WHY DO I NEED LIFE INSURANCE?
It only takes a few minutes to protect your family and life. We’re making it easier for you to plan your financial future and avoid surprises by understanding the importance of insuring your most valuable asset….your life.
Even though life insurance is an option, you still want to have coverage to reduce the suffering your family would be burdened with in the unfortunate event that you die.
We also offer coverage to individuals up to age 85 years old.
LIFE INSURANCE PRODUCTS:
Term with optional cash value
A type of life insurance policy that provides coverage for a certain period of time, or a specified “length” of years. This type of policy is often purchased when obtaining a mortgage. If the insured dies during the time period specified in the policy and the policy is active/in force, then the death benefit is paid. Some term policies allow the purchase of a rider offering a cash benefit.
Whole life with cash value
A type of policy that offers permanent life insurance. This policy stays in effect as long as you pay the premiums. There are also cash value benefits offered under this plan.
Pros and cons
|Term Life Insurance||Whole Life Insurance|
|Premiums are lower.||Terminates after a specified period of time.||Terminates upon death.||Premiums can be at least 3 times higher.|
|Premium remains the same throughout the term of the policy; if a renewable term the premium will increase at each renewal.||Premium remains the same throughout the life of the policy.|
|Does not have cash value option.||Has cash value option.|
|Maximums issue age 75||Maximums issue age 85|
An endowment plan is a life insurance designed to pay a lump sum after death or a specific term. These policies mature in ten, fifteen or twenty years to a certain age limit. Some policies may pay a benefit in the event of a critical illness.