Secure your family with the financial protection they deserve! Life Insurance will ensure that your family will be able to afford the same lifestyle that they are accustomed to if something should ever happen to you.
Life insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future.
Whole LifeWhole life provides a death benefit and an accumulating cash value. By definition, it has a fixed premium and a level death benefit to age 100. Whole life is generally the most expensive type of life insurance. The premiums don't increase with age, which averages the cost of the policy over your life. The cash value increases with time until it equals the death benefit at age 100. Whole life is also known as Ordinary (or Permanent) life insurance. This type of policy never has to be renewed or converted. The cash value is an amount of money that you are guaranteed to receive in the event of policy cancellation. You also have the right to borrow against the cash value on a loan basis.
Variable LifeThe purpose of variable life is to combine the protection features of life insurance with the ability to allocate premium dollars to various types of investment options. This type of policy allows for the potential of building a significant cash value that can increase on a tax deferred basis. The insured has the option of choosing between several different investment options. These contracts provide a minimum guaranteed death benefit. The actual death benefit could be higher depending upon the performance of the investment options chosen. Growth of cash value also fluctuates.
Survivor LifeSurvivor Life Insurance is a type of whole life insurance that is used for estate preservation. Survivor Life Insurance insures two people and pays benefits only after the second person dies. It is generally designed to provide funds to pay estate taxes. Also called second-to-die life insurance, "joint and last survivor" and "last-do-die" insurance.
Universal LifeUniversal life is a combination of term insurance protection with some of the cash value features of whole life. The premiums are usually lower than whole life. Interest rates paid on the cash value are typically higher with Universal life than Whole life because they tend to follow the markets. This type of contract is designed with flexibility in mind. Premiums can be paid in a lump sum, annually, or anywhere in between. Minimum interest on the cash value is usually guaranteed, but will vary according to the investment performance. Each month deductions are made from the cash value fund to support the costs of the insurance protection. As long as the cash value is substantial enough to maintain the monthly costs, the policy will remain in force. The key to any form of Universal Life is that it's interest-sensitive and allows for an adjustable death benefit.
Term LifeTerm generally is the lowest cost and simplest product available. Term insurance is a life insurance contract that provides protection for a limited number of years. The death benefit is only payable if death occurs during the agreed-upon term. If the insured survives the time period, the policy expires. This means it has no cash value. Term is basically designed to provide a maximum amount of protection for a temporary period of time.
Term is sold in a variety of forms and for a variety of purposes. The most common type is Level Term. This form has a level (or constant) death benefit and a level premium for a specified number of years. The most common are 1, 5, 10, 20, and 30 year terms. Decreasing Term is another version of term insurance. It is generally sold with a level premium and a decreasing death benefit. A variation of decreasing term is Mortgage Life Insurance. This is designed to decrease at the rate in which a mortgage balance decreases. Mortgage Life is sometimes offered as a rider in connection with a cash value policy.
There is no better time than right now to purchase life insurance. Contact our knowledgeable staff to determine how much coverage is right for you and your family.
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