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What is Life Insurance?

Insurance at its core, is the transfer of the risk of financial or physical loss from one party to another. In the case of life insurance, by purchasing a life insurance policy from a life insurance company, also know as a carrier, you are essentially asking the company to agree to pay for financial losses that may occur in the event of your death, critical illness, or disability. This is called coverage.
 

In exchange for the company agreeing to cover you, you are required by the company to pay a fee. This fee is called a premium, and it can be paid in a variety of ways; such as monthly, quarterly, yearly, or even in one lump sum payment. There are many types of coverages and coverage durations, also referred to as coverage terms. A qualified life insurance agent can help you determine which coverage and coverage term works best for your specific situation.
 

To speak with one of our highly qualified, licensed agents about your life insurance needs, schedule a free 30 minute consultation.
 

TERM Life Insurance

Term life, the least expensive form of life insurance, is a type of coverage that lasts for a specified period of time, after which the coverage ends and the insured is no longer covered. At the end of the term the insured will be given an opportunity to renew coverage without having to prove insurability. If the renewal option is not exercised, than the person may have to prove insurability. Also, the cost to be insured will increase. 


Standard coverage periods include 10, 15, 20, and 30 year terms. Unlike whole life, or permanent life insurance, term policies do not build cash value over the course of the term period so money cannot be borrowed from the policy. However, becasue of it's low cost, if  used strategically, term insurance can be a very valuable income and asset protection tool.
 

To find out how a term life insurance policy can benefit your specific situation, click here to schedule a free one-on-one consultation.

WHOLE LIFE (WL)

Whole Life Insurance provides the insured lifetime coverage, as long as premiums are paid. Premiums on Whole Life policies are level, or fixed, meaning they stay the same for the life of the policy. These types of policies, also called permanent insurance policies, also build cash value over time and that cash can also earn interest. The excess cash is also tax deferred.


Whole Life policies are long term asset protection tools that can be used to not only pay estate taxes, eliminate debt, or pay off mortgages, but they can also be used to provide a source of income for the beneficiary. 


Although more costly up front as opposed to term insurance, whole life insurance is cheaper in long run, as it is more expensive to continuously renew term policies since the rates can increase significantly after every renewal. Term insurance may also be more expensive in a person's later years due to age or new health issues. For a long term approach to life insurance coverage, Whole Life is the way to go.


To speak with an agent about signing up for a Whole Life policy or to see how a policy can fit your long term financial goals click here.  

FINAL EXPENSE (FE) (Burial, End of Life Insurance)

Final Expense Insurance, also referred to as End-of-Life Insurance, Senior Insurance, or Burial Insurance, is mostly a Senior product tailored for Seniors between the age of 50-85. Some carriers also provide this benefit to insureds starting at age 40, while others have custom burial options for those less than age 40. It is primarily used to cover 100% of a person's burial expenses and other associated costs. However, it is not uncommon for seniors to purchase Final Expense policies to provide a monetary gift for a certain loved one, charity, or organization such as a church.
 

All true Final Expense Life Insurance products are Whole Life insurance policies and as such, are permanent, lifetime coverage policies that remain in force as long as premiums are paid. Death benefits generally range between $2,000 and $35,000. However, some carriers may offer more or less. Although the type of insureds may vary, these type of insurance policies are heavily sought after by seniors with fixed incomes and minor health issues, such as those on disability or social security.


The policies earn cash over time that can be borrowed by the insured as a living Benefit. Other Living Benefits include Accelerated Death benefits, which kick in for qualified Critical,  Chronic, and Terminal Illnesses. When a qualified event occurs, a percentage of the death amount becomes available to the insured, normally up to 95% of the death benefit, with the remaining portion left in the policy to go towards burial costs.
 

To speak with one of our licensed agents about applying for a Final Expense policy or for any additional questions, click here

MORTGAGE PROTECTION LIFE INSURANCE

If you own a home and are paying a mortgage but do not have MPI(Mortgage Protection Insurance), you're putting yourself and your loved ones in a pretty tough position should you pass away. PMI (Private Mortgage Insurance), which is generally required when you buy a home with less than 20% down, protects your lender in the event you fold on your mortgage.
 

