Life Insurance

What is the product?

  • Term insurance is a life insurance policy that pays off only if the "insured " dies during the term of the policy. At the end of the term, the policy terminates and no death benefit is paid.

How does the product work?

  • You pay either a level premium or an increasing premium (depending upon the policy you choose). The company will pay to the beneficiary face amount of the policy if you die within the policy's term.
  • Consumers can choose from a series of different terms usually offered, for example: 1,3,5,7,10,15,20,or 30 years.

When should it be used?

  • A young family that needs protection, but does not have much money to spare.
  • For someone with a specific goal in a set time period that he or she wants met in the event of their untimely death, such as putting a child through college, paying off a mortgage, or providing for final expenses.
  • For someone who has no other insurance need after the term expires or has other permanent insurance to cover those needs.

Business applications include:

  • Coverage on the owner, to allow the heirs to buy back stock.
  • Coverage on key employees.
  • As an employee benefit.
  • To cover outstanding business loans.

WHOLE LIFE INSURANCE What is the product?

  • Traditional Whole Life or permanent insurance provides lifetime insurance protection with guaranteed cash values, fixed premiums and death benefits as long as premiums are paid.

What are the features of whole life insurance?

  • Cash value accumulates income tax-deferred.
  • Death benefits are usually income tax free.
  • Accelerated Death Benefits allows access, under certain conditions, to receive death benefit proceeds before you die.
  • Cash value can be borrowed. Loans will incur interest and any unpaid loan and accumulated interest at the time of death is deducted from the death benefit proceeds and will reduce the amount of death benefit paid to beneficiaries.

When should whole life be used?

  • If you want insurance protection for a long period of time and can pay a fixed premium.
  • If you desire a permanent life insurance policy with guarantees and fixed premiums.

ARE YOU PAYING TOO MUCH FOR LIFE INSURANCE?

Our agency has access to the lowest rate term insurance carriers. To show you how inexpensive term insurance can be, please see the following table for a comparison of a few different plans:

(Current rates based on monthly twenty year term policy. Subject to change with underwriting approval.)

 
 
 

ISSUE AGE

$100,000

COVERAGE

   

   

   

   

   

   

   

   

ISSUE AGE

$300,000

COVERAGE

 

MALE

FEMALE

 

MALE

FEMALE

30

$10.33

$8.95

30

$15.14

$13.83

35

$10.33

$9.19

35

$15.14

$14.09

40

$13.30

$11.02

40

$20.30

$17.76

45

$19.69

$14.52

45

$34.82

$27.21

50

$28.35

$19.69

50

$53.20

$38.76

55

$40.42

$27.56

55

$80.50

$60.55