Life Insurance Basics

To plan for the future means to make certain commitments today. Life insurance is a crucial element of family planning because it ensures the financial security of the beneficiaries after the policyholder's death. A life insurance policy provides you and your family with peace of mind. After all, it's nice to know that your loved ones are protected and can benefit from the fruits of your labor so they can invest in their own future.

If You Need:  

• Coverage for 10-30 years, consider: Term Life Insurance
• Lifetime Coverage, consider: Permanent Life Insurance
• Quick approval (Ages 20-60): No Exam Policy

Types of Life Insurance Explained

Here is a more comprehensive guide to the most common types of life insurance, with links to articles about each one for additional information:

Term Life Insurance  – Typically the most affordable type of life insurance policy with level premiums for an initial period such as 10, 20 or 30 years.  Most of our term policies may be converted to a type of permanent insurance such as whole life or universal life.  Generally used to cover a short term insurance need (10-30 years) rather than lifetime. Whole Life Insurance – A policy designed to offer lifetime protection, with fixed premiums and guaranteed cash value accumulation.  This type of insurance typically costs more than any other type, but offers the most benefits.

Universal Life Insurance – A more flexible plan, which may also provide coverage for life if cash values are sufficient to pay the ongoing cost of insurance.  It can also be structured to act like a term policy to age 95, 100, 105, or 120, essentially stripping away the cash value component and offering you the cheapest, long term coverage available within any type of insurance.

Business Life Insurance – Describes plans available for business needs such as key person, buy sell, and executive compensation.

Guaranteed Issue Life Insurance – For individuals with severe medical conditions, or have been declined for life insurance.

Life Insurance with Additional Benefits (known as Riders)

Return of Premium Life Insurance – Term insurance that returns 100% of the paid premiums after the initial term ends.

Life Insurance with Critical Illness Benefits – Similar to Long Term Care rider, but not to be classified as long term care.

Life Insurance/ Long Term Care Policy with Return of Premium – Finally a type of insurance you can use 3 different ways.  Finally an insurance policy you won’t hate.

We also consult on the following life insurance policies:

• Permanent life insurance, including:
• Whole life, universal life, limited pay, and endowment
• Temporary life insurance
• Variable life insurance