Life Insurance

LIFE INSURANCE
During your lifetime Life Insurance will be one of your most important purchases. Life Insurance provides the means for you to protect your loved ones and a tool for your financial planning.

We offer low cost Term, Whole and Universal Life Plans

Term Life Insurance
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Whole Life Insurance
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Universal Life Insurance
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Why Do I Need Life Insurance?

Life Insurance is a means for you to provide financial stability for your family in the event of your death. The death benefit portion of the Insurance policy provides cash directly to your loved ones to replace your income, and to cover life’s important financial needs such as funeral costs, living expenses, college education funds, and unexpected events. You can think of life insurance as an enduring gift of love that keeps on giving to your family – your loved ones. Generally, the death benefits pass tax-free income to your beneficiaries.

Which type of Life Insurance should I get?

Term (or temporary) Insurance:

Term (or temporary) Insurance offers you affordability. Large amounts of insurance can be purchased for initially low premiums. Term Life Insurance is referred to as Temporary Insurance because the coverage lasts for a time period specified in the Policy, and expires without value on a specific date. This type of insurance is often used to cover short-term or specified-term needs such as mortgages, debt or loans, or educational expenses.

Term Insurance is a good fit when funds are limited because the premiums are lower than Permanent Life Insurance. You can use Term Life Insurance to cover specific or short-term financial responsibilities (i.e.: college expenses, a mortgage, outstanding debt, or a loan).

Term Life Insurance can also be used as a supplement to permanent life insurance to cover years where your expenses are greater.

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Comparison of Term Life Insurance, Whole Life Insurance,
and Universal Life Insurance:
Term Life Insurance
Temporary Insurance

Simple & Affordable Coverage

Guaranteed Death Benefit

Low initial premium

Useful for short-term needs

Can be used to supplement Permanent Life Insurance

Whole Life Insurance
Permanent Insurance

Guaranteed Death Benefit

Level Premiums for lifetime

Savings Element-accumulates cash value

Access cash through loans at low interest

Suitable for lifelong needs given premiums paid as required

Universal Life Insurance
Permanent Insurance

Offers the most flexibility

Premiums, payments, and death benefits can be changed

Savings Element-accumulates cash value

Access cash through withdrawals

Suitable for lifelong needs given premiums paid as required

Permanent Insurance

Permanent Insurance offers you insurance protection and a savings element (a cash value) for the amount of coverage that you have chosen. Permanent Insurance is most suited to lifelong needs providing permanent protection from the issue date of the policy to the insured’s death (provided that the premiums are paid as required). This type of insurance is typically used for a loved one’s financial stability, estate planning, business legacy, and access to the accumulated cash value. Living Benefits are available to you with Permanent Insurance – you have access to the accumulated cash value (the savings element) during the life of the policy. Permanent Insurance coverage is suited for lifelong needs (i.e.: Estate Planning, your family’s financial stability, Business legacy, and access to the accumulated cash value). There are two basic types of Permanent Insurance:

Whole Life Insurance: The premiums are set at the date of the policy issue and remain the same for the life of the policy, which matures when the insured attains age 100. Whole Life Insurance has fixed premiums, face amounts, and cash value accumulations. You have access to the “Living Benefits” through loans at reasonable interest rates from your accumulated cash value in the policy.

This form of permanent insurance offers more flexibility than Temporary (or Term) Insurance with the assurance of a guaranteed death benefit, a level premium for the life of the policy, and a cash value that grows. The policy will remain in force and provide lifelong insurance protection as long as the premiums are paid as required.

With Whole Life Insurance you can select how the premiums will be paid- premiums paid to age 100, or somewhere in between with a Limited Pay Life Policy.

Your cash value is available to you during the life of the policy through loans or policy withdrawals. During the life of the policy your cash value grows, tax-deferred, until the cash value=the face amount of the policy.

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Universal Life Insurance: This is a variation of the whole life insurance, and is characterized by its considerable flexibility. Universal Life offers you the most flexibility. You determine the amount and frequency of the premiums, and can adjust the policy face amount (up or down) in response to your changing life needs. This flexibility is provided to you because the Universal policy separates the basic components of a life insurance policy – the insurance (or protection) element, the savings (or cash value accumulation) element, and the expense (or loading) element.

You have the ability to change the premiums, payments, and the death benefit options. Universal Life Insurance also has a cash value that grows tax-deferred during the life of the policy until the cash value=the face amount of the policy. Your cash value is available to you during the life of the policy through loans or policy withdrawals from the cash value, these “Living Benefits” can be very useful to address your “Life Events” when they occur.

With the flexibility comes the need to assure that the premiums paid into the policy are sufficient to maintain a cash value that will accommodate the monthly deductions.

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We work with top insurance companies to find insurance with the best fit to your individual needs at the lowest price.