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One size doesn’t fit all when it comes to life insurance.  People come to us with different budget, health issues, needs and financial goals.  That’s why we offer numerous products.  Below, you’ll find information regarding the various products we offer:

If you would like advice on which type of product will best suit your needs, please give us a call and one of our licensed life insurance professionals will gladly assist you.

Term Life Insurance

Term life insurance is generally the most inexpensive type of life insurance.  If provides your family with financial protection for a specific period of time such as 5, 15, or 30 years.  Our company specializes in level-term policies, which means your premiums remain the same for the “term” of your policy (i.e. 15years).

If you past away during the term, a death benefit will be paid to your beneficiaries in the amount of the policy you purchased earlier.  Now is an especially good time to buy life insurance because rates are at historic lows.  To provide you an example, a healthy non-smoking 40-year-old can buy a 10-year, $500,000 level-term policy for about 50 cents a day.  Click here for your personalized, no-obligation quote.

When debating on a term insurance purchase, it’s important to bear in mind that your coverage will usually end when the level-period expires.  For example, maybe you bought a 15-year policy.  If you decide after 15 years that you still need to have coverage, you will be able to renew your policy for several more years however your premiums are likely to increase dramatically.  For this reason, most people will allow their policies to expire when their term ends.  This highlights why it’s very important to select the proper length of coverage when buying a term policy up front.

Return-of-Premium (ROP) Term Life Insurance

With a traditional term policy, if you don’t pass away during the term, you’re typically left with nothing when the policy term expires.  Your coverage simply ends.  For people who hope they could receive some sort of benefit if they outlive their term coverage, return-of-premium (ROP) term life insurance is an excellent solution.

Return-of-premium policies are closely related to traditional term policies in that you purchase them for terms of say 15 or 30 years and the premiums remain level throughout the term.  But here’s how the policies are different.  If you’re blessed enough to outlive your policy and you keep it in line for the entire term (e.g. 15 years), your insurance company will refund all of the premiums you paid over the 15-year period.  If you elect to cancel your policy after say, 9 years, you’ll get a partial refund of your premiums.  Of course, there’s a penalty to be paid for getting some or all of your premium money back.  Premiums for return-of-premium policies are substantially higher than premiums for traditional term policies, sometimes as much as 100% or more.

No Lapse Universal Life Insurance

Universal life insurance is a type of permanent life insurance.  Unlike term policies that expire at the end of the “term,” permanent life insurance policies provide lifetime protection.  Permanent policies even give you the ability to accrue cash values on a tax-deferred basis, similar to assets in most retirement and tuition savings accounts.

Universal life is typically the most economical and flexible type of permanent life insurance.  These policies permit you to vary your premium payments, susceptible to certain maximums and minimums.  If you’re squeezing your budget for a period of time, you can reduce the amount you pay.  On the other hand, if you have extra cash on hand, you can make higher payments and your cash-value account will grow even faster.

The type of universal life insurance that we offer is called No Lapse Universal Life Insurance.  Some people also refer to it as Universal Life Insurance with Secondary Guarantees.  With a typical universal life policy, the policy could disappear under certain circumstances (e.g. insurance costs increase, interest rates fall below projections, etc).  With a No Lapse policy, you’re guaranteed that the policy won’t lapse, even if these described circumstances occur.

So why would someone decide to buy a universal life policy versus a cheaper term life policy?  It’s usually for one of two reasons.  The majority of people like the idea of lifelong coverage.  They want to know their coverage will be in effect whenever they die, even if it’s 70 or 80 years from now.  Also, some wealthy Americans have estate tax liabilities and life insurance proceeds are usually used to pay estate taxes.  Regarding a term policy, there’s no guarantee that your policy will be in force when you die.  The second reason relates to the cash value, which you only get with a permanent life insurance policy.  You are able to use your cash values for any desire you wish, such as tuition payments, a down payment on a home or maybe to invest in a business opportunity.  It’s vital to keep in mind that borrowing or withdrawing funds from your policy will reduce its death benefit and cash value if not repaid. 

Final Expense Insurance

Final Expense Insurance is a form of permanent life insurance crafted to satisfy a very specific purpose: To pay for your funeral costs and any remaining final expenses such as credit card debt, estate settlement costs and medical bills that weren’t covered by your health insurance.  These policies, in general, are a good solution for people who didn’t purchase life insurance earlier in life and now are realizing that they don’t want their loved ones to be pinned with total expenses when they die.  It’s hard to lose someone you love.  You wouldn’t want your family’s grief to be augmented by concerns about how they’re going to pay for your funeral and debts you leave behind.  Final Expense Insurance can help you avoid this scenario.

Usually, a Final Expense policy is a Whole Life Policy.  With this form of insurance, the premiums and the death benefit are guaranteed to stay the same for as long as you keep the policy in force.  Similar to other types of permanent life insurance, a Final Expense policy will allow you to collect cash values on a tax-deferred basis.  You can borrow or withdraw money from your policy for any purpose.  If you elect to do so, your beneficiaries will receive a reduced death benefit when you die if you failed to repay the funds you borrowed or withdrew.

One of the greatest things about Final Expense Insurance is that it’s very easy to apply for.  Usually, you don’t have to get a medical exam or answer a long questionnaire.  You only need to answer a few basic questions about yourself.  This is called Simplified Underwriting, and it’s a great option for people who buy life insurance when they’re past the prime ages and may not be in the best of health.  You’ll typically pay more for a policy that doesn’t require Full Underwriting.  But if your desire is to ensure your loved ones aren’t burdened with your final expense when you past, it’s worth the price, as long as it fits inside your budget.

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