Your individual and family situation is unique and deserves an in-depth discussion and review. Our highly trained and experienced agents can provide you with the understanding information, and options needed to meet your insurance needs exactly.
We represent more than 20 Insurance companies so we can help you choose which is right for your needs. Life Insurance is purchased for several reasons, which include:
Personal Family needs
- Pay off a mortgage
- Pay for children’s education
- Leave a spouse with enough money to live comfortably
- Purchase insurance on a child or grandchild
- Final costs
Estate settlement costs
If the estate of a deceased individual is valued at over $1,000,000 you may be required to pay estate taxes.
- Key “man” insurance
- Funding Buy/Sell agreements
Life Insurance Products are:
Term Insurance – usually purchased for a specific period of time. These policies do not build up any cash value. Term Life policies are typically much cheaper than the Permanent Life products listed below. If the policy cancels, you do not receive any cash value back. The various Term Products available are:
- Annual Renewable Term – premium increases each year as you get older
- 5 Year Term – premium is guaranteed not to increase for 5 years
- 10 Year Term – premium is guaranteed not to increase for 15 years
- 20 Year Term – premium is guaranteed not to increase for 20 years
- 30 Year Term – premium is guaranteed not to increase for 30 years
Term Insurance is an excellent product to cover expenses that will eventually go away – mortgage, private school tuition, college tuition, other loans, etc.
Universal Life Insurance
Is a term life policy but has a built-in “savings account” to help offset higher premiums down the road. You overpay the true cost of life insurance in the early years so there is money to offset the increase in premiums in the later years. The net effect is the premium is level and the death benefit is guaranteed so long as you keep paying the premium. This is unlike term insurance that will either get too expensive as you age or will cancel at the maximum age of 80.
Previously, Universal Life products were interest sensitive. If the interest rates fell, your premium could increase. However, in recent years insurance companies have developed Universal Life policies where the premium is guaranteed not to increase. Universal Life is more expensive than Term, but less expensive than whole life.
Whole Life Insurance
Is the “Cadillac” of traditional life insurance policies. It offers a guaranteed premium for the life of the policy and a guaranteed death benefit.