Life Insurance Information
There are many kinds of life insurance, but they generally fall into three categories: term insurance, return of premium and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Return of Premium is the same as Term Insurance with an added benefit at the end of the term when the policy terminates. If you have not died at the end of the term, you will receive a reimbursement of all premiums paid during the term.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, the full face amount will be paid plus any accumulated savings, provided that no loans, withdrawals or surrenders are taken. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. You can use the accumulated savings as supplemental retirement income.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to request a quote and discuss your needs with one of our licensed life insurance professional.
TERM
What is term life insurance?
Term life insurance is the most affordable type of life insurance. This makes it popular among young adults who are just starting families of their own. With a term life policy, you select the number of years—the term—in which your policy will be active. You may find monthly premiums to be affordable. But, keep in mind that your beneficiary will receive a payout only if you, the policyholder, die within the specified term.
What are the benefits of term life insurance?
If you wish to leave a legacy behind for your family, life insurance is an important consideration. Term life insurance provides an affordable way to ensure your family can continue making ends meets. Because this is the most basic type of life insurance, it’s easy for many to fit it into their budgets. And you’ll pay the same rate for your entire term, regardless of changes on your health.
Most insurance providers allow you to select a term of one to 30 years, giving you the option to lock in your rate for longer. When you renew a term life insurance policy, your new rate is recalculated based on your age and other factors. The older you are when you renew the coverage, the higher the rate. This is why many people lock in their rate for longer terms.
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Are you wondering how much term life insurance would cost you? Fill out a quote form today, and let our agency find a policy for you. All it takes is a few minutes to provide your family with years of financial future.
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RETURN OF PREMIUM
What is Return of Premium term life insurance?
Return of Premiums Term life insurance is the second most affordable type of life insurance. It is essentially plain Term Life Insurance with a nice feature at the end of the term. If you don't died at the end of the lets said 30 years period, the Insurance Company will refund you all the premiums paid during the 30 years. This makes it popular among adults that believe they will have good health through their lives and just want to have Life Insurance protection just-in-case the unforeseen. Same as a term life policy, on the Return of Premium plan you select the number of years—the term—in which your policy will be active. Your beneficiary will receive a payout only if you, the policyholder, die within the specified term. And if you have not died at the end of the specified term, you will receive a Return of Premium check from the insurance company.
What are the benefits of Return of Premium term life insurance?
If you wish to leave a legacy behind for your family, any life insurance is an important consideration. Return of Premium Term life insurance provides a way to ensure your family can continue making ends meets. Because this is the most basic type of life insurance, it’s easy for many to fit it into their budgets. And you’ll pay the same rate for your entire term, regardless of changes on your health. If you survive the plan's specified term, you receive a refund of all premiums paid and the policy terminates.
Most insurance providers allow you to select a term of one to 30 years, giving you the option to lock in your rate for longer. When you renew a term life insurance policy, your new rate is recalculated based on your age and other factors. The older you are when you renew the coverage, the higher the rate. This is why many people lock in their rate for longer terms.
Get started today!
Are you wondering how much Return of Premium term life insurance would cost you? Fill out a quote form today, and let our agency find a policy for you. All it takes is a few minutes to provide your family with years of financial future.
Request a Return of Premium Life Insurance Quote
PERMANENT
What is Permanent life insurance?
Permanent insurance provides lifelong protection. In other words, it does not terminates as Term insurance does. Permanent insurance provides Life Insurance coverage for your entire life as long as you pay the premiums, the full face amount will be paid plus any accumulated savings to your beneficiary. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. You can use the accumulated savings as supplemental retirement income or leave untouched for your beneficiary.
Are there different types of Permanent Life Insurance?
Yes, there are several types of Life Insurance that will provide permanent coverage. Among them: Whole Life Insurance, Variable Life Insurance, Universal Life Insurance, Variable Universal Life Insurance and Indexed Universal Life Insurance.
Which type of Permanent Life Insurance is recommended?
The permanent Life Insurance Indexed Universal Life (IUL) provides great flexibility to meet the demands of anyone's life while providing protection and peace of mind. It provides a death benefit to help protect your loved ones from financial uncertainty. The amount of coverage and premium contributions can be adjusted. It provides potential for cash value accumulation. It never exposes your premium dollars to market risk. Optional riders provides the potential for guaranteed income for life. Indexed Universal Life provides living benefits in the event of a qualifying terminal illness, chronic illness, critical illness or critical injury. Six index crediting strategies including a fixed interest account. Indexed Universal Life offers an option that allows the death benefit to increase as the accumulated cash value increases. Should your needs change after you've selected a death benefit option, you may switch options.
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Choosing the right permanent life insurance policy involves many working parts. We’re happy to help you select a policy and set up your investment options. Contact us today to protect your family’s financial future.
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