Life Insurance

Life insurance provides your loved ones a cash benefit when you pass away. It is the solution for most people because it is available immediately to handle expenses that will be incurred by your family when death occurs. Those expenses would include funeral and burial expenses, outstanding medical bills on other recurring expenses that would be due. The average funeral and burial costs are approximately $10000. Most Americans do not have that amount set aside for those end of life expenses and they have several reasons for not having that money available. Life insurance is the one method of making sure funds are available for funeral and burial expenses as well as providing enough money for your loved one to carry on. It can also be used for college funding. This page is designed to help you have a better understanding of the need, benefits and types of life insurance. Watch the videos, use the calculator and our live chat feature. To learn more fill out Question or Quote form below.

TYPES OF LIFE INSURANCE

Term Insurance

Term insurance is the most basic type of life insurance. It usually offers the largest amount of coverage for the lowest premium for a specific period of time. The death benefit remains the same no matter how long the policy is in force. If the insured person dies during the term the company pays a lump sum benefit to their beneficiary. The insurance company may also let you convert your policy to a more permanent plan without additional underwriting or a medical exam. It is an excellent solution when the need for coverage ends at a specified time such as a mortgage or retirement. It does not pay a cash value. Rates increase with age so it is best to lock in coverage at guaranteed level premiums for affordable protection during your working years.

Universal Life Insurance

Universal life insurance is a permanent plan like whole life insurance. It is know as a flexible, premium adjustable policy, The benefit can be adjusted as coverage is needed. The premium can be adjusted to grow your cash value faster or slower. The cash value in a universal life policy builds tax deferred. The policy will remain in force as long as the cash value is not negative. The death benefit is tax free like the whole life policy. This type of policy can be beneficial to younger people because they can adjust it as their lives change. It can also be used for college funding.

Whole Life Insurance

Whole life insurance is a form of permanent life insurance. It guarantees a level death benefit and level premium for life. The policy has a cash value which grows tax deferred over time. The cash value can be withdrawn or borrowed to help supplement your income, college funding or paying off a debt.
The death benefit is tax free for the beneficiary.

Final Expense Insurance

Final Expense insurance is usually whole life insurance that provides enough insurance to cover the final expenses of the insured person. The expenses include funeral and burial expenses, final medical bills and other outstanding debt. There is usually fewer health questions and no medical exams required. As we age our needs for life insurance change. Final expense policies are a good solution for seniors who are looking for just enough to pay for funeral and burial expenses so their loves one will not have to pay those costs.The plans usually have a cash value that you can use as an emergency fund if necessary. The death benefit is also tax free for the beneficiary

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