In other words, if you die they still get paid, but your family gets nothing. MPI protects you as the home owner because in the event of an untimely death, severe disability, or a disease that shortens your life expectancy to a year, the policy will pay you and or your loved ones, enabling a payoff of the mortgage in its entirety, depending on the amount of protection you select.
 

Pros of MPI:
-Mortgage gets paid off
-You and your loved ones receive the
benefit amount, not the mortgage lender
-Its a tax free lump sum payment so you and or your loved one's receive the entire benefit amount to pay off the mortgage.
 

Cons:
-The death benefit decreases every time you make a payment, since the purpose of the amount of the policy is only to cover the expense of mortgage in the event of death. So throughout the years of your term as you make payments, the policy amount reduces to reflect the new mortgage balance.
 

Even though the pros outweigh the cons with MPI, you still have an additional option. You can purchase a Term Policy that covers the amount of the mortgage for a cheaper cost, and include enough to cover the cost of the mortgage as well as any additional needs for you and or your family.
 

To speak with one of our licensed agents about applying for Mortgage Protection Insurance, or for questions, click here and schedule a free 30 minute consultation.

GUARANTEED ISSUE LIFE INSURANCE (GI)

A Guaranteed Issue Life Insurance policy is one obtained by the insured not having to answer ANY health questions.

 

This is great for people with less than perfect health who want to avoid the medical questions altogether in fear of being rejected. Because no medical questions are asked and no medical exams are taken, the premiums on these policies will be higher, however, you will not be denied because of a pre-existing health issue. 

 

For people with major health concerns, this is a great solution as it allows them to get the permanent, lifetime coverage with rates that will never increase in amounts up to $25,000. The policy can provide their family with a means for burial, a way to to cover a certain expense, or even the opportunity to provide a gift to a loved one or charity with the remaining funds. 

 

To find out if a Guaranteed Issue Life Insurance policy is right for you, click here to schedule a free 30 minute consultation.

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UNIVERSAL LIFE (UL)

 

A Universal Life Insurance policy is a type of permanent life insurance. What makes Variable policies attractive is their flexibility and their savings investment component. The Cost of Insurance (COI), is the amount of premium that keeps the policy in force such as administrative and other associated fees. This amount increases over the age of the policy and as the insured ages. Another factor that determines COI besides the insured's age, is the insured's health status and history. This is referred to as insurability, or the ability to be insured. Rates are more favorable to those with fair to excellent health as they are considered low risk. However, people with greater health concerns may still be able to get coverage, just at a higher premium.

 

FLEXIBILITY  

For many universal life insurance policies the death benefit and premium amount can be adjusted, within limitations. For example, increasing the death benefit may require proof of insurability. This is good for some people that may fall on hard times as they will have the ability to adjust the premium amount. The stipulations for making these changes do vary from carrier to carrier.

 

CASH VALUE COMPONENT  

The insured can make additional premium payments over their standard COI to go toward the cash value savings component of the plan and it can build interest. This is one way to guard against a policy lapse in the future since as COI will inevitably increase as the insured ages, the excess funds can be used to cover the higher cost of insurance down the line. This extra cash can also allow for a missed payment because the premium amount will just be deducted from the cash value. The biggest drawback from universal life policies is that if there is not enough cash value in the account that can cover the COI in later years, the policy may lapse if the insured does not have the funds to pay into the policy to keep it in force. For seniors on a fixed income, this can be devastating. 


To find out if a Universal Life Insurance policy is right for you, schedule a free 30 minute consultation.

GUARANTEED UNIVERSAL LIFE (GUL)

To better understand how Guaranteed Universal Life Insurance works, it's useful to know how Term and Whole Life Insurance work.
 

