LIFE INSURANCE

Life insurance pays out a sum of money either on the death of the insured person or after a set period of time.

Term Life Insurance

• Term life insurance is insurance which provides a lump sum death benefit for a fixed amount of time in which you pay a fixed monthly or yearly premium during the duration of the term selected, usually 20-30 years. After that period expires, coverage at the previous rate of premiums is no longer offered and in most cases, must find new insurance at your new age and rate. If the insured individual dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase life insurance compared to other types of insurance products offered. 

Whole Life Insurance

• Whole life insurance is a life insurance policy that remains in force for the insured's whole life. It is generally more expensive than term insurance, but provides a benefit much longer than a term policy will offer and can offer other benefits such as cash value, dividend deposits yearly with mutual companies and fixed payment options. 

Universal Life Insurance

• Universal life is a type of permanent life insurance that provides a lifetime coverage similar to whole life, but has flexible premium options. Generally speaking, if you purchase a policy and put in excess premiums, the premium paid above the cost of insurance and fees is deposited into a cash value account within the policy that accrues interest. Interest that is credited to the cash value account is dependent on the insurance company but usually has a minimum guarantee. 

Finding the life insurance that's best for your situation, shouldn't be something you take on all by yourself! As Life Insurance agents, we aren't paid by you, we are paid by the life insurance companies, so that means we work as hard as we possibly can to make sure you have exactly what you need that fits your situation! Give us a call and see how we can help!