LIFE INSURANCE
Your family is the most important thing in your Life and we believe that they should have time to grieve and not worry about bills, education, or income. Having a Life Insurance Policy will provide all of that.
Types Of Life Insurance
We know this coverage can be confusing so we have broken it down for you.
Specific Period Of Time
Having a specific time frame means you can be smart about your insurance. If you need $500k total but you only need $25k for 10 years until debt is paid off, $100k until you are done saving for kids college, and the rest for your income and mortgage, you can do so with a term policy. This will cut costs and provide help throughout the next 30 years in this scenario.
Temporary
Since this policy is temporary, you can strategically purchase plans that help your family if something were to happen to you at different points in your life. This also means that you won’t have to pay for life insurance until the day you expire, keeping your costs low.
Less Expensive
Due to the fact that you only pay for the policy for a certain amount of time and it is less likely that you will pass in a 10 year term, the policy premiums tend to be less. Once issued, these premiums do not change for the length of the term. The longer the term, the more expensive it gets, but it is still cheaper than a Whole Life Insurance policy.
Other Options To Consider
Mortgage Pay-off
If you have a mortgage and you do not want your family to have to worry about losing their home if you were to not make it home tonight, a term life insurance policy is the perfect solution for that. This is a better alternative to Credit Life. There are other options and we encourage you to call and learn more about it!
Children's Education
It’s no secret that college costs are really expensive. While you are saving for your child’s college fund, why not consider a term life policy to pay out if you unexpectedly pass before they graduate? Our clients love the idea, we think you would too!
Debt Pay Off
Giving your family peace of mind means giving them time to grieve and not worry about money. If there are debts that will take a long time to pay off, a term policy would be perfect for that. Don’t miss out on these benefits!
Provide Income
The option to provide your loved ones with your income for years to come (suggested is 5 to 10 years) is something the term life policy is great at; especially if your spouse is going to retire in that time.
Lifetime Death Benefit
The best thing about a whole life policy is that you have it for your entire life (most policies cover to age 100). You could provide money at your passing to your children and grand children. Additionally, if you have debt you could pay it off for your family. Another option is providing money for costs associated with your passing and stack the debt and everything else with a term life insurance policy to save money.
Fixed Rate
Another great thing about a whole life policy is that when you get it, the premium you have will be the same the rest of your life. That means it is cheaper for you to get a whole life policy when you are younger. Doing so will also provide cash value earlier and you will have a bigger benefit if you live another 60+ years after getting the policy.
Cash-Value Growth and Access
Cash value accumulates with your whole life policy. You have your set “face amount” that you choose when you start the policy and as you put more money into it, it is invested and returned to your policy until the day you die. With this cash growth, you could even borrow from it to pay debt or provide emergency funds if times get tough.
Fun Facts
We believe in Life Insurance and we think you should too!
Millions of Life Insurance paid out in 2017
%
Average annual premium increase each year you don't get Life Insurance
%
Percentage of adults with Life Insurance in the US
Adjustable Lifetime Death Benefit
Just like the whole life policy, a universal life policy provides a benefit your entire life. You can increase and decrease the death benefit if you want, too! If you increase it, you may have to undergo a short medical exam to qualify. Still, this is an amazing option for those who may want a policy to adapt to their future life changes.
Offers The Most Flexibility
With a universal policy, it means universal payments. You can increase your premiums or pay a lump sum, according to the specified limit in the policy. Parts of your premiums are put into an investment account and any interest accrued is credited to your account on a tax-deferred basis, increasing its value. You could also stop your premiums and use that cash value built up to pay them.
Borrow Against The Cash Value
As with a whole life policy, you are able to borrow against the cash value of the policy giving you the opportunity to put a down payment on your new home or pay off unwanted debt. This lowers your cash value but you can always pay yourself back.
Other Options To Consider
Final Expenses
Your universal life policy is a great tool to help your loved ones pay for the funeral expenses, burial, and unpaid medical bills from your passing. Having a small amount is cheap and helps your family!
Income Replacement
Just like the whole life and term policies, the universal life policy is a great way to provide your missing income for years to come after your passing in order to give them time and peace of mind.
Key Person Insurance
You could also protect a company from economic loss when a key employee or manager dies. This can be especially beneficial if that one of a kind person is really expensive to replace.
Over Funding
Over funding your policy builds cash value faster, putting you in a position to retire early or invest in some properties. This is a great option for those with extra income!
Calculation Scenario
This calculator will give you a rough idea of how much life insurance you may need. It calculates your current debt that you would want paid off if you were to pass unexpectedly. This also takes into account 5 years of your income to provide for your family you have left behind, giving them time to grieve. How much of your mortgage you would want to pay off? If you have children, how much would you like to provide for their education? There are many other things you may want to consider when thinking about the amount of life insurance you should get, but this quick calculator should get you started.
We Believe In Life Insurance
We think protecting your family should be at the top of your priorities. We just want to help you do that well. Life insurance is not insurance for you, it is for them. Giving them time and peace of mind is essential. Please let us know if you have any questions and we will be happy to help!
