Purchasing Life insurance is one of the best things you can do to protect family and loved ones after you die. And the policy limits should be reviewed on a regular basis to make sure you have the right amount of coverage based on your situation.

For example, you might consider increasing your benefits when purchasing a new mortgage or as you have college expenses and then decreasing your benefits as you pay down your debts.

There are typically two types of Life insurance policies: Term Life and Whole Life.

Some considerations for the different types of policies include the following:

• Term Life insurance provides death benefits for a certain amount of time, usually a 20-30 year span. If the policyholder passes away during this time, then the insurance company will issue to the beneficiaries of the policy a payment equal to the amount of coverage purchased. If the policyholder outlives the term, then the funds are forfeit and premiums aren’t reimbursed.
• Whole Life insurance lasts throughout your entire life.  Unlike Term Life insurance, there’s no end to the contract. Additionally, a Whole Life insurance policy builds cash over time. Part of the premiums that you pay go toward the cost of the insurance while another part essentially goes into an investment account. As you accumulate cash in your account, you’ll have the option to borrow against that money at typically low interest rates. And when the policyholder passes away, the beneficiaries will receive not only the payout from the insurance policy but also the funds accumulated during the time the Whole Life insurance policy was in place.
• Indexed Universal Life Insurance is a way to build wealth while leaving a safeguard in place for your loved ones upon your death. IUL policies offer you greater flexibility, tax-free gains and more. IULs are not without some risk so speak to an advisor in our office to learn if this type of policy is for you.
• Group Life Insurance: Enhance your employee benefits package with our Group Life Insurance Policy, a cost-effective solution to attract and retain top talent. We offer three types of life insurance products: Workplace Term Life for affordable coverage over 10, 20, or 30 years; Workplace Whole Life for lifetime protection and final expense coverage; and Workplace Increasing Whole Life for guaranteed coverage levels. Our dedicated life insurance agents are available to help you choose the right plan for your business. Elevate your compensation package and provide peace of mind to your employees. Contact us today for a Group Life Insurance quote.
• Key Person Life Insurance: Safeguard the success of your business with Key Person Life Insurance, designed to protect against the impact of a key individual’s unforeseen absence. This policy offers reimbursement for losses, immediate cash, liquidity to sustain business operations, and can be considered an asset on the balance sheet. Key individuals include owners, co-owners, office managers, and others crucial to the business. Coverage extends to lost sales or revenue, expenses related to hiring interim staff, and costs associated with recruiting and training a replacement. To determine if this coverage suits your business needs, consult with a licensed life insurance agent for personalized guidance.
• Universal Life & Permanent Universal Life Insurance: Universal Life Insurance provides the ultimate flexibility by combining the affordability of term life insurance with the investment elements of whole life insurance. This plan adapts to your evolving life circumstances, offering benefits such as flexible premium adjustments, accumulation of payments over the minimum amount for premium coverage, and a guaranteed policy as long as minimum costs are maintained. The policy also accrues cash value, with excess earnings applied to enhance the policy’s value. Discuss your unique needs with our licensed insurance agents to select the ideal Universal Life Insurance policy for you and your family, as each policy varies in its features and benefits. Please note that the information provided here is for informational purposes only.
• Income Replacement Insurance: Protect your family’s financial future with Income Replacement Insurance, a crucial financial plan that insures your most valuable asset—your income. This policy is especially vital if your family relies on a single breadwinner. Unlike typical life insurance, income replacement insurance offers affordable coverage options tailored to your family’s specific needs. Ensuring stability for your loved ones, this insurance goes beyond traditional policies, recognizing the unparalleled impact of your income on your financial well-being. To determine the right coverage for you, considering factors like age and health, consult with a licensed insurance agent at our office today. We’ll help you navigate your options and find the ideal policy to suit your needs.
• Determining whether Term Life or Whole Life is better is dependent on your individual circumstances. Whole Life tends to be much more expensive because you’re paying for the cost of the insurance and paying into your investment account. Whole Life is also much less flexible because you aren’t able to increase or decrease your benefits as your finances change over time. And life insurance companies tend to use the money from Whole Life policies to invest in very conservative portfolios meaning your money could be more productive by investing it in other ways.  But Whole Life leaves your beneficiaries with something more than just the life insurance payout. And it guarantees that your premiums won’t be forfeited because you’ll never outlive the policy like you could with a Term Life insurance policy.
• Regardless of which type of policy you choose to purchase, determining how much Life insurance you need can be based on several factors.  The first thing to consider is your amount of debt. At a minimum, you’ll want your policy to pay off all of your outstanding debts. That includes mortgages, car loans, college expenses, etc.  Secondly, if you’re earning income, then you’ll want the Life insurance policy to replace that income. Ideally, the payout will be enough to cover several years of your lost income. And finally, you should consider the financial peace of mind that the insurance is providing to you and your loved ones. So, in addition to covering your debts and your income, the amount of money necessary to allow the existing standard of living to continue should be considered.

A great way to determine the type and amount of Life insurance you should purchase is to ask a licensed agent in our office. We can assist you with assessing your insurance needs and provide you with some quotes from several of the top insurance companies.

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Our licensed staff is ready to help you get multiple Life insurance quotes. Because we’re an independent insurance agent we can shop from multiple insurance companies to help you find the right coverage at the right price.