Life Insurance
There are very few insurance products that have as significant an impact on the life of your loved ones as Life Insurance. The fundamental purpose of Life Insurance is to protect the ones you love when you are gone. The future is unpredictable, so why not bring some certainty to the unknown? You would be surprised to learn how affordable it can be.
Term Life Insurance
What is Term Life Insurance? This is the simplest of life insurance plans. It is defined by a “term” or length of time that the policy is in effect. For example, a term can last 5, 10, 15, 20 or 30 yrs. You decide how long you want the policy to last based on your life needs. For example, if you have young children that will graduate college in 18 years, it would be best to choose a term plan for 20 years or more. That way, you’ll know that no matter what happens, your dependents will be financially protected till they are on their own two feet and don’t need to rely on your income anymore. Any benefits paid to beneficiaries is tax free.
Click below to access our Term Life quoting tool. This self-service portal allows you to create a custom quote by selecting a benefit amount and term. This dynamic system driven by AI quickly processes your medical and personal history to create a quote that meets your budget and benefit goals. Over 90% of applicants get an instant approval with no medical exam! There is no obligation to purchase once your application is complete. If you wish for a medically underwritten plan with more carrier options, contact us directly HERE.
Whole Life Insurance
What is Whole Life? Also sometimes referred to as Permanent Life, Universal Life, Variable Life and so forth. This is a Life Insurance plan that does what it says, provides you a benefit for your “whole life”. Unlike a term plan, it does not end after a set amount of time. In addition, besides for a death benefit, Whole Life also acts as a savings instrument in which cash value can accumulate over time. The cash value earns a fixed or variable interest based on market conditions. This cash value can also be used to borrow against, making you like your own bank. If you decided to terminate your policy before your death, you would be paid your cash value minus any fees. Some plans even allow you to receive your death benefits in advance if you have a terminal illness. Most importantly however, is that your death benefit will go to your loved one’s tax free. Due to all these extra benefits and because you are putting money aside into a savings account, the monthly premium for a Whole Life plan is greater than a Term plan, but the significant financial benefits may be better suited for your life goals.
For assistance customizing your Whole / Universal Life plan, click below to schedule a meeting with us.
Additional Life Insurance Information
Below are links that provide additional information on what Term and Whole Life is. Our agents can answer all your questions, but we always advise for our clients to educate themselves on any and all insurance options on the market. We have over 100 Life Insurance carriers that we work with, so we are sure we can find the right plan for you.
Life Insurance 101
What is Term Life Insurance?
What is Whole Life Insurance?
The Cost of Waiting