Life Insurance Considerations

When you buy life insurance, you want coverage that fits your needs.  One of our agents can review your insurance needs and give you information about available policies.

    First, decide how much you need - and for how long - and what you can afford to pay.  Keep in mind the major reason you buy life insurance is to cover the financial effects of unexpected or untimely death.  Life insurance can also be one of the main ways you plan for the future.

    Next, learn what kinds of policies will meet your needs and pick one that best suits you.

    Then, choose the combination of policy premium and benefits that emphasizes protection in case of early death, or benefits in case of long life, or a combination of both.

Examples of Life Insurance Products:

Whole Life Insurance - With Whole Life Insurance, premiums generally are level and payable for life (up to age 100).  Since premiums are level, the younger you are when you purchase a whole life policy, the less expensive the annual premiums will be.  Some whole life insurance policies can earn dividends. When this happens, the insurance company may return a portion of your life insurance premium to you as dividends, which can, in turn be used to pay premiums in the later stages of the life of your policy.  Dividends are not guaranteed.  Some of the money you pay into your whole life policy accumulates as guaranteed cash values. If you choose to surrender the policy, these guaranteed cash values would be available to you. Or, as long as the policy is in force, you may borrow against them as a policy loan at the current policy loan interest rate.  The amount of your guaranteed cash value depends on the kind of whole life policy you have, its size and how long you have had it.  The growth in cash values is tax deferred under current federal income tax law.

Term Life Insurance -  Generally speaking, term insurance is the least expensive form of life insurance.  You pick a designated period of time - usually from 1 - 30 years when a death benefit would be paid to your named beneficiary in the event of your untimely death.  You pay a fixed amount of money every year to keep your policy in force.  There is no cash value accumulated in term insurance.  You can also purchase a type of term insurance called - "Return of Premium" term.  With this product, if you are still alive at the end of your term, the insurance company will return all of your premiums paid back to you in the form of a lump sum payment.  Our Critical Illness Life Insurance policies help you to avoid financial disaster because they pay a lump sum benefit upon the first diagnosis of a covered illness or medical procedure.  The cash benefit is paid directly to YOU to use any way you choose!

Universal Life Insurance - A Universal Life Insurance policy represents the best of both worlds - protection from loss, combined with the opportunity for growth.  Many of these policies offer the ability to link to stock market indexes and share in potential gains from market index growth.  This combined with certain guarantees, allows you to accumulate cash value over time for life's, "what-ifs," or retirement income, and at the same time avoid downside market risk.

Highlights:

Contact Us today for a free complete evaluation of your needs.