of coverage. Usually you will see a terms start at a decade and go up to 30 years depending on the policy. You name your beneficiary who gets the benefits the policy pays out if you die during the term. If you die while that life insurance policy is in place then the death benefit is paid out in full to the person you named to receive it.
If the term runs out, generally you can renew your coverage but you will be paying a higher monthly premium to keep the same amount of coverage. Most policies also allow for term life to be converted into a permanent life insurance policy, and you can enjoy the potential benefits that plan offers.
Term life often offers great protection at a very low cost, covers a set amount of time, and offers a level of protection for your family, your business, or both.
Whole Life Insurance
Whole life insurance is a life insurance plan that delivers some big time for your buck. Whole life is different from term because it covers a person for the entire remainder of their life, as long as the payments continue to be made. This isn’t a term policy because a whole life insurance policy is permanent and is in place from the day of purchase to your last day alive.
This type of policy tends to be a bit more expensive than the term life, especially since the insurer knows they will eventually need to pay off on it, but it also offers fantastic protection. There’s no worrying about changing terms or wondering how much premiums are going to shoot up if the term phases out.
As long as the payments are made, the coverage is complete and your beneficiary (or beneficiaries, if you have multiple) will receive the coverage amount.
This not only takes care of any funeral expenses but will also help by giving them the money they need to spend as they see fit.
Another important benefit of whole life policies: the cash value accumulated over your living lifetime can be borrowed against through a policy loan. This means you can borrow against the amount paid in for special expenses during your life time like a medical emergency, making payments on a home, or paying for a family member’s tuition.
Whole life insurance policies also offer additional flexibility. Whether you what more death protection benefits, access to the cash value of the policy, or even some dividend earning plans, whole life is the way to go in these situations.
Contact one of our specialists today to work with someone committed to finding the right personalized insurance plan for you.
Universal Life Insurance
The main feature that sticks out with a universal life Insurance policy is the flexibility that it brings to the table. The features of a universal policy might vary more from one plan to another, and the advantage here is that it combines many of the benefits that come from permanent policies like complete coverage and accumulating cash value, while it also offers some conveniences like adjustable payment schedules, changing premium costs, and more.
In other words, universal policies are an attempt to give the insured the best of both worlds. Universal life insurance policies provide amazing benefits for a wide variety of people, and if you think it might be right for you, then you should talk with one of our professionals today to see if a customized plan can meet all of your family or business needs.
Variable Universal Life Insurance
Variable universal policies for life insurance are similar to more conventional universal plans, except they are designed to be even more flexible in their application. This type of plan provides all the expected benefits from a conventional universal policy but also offers benefits for those customers who have an eye towards the investment side of insurance and want potential for better cash value.
There are a variety of ways this can be achieved, but a lot of it is through cash accumulation that is tax-deferred in how it grows and a strong market can lead to an increase in value, although it is important to note that the opposite is true, as well. The value on one of these policies can also decrease based on what the markets are doing.
While the all-important coverage is here in this plan, there’s also the concern that the amount the coverage is worth will vary depending on market fluctuations, making it harder to plan.