Life Insurance
Life insurance is one of the hardest things for clients to discuss, for obvious reasons. This policy is essentially a contract that exists between the owner of an insurance policy and the company that issues it. The terms of the contract outline the payments the policyholder will make to the insurance company. In exchange for the premium, the life insurance company that issued the policy agrees that a cash disbursement will be made to the person or person named by the insured should he or she die while the insurance policy in is force.
Traditional life insurance underwritten and is often determined by the risk factors. To identify these risks, the insurance carrier will review your:
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General health
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Health history
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Background history
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Lifestyle
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Types of Life Insurance:
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Whole Life: As the name implies, a whole life insurance policy provides cover for your entire lifetime and guarantees a lump sum payment when the policyholder dies – provided premiums have been continuously paid throughout the policy. As usual, the proceeds of the policy will go to the policyholder’s family or beneficiaries of their estate. Whole life insurance benefits will never decrease & the rates will never increase as one ages.
Universal Life: Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime.
Term Life: Term life insurance is designed to provide financial protection for a specific period of time, such as 10, 20 or 30 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate.
Single-Premium Life: Single-premium life insurance is a type of life insurance that charges the policyholder a single up-front premium payment to fully fund the policy. The great advantage to single-premium life insurance is that the single payment fully funds the policy, immediately guaranteeing a sizable death benefit to the beneficiaries. Another useful feature of some single-premium life insurance policies is their ability to finance long-term care, should the insured require it.
Your life insurance policy was never meant to be a set-it-and-forget-it document. Call us today for your FREE policy assessment to be certain you are getting the most out of your life policy.
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