Our Insurance Products generally fall into four categories:
What is Term Life Insurance or Temporary insurance?
As the name implies, term insurance provides protection for a specific period of time and generally pays a benefit only if you dies during the “term.” Term periods typically range from one to thirty years with twenty years being the most common term.
One of the biggest advantages of term insurance is its lower initial cost in comparison to permanent insurance. This type of insurance is often a good choice for people in their family-formation years. It is also a good option for covering needs that will disappear in time. A perfect example is the use of term insurance for mortgage protection or to protect a surviving business partner or key person in a company. Often it is used to protect the survivor from any substantial debt.
Many of the policies with the companies I represent are non-medical, simplified issue policies. You simply answer a few health questions and if the answers check out, the policy is issued.
What is Whole Life or Permanent insurance?
Before settling on a specific type of life insurance policy, it is important to assess your family’s needs both pre and post death. Whole life insurance also known as permanent insurance caters to long-term goals. Also, it covers you as long as you live. Furthermore, it is important that you keep it in force for as long as you live.
Whole life insurance usually is comprised of two parts: a savings or investment portion and an insurance portion. Because there is a savings element, the premiums are higher than for Term Insurance. A part of your premium (after deducting the insurance expenses) is invested by the insurance company and the accrued interest builds up your cash value. Hence, you can take a policy loan by borrowing against your cash value when you need to do so.
This type of policy is used for both the young and oldler person. For the older people it is used for final expense policies. We even have policies that cover people with severe illness. Often for a child, this type of policy is used to cover a known, future expense, I.e. College.
What is Universal Life Insurance?
Universal Life is a sort of hybrid of the above two types of policies. Universal live can give you no risk yet allow you to participate in market growth. These policies usually outpace inflation and grow your money tax-deferred. If structured correctly, these policies allow you to access money at retirement or at any time without incurring tax. They can give you cash flow for life. The beauty of these policies is that no money is actually invested in equity (stock) positions. Yet, they offer tax-deferred cash accumulation for retirement while maintaining a death benefit. The premiums a low, there is cash value accumulation, flexibility, a death benefit, and no market risk. Indexed Universal Life policies can change the course of your child’s life or your life. They can be truly amazing.
What are Annuities?
We also have fixed often indexed annuities that make sure you don’t outlive your money. Hence, you can plan for life and for death and for taxes. You can receive tax-free retirement income. You can grow your money and your death benefits. And, you can do it all without risk.
Remember the old adage: a good plan is always better than a good guess? The security of your future begins today with sound planning a dependable source for lifetime income. Nearly 90% of adults say they are not confident about having enough money for a comfortable retirement (Lifehappens.org, 2014). Further, nearly half or all Americans have less than $10,000.00 saved for retirement (Employment Benefit Research Institute, 2013).
Fixed Indexed Annuities give you safety of principal, guaranteed income, liquidity, and tax-deferred growth. An IRA, Roth IRA or 401K in a Fixed Indexed Annuity will give you the growth and security you deserve for your very hard earned money.
Needing insurance is like needing a parachute. If it isn’t there the first time, chances are you won’t be needing it again!~ Confucius