Life insurance can help you secure your family’s financial future by providing the funds needed to cover burial expenses, pay uninsured medical bills, the mortgage and other outstanding debts, and maintain a comfortable standard of living.
There are a variety of life insurance policies we can provide. The kind of policy you choose depends on your needs.
Term Life Insurance
Term life insurance is a low-cost way to secure maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually five to thirty years. Term insurance premiums will not increase during the guaranteed policy time period selected and pay a death benefit only if the policyholder dies during the term. Term insurance generally provides the largest insurance protection for your premium dollar. Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if premium payments are discontinued.
Universal Life Insurance
Universal life insurance is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments (i.e., the more you pay, the less time you pay). Premiums cover the insurance, as well as the savings, investment and the expense portions. The stated interest on the investment portion changes along with movement in interest rates and moves in 1/4% interest are typical, as banks and other financial institutions make similar moves.
Whole Life Insurance
Whole life insurance provides permanent protection for the whole of life, from the date of policy issue to the date of the insured’s death, provided premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value, which builds over time. The ultimate cash value may provide a source for living benefits (e.g., helping pay off a mortgage or child’s education, or cash surrender value if the policy is ever canceled).