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Life Insurance

is a contract between an insurer and a policyholder, in which the insurer (insurance company) guarantees payment of a death benefit to the named beneficiary when the insured policyholder dies. The insurance company promises a death benefit in exchange for monthly payments (premiums) paid by the policyholder.

Who should buy Life Insurance?

Everyone. 

  • If you are young, you can buy early and lock in low rates.

  • if you own a property. If you die, your family might not afford to pay the mortgage, property tax, utility bills, or the repairs.

  • a parent of young children. The loss of your income can cause a financial hardship.

  • a person with student loans where parent signed in on loan. If person dies, the parent will be left with the responsibility of loans causing financial hardship.

  • a person that wants to leave family with enough money to cover burial expenses.

  • even a business might have an important employee that their death will cause financial hardship to the company. This will allow company to purchase life insurance to protect the insurable interest.

The different types of Life Insurance:

  • Term Life- is a contract between you and the insurance company for an amount of coverage on a specific term (10, 20, 30 years). This is one of the most affordable types of life insurance.

  • Final Expense/Burial Insurance- is designed to cover the bills that you will leave behind to your loved ones. These policies are for those on a tight budget and need a smaller amount to just cover the costs of the funeral expenses. Policies are approved quickly without needing a medical exam.

  • Universal Life- the insurance policy that promises a death benefit that includes a component that generates interest. Death benefit can be adjusted over time.

  • Whole Life- a permanent life insurance that accumulates a cash value.

  • Permanent Life- Usually more expensive than a term life, permanent life stays active for the policyholders entire life.

  • Indexed Universal Life-  a type of universal life insurance that lets the policyholder earn a fixed or equity-indexed rate of return on the cash value component. Links the policy cash value to a stock market index.

  • Guaranteed Universal Life-a type of universal life insurance that does not build cash value and typically is cheaper than whole life.

  • Variable Universal Life- the policyholder has the ability to invest the policy's cash value.

  • Level Term Life- the monthly premiums stay the same every year.

  • Mortgage Life Insurance- an insurance that pays only the balance of your mortgage and no proceeds go to your family. 

The advantages of Life Insurance:

  • Tax Free. The death benefit of life insurance is typically tax-free. Also, the cash value grows tax-free over your lifetime. You can typically exchange a life insurance policy for other policies without paying tax.

  • If you buy the right policy, it will never expire.

  • can be an inexpensive way to protect your loved ones from financial hardship.

  • It is an asset. You can build cash value allowing you to later have the ability to access the cash.

  • can use it to help fund your retirement.

  • and many more reasons.

Are you interested for more info?

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The reality is that life insurance can have a reputation for having pushy salesmen. The truth is that life insurance can be not only useful but vital for most people. With Life Insurance you are buying a peace of mind, by knowing your family is taken care of if something happens to you.

Call us today on 1-805-263-6843

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