First of All, What Even Is "Life Insurance"?
Life insurance is a promise between an insurance company and you, the policy owner.
Okay, But HOW Does It Work?
If you pay a certain amount of money or a "premium" (as it's called in the Insurance industry) to the insurance company, the insurance company will pay a certain amount of money or a "death benefit" to the person receiving the funds (The "beneficiary") when the person whose life is being insured passes on.
In other words, we take care of your family's financial needs when you are not there.
Now, What Type of Insurance Will Work Best For Me?
Life insurance comes in various forms.
Term insurance only provides a death benefit for a limited period of time while permanent insurance can provide a death benefit and the potential to build policy cash value that you can access during your lifetime using policy loans and withdrawals.
Permanent insurance can also offer the flexibility to increase or decrease your death benefit as your needs change, as well as the potential to reduce or skip premium payments.
Here's The Life Insurance that We Sell
Whole life insurance
These policies are designed for individuals who want guarantees and who are focused on providing death benefit protection over cash value accumulation.
It offers:
- Guaranteed death benefit
- Guaranteed cash value
- Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.
- Level premiums that are guaranteed to never change.
Universal life insurance
Is ideal for the consumer who has a need for life insurance, is somewhat conservative, and wants the guarantees of a fixed, minimum interest rate with the potential for additional interest credits. Increasing the death benefit may be subject to additional underwriting approval.
Includes the following offers:
- Flexible death benefit
- Flexible premium
- Policy cash values are credited to a current interest rate that is set by the insurance company, which is subject to change, but will never be lower than a guaranteed minimum interest rate.
Indexed universal life insurance
This policy may be ideal for those who need death benefit protection but are focused on cash value accumulation for lifetime needs such as supplementing retirement income.
Increasing the death benefit may be subject to additional underwriting approval.
It offers:
- Flexible death benefit
- Flexible premium
- Cash value grows based on an interest crediting strategy that is tied to changes in a market index such as the S&P 500
- Downside protection through minimum guarantees to ensure that your cash value will not decline due to decreases in the Index.
Variable universal life insurance
This policy is designed for the customer who needs life insurance but would like to have the ability to choose how their cash value is invested.
Includes the following:
- Flexible death benefit
- Flexible premium
- Cash value grows based on the performance of the professionally managed stock, bond and money market sub-accounts that you choose.
You can design a portfolio to match your comfort level and risk tolerance. Policy cash values fluctuate based on the sub accounts in which you are invested and may lose value, including principal.
Term insurance
This may be suitable for those who have budget limitations, large protection needs or temporary needs.
It offers:
- Guaranteed death benefit for a fixed period
- Fixed premium.
- No cash value.
- Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.
- Initial premiums tend to be lower but will eventually increase.