Term Life Insurance
Easily the most practical and affordable life insurance option, term life insurance offers coverage for a predetermined period of time.
Term Life insurance is temporary insurance generally for specific needs, like paying off a home mortgage, providing dollars until children are grown, or a business bank loan.
Written for specified years the premiums are usually guaranteed until the contracts ends.
Premiums will go up after that period. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary.
Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
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Whole life Insurance
Whole life insurance provides lifelong coverage at a fixed rate, while building in cash value.
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Burial or Funeral Insurance
This is a Permanent Type of Insurance issued to people over the age of 50 to help pay for Funeral / Burial Expense.
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Universal life Insurance
Universal life insurance offers both lifelong coverage and an investment component that tracks the major indexes.
A type of permanent life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy.
The cash value is credited
each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium payment is made that month.
Interest credited to the account is determined by the insurer, but has a contractual minimum rate of 2%.
When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is a “Equity Indexed Universal Life” contract.
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Joint life Insurance
Joint life insurance is a single policy, term or whole, that aims to meet the needs of two people, usually married.
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This type of insurance provides a necessary income should you become afflicted with a debilitating injury or illness and are unable to work.