With Term Life Insurance, the cheaper option in the short term, the insured has coverage for a specific period of time and generally pays a level premium for a level death benefit. There is no cash value accumulation and money cannot be borrowed. After the term ends the insured must either purchase a new policy at a higher rate, or renew the existing policy at a higher rate as well deal with the possibility of having to prove insurability at an older age with possible new health concerns.
 

Whole Life Insurance, on the other hand, is a permanent product and accumulates a cash value over the life of the policy as premiums are paid in. The insured then gets to borrow money from the cash that has been accumulated. Because the policy is permanent and has a cash component, it is more costly in the short term. But as time goes on, regardless of inflation or changes in health conditions or the Cost of Insurance (COI), premiums remain the same. This makes Whole Life insurance much cheaper in later years since the insured will generally not have to purchase any additional insurance which may be significantly higher at that time depending on their age and new health status, as well as the new COI. For those that do not wish to pay the higher cost of insurance for the cash value component, but still want long term coverage, there is another option, Guaranteed Universal Life Insurance.
 

Guaranteed Universal Life Insurance is for the person who could care less about being able to borrow cash from a policy, but still needs the lifetime coverage that a term policy will not provide. With the guaranteed universal life policy:
 

1. The potential insured can pay level premiums regardless of changing health conditions, inflation, or interest rate increases.
2. Select the age they would like to discontinue making premium payments up to age 121.
3. It costs less than other permanent products
4. Option for a 1035 Exchange
 

While these keys may be appealing, it is important to not that there are a few drawbacks for Guaranteed Universal Life Insurance policies such as:
 

1. No Cash Value in the event your circumstances change and you need access to fast cash.
2. Unlike other permanent products, missing or being late on a payment may forfeit your guarantee.
 

To find out if a Guaranteed Universal Life Insurance policy is right for you, schedule a free 30 minute consultation.
 

SIMPLIFIED ISSUE (SI)

A Simplified Issue Life Insurance policy is one obtained by the insured having to answer only basic health questions as opposed to a more in depth medical history questionnaire found in fully underwritten life insurance applications. This is great for people with less than perfect health who want to avoid the heavy medical questions fully underwritten insurance applications have.
 

To speak with one of our seasoned agents about a Simplified Issue Life Insurance policy may benefit you, click here.

NON MED (No Medical Exam)

Oftentimes, when a person applies for life insurance coverage, especially coverages with high face amounts, medical exams are required by the insurance company to determine rates and eligibility. These type of policies are called fully underwritten policies because the insurance companies did a bit deeper into the potential insured's medical history. But for those that wish to not go through the process of taking medical exams, there is another option: a Non Med policy.
 

A Non Med life insurance policy allows the potential insured to bypass the extensive medical history verification process, which usually consists of a medical examiner assessing current health by drawing blood, asking more in depth medical questions, and checking the person's weight and height. Rather than go through this process, the potential insured receives what's called simplied underwriting, because the underwriting process is simpler in scope.
 

These policies are great for people with medical conditions such as cancer and certain type diabetes. And for those who have suffered from heart attacks, heart by-pass surgery/angioplasty, sleep apnea and stroke, among other conditions.
 

To speak to one of our experienced professionals about a non med policy click here

ACCIDENTAL DEATH & DISMEMBERMENT (AD&D)

An accidental death and dismemberment policy is one that pays the insured or the beneficiary a death benefit in the event of an accidental death. If the insured suffers a dismemberment from the accident then the policy will pay the insured. If the insured dies as a result of the accident then the policy pays the death benefit to the beneficiary. 


This policy can be purchased as a standalone product or as a rider, depending on the carrier. They're also sometimes offered as just accidental death policies.


To see if an Accidental Death & Dismemberment policy is right for you, schedule a free 30 minute consultation.

KEY PERSON

A Key Person insurance policy, generally used by businesses, is the type  of insurance policy that pays a death benefit to the company in the event of the death of a key employee or business owner or partner. This policy provides income that the key person would normally produce if he or she were alive and working for the business. 


With this policy it is assumed that if the person passes away, the business would suffer financial loss until this person can be replaced. Therefore, a Key Person life insurance policy is utilized to guard against such financial loss.


