Life Insurance Decisions With Our Help

Term Life insurance;

Term Life insurance is when the insurance policy has a specific end date, when your rates stay the same for that period of time? After the end date you can renew the policy generally there is 5, 10, 15, 25, or 30 year period at a higher rate OR in some policies you can convert the term insurance into a whole life insurance policy at a higher price and lower face value. This policy is based on your age and health conditions. No cash value is in a term policy.

Reasons for buying a term, it is ideal for people who want to have an income replacement for their family or they find term insurance a more affordable price than whole life.

Whole life insurance;

Whole life insurance provides you coverage for the duration of your life with no increase of premiums and the death benefit another name is your face value will remain the same. Some call this policy permanent life insurance as well. This policy does have a cash value built-in. Whole life insurance is one of the more expensive ways to buy life insurance. This policy is based on your age and health conditions.

Reasons for buying whole life insurance is for people who want lifelong coverage and are willing to pay for the benefits whole life insurance has to offer. For grandparent wanting to give a great gift for their grandchildren or parents wanting to make sure their children are covered.

Guaranteed issued life insurance;

Guaranteed issued life insurance is also known as

Burial, Funeral Insurance or Final Expense insurance. No matter the name, it’s usually a small whole life insurance that is intended for only funeral costs which does have a small cash value. Usually with these types of insurance coverage there is no medical exam. These policies are based on your age and can be affordable.

Reasons for purchasing these types of policies are for people who just don’t want to go through any medical questions or for people in poor health.

Note: In some guaranteed issued life insurance there is a policy called “graded death benefit” which means if you were to pass away within two or three years after buying the policy your beneficiaries might receive only a refund of premiums you paid in, plus some interest.

Universal insurance life;

Universal life insurance is permanent life insurance (Combines a death benefit with an investment savings component) which last the lifetime of the insured and as long as premiums is paid on time the policy includes a minimum and maximum premium amount. Universal life insurance offers lifelong protection with the unique flexibility in premiums. Universal Life also has accelerated death benefits in the event of a terminal or chronic illness. The policy’s cash value accumulates tax deferred and can be used for any purpose to meet your financial goals. These policy is based on your age, your gender (women have a longer life expectancy) tobacco use, overall health. In some cases a Universal life insurance processing time may take longer.

If you don’t pay attention to the value of your account, it may become underfunded, which could leave you with a series of large payments to maintain the coverage you signed up for. Also it is important to know that there are management fees attached to this kind of insurance product.

Reasons for purchasing this product are for people who enjoy the flexibility when it comes to premiums and choices for how the policy’s cash value is invested.

Group life insurance;

Group life insurance is a specific type of life insurance offered by a large organization to its members. Large companies often offer this coverage to their employees as a part of its benefits package. Group life insurance can be beneficial because it features: income tax-free death benefit. There can be minimal or no medical underwriting. In some companies there is the potential to add additional coverage for dependents. Typically, the policy owner is an employer or an entity.

However, when you are ready to retire you may be given an option to keep your group life insurance possible at a higher premium or lose the coverage all together. If you leave your job, you lose your group life insurance. That means you’ll need to apply for new coverage (either at your new job if they have that benefit or independently from a licensed insurance agent) based on your current age and health status.