To find out if Key Person Life Insurance is right for you, schedule a free 30 minute consultation.

SURVIVORSHIP

Survivorship insurance, also known as second-to-die life insurance, is a type of joint policy that covers both spouses under one policy. Unlike the typical joint life, first-to-die policy, where the death benefit soul be paid to the living spouse after the death of the other, a survivorship pays out after both spouses have died, usually to a named beneficiary to cover any debts, taxes, mortgages, etc.
 

Other uses for survivorship policies are for inheritances for children or grandchildren and gifts to a favorite charity.
 

The policies come in two forms: whole life or term. Most used are whole life universal policies which allow for flexible premiums and death benefits. However, terms are used as well, depending on the insured' s financial strategy.
 

To find out how a Survivorship policy can work for you, schedule a free 30 minute consultation.

JOINT LIFE

A first-to-die policy, also called joint life insurance, is the type of life insurance that covers both spouses under one policy, but only pays out the death benefit once to the surviving spouse. Once the death benefit pays out, the policy terminates.
 

Joint life policies are sold in two ways: as  permanent insurance, or term insurance. A key difference is in pricing. A permanent policy, such as whole life or universal life, is more expensive, but the policy builds cash value and earn interest in addition to lasting for the entire life of the insured as long as premiums are paid.
 

Term policies are inexpensive, but terminate after a specified period of time, generally after 20 or 30 years. They're also bare bone products meaning they generally don't have any additional features and do not accumulate cash over time that the insured can borrow from the policy.
 

Joint Life policies are mainly used to replace income lost by a deceased spouse, so that the surviving spouse can keep up with the normal expenses. They're also good to assure that a remaining spouse can maintain day to day living and provide for dependents, if any. Although these policies are great policies, they're not for every situation.
 

To find out of a joint policy is right for you and your spouse, schedule a 30 minute consultation.

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Other Insurance Solutions

DISABILITY (Individual and Group)

Disability insurance protects the income of the insured should they become physically disabled for a period of time. In the insured becomes disabled, the policy would pay out a specific benefit amount determined at the time of application, for that specified period of time. This is a great income protection tool and commonly used by laborers, drivers, and those in construction. Although, many other professions utilize this policy as well.


If you are an individual interested in disability insurance click here. If you are a business interested in a group disability benefit click here.

DENTAL (Individual and Group)

If you are an individual interested in dental insurance click here. If you are a business interested in a group dental benefit click here.

VISION (Individual and Group)

If you are an individual interested in vision insurance click here. If you are a business interested in a group vision benefit click here.

GROUP LIFE

Group life insurance allows employers to provide life insurance to employees through simplified issue policies, meaning potential insureds generally bypass the medical exam and usually have to answer just a few medical questions to get insured. In most cases the policies terminate once an employee leaves the company, however, insureds are sometimes given the option in the policy to transfer ownership of the policy to themselves within 30 days after separation from the company. 


Employers can either pay the policy premiums on behalf of the employees, or have the ememployees pay through automatic bank draft. By law, the first $50,000 paid by an employer is not taxed and does not have to reported in the employees gross income. However, any amount paid over $50,000 must be included in the employees taxable income.


To find out if Group Life is a great fit for your company or organization, schedule a free 30 minute consultation.

WORKSITE BENEFITS

Oftentimes, employers choose to offer their employees or potential hires an incentive for working for their companies. One of the main ways these businesses do this is through worksite, employee benefit packages. Packages vary from company to company, but generally include benefits such as 401k retirement plans, dental, vision, hospital, health, and group life insurance. While we currently to not offer 401k's, we do assist businesses with dental, vision, disability, certain hospital plans, and group life insurance. 


Payment terms for benefits vary by company but generally work one of two ways: the employer pays 100% of the cost, which is referred to as defined contribution, or the employees pay and have the premiums automatically drafted from their pay pre-tax.


To find out more about how we can help your business attract and retain employees through worksite, employee benefits, schedule a free 30 minute consultation.

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