Life Insurance Plans

How much life insurance do you need?  Do you need life insurance?  What type of life insurance do you need?

There are several factors to consider when you are deciding how much life insurance you need.  What bills need to be paid off when you pass away?  Will your surviving spouse want to stay in the home or will they want to move on? What about lost income, college expenses, business partners?  How long will you need your life insurance? As experienced life insurance agents we can assist you in answering these questions and whatever other questions may come up.

Life Insurance Plans

Life insurance can be categorized as Permanent (cash value, whole & universal life) or Temporary (term insurance). There is also Final Expense insurance (or burial policy), which is a simplified issue whole life policy, usually with a face amount of less than $40,000.

Term Life

Term Life is probably the most popular type of Life Insurance being purchased at this time, because it generally has the lowest rates.  Term insurance usually has 10, 15, 20 and 30 year guaranteed rate periods.  To get an idea of term costs click the button at the bottom of the page (or you can click on Check my price in the green box to the right).

Whole Life

Whole life insurance premiums and face amounts are guaranteed for life.  Whole life also has guaranteed cash values.  Cash value can accumulate based on declared interest or dividends.  Whole Life is for exactly what it says, your whole life.  Is Whole Life right for you?  Let’s talk.

Universal Life

Universal Life insurance is another form of permanent life insurance.  It can also be called flexible premium life insurance. Universal life has a cash accumulation account and the cost of insurance is deducted from this account.  As long as the accumulation account has a sufficient amount to cover the cost of insurance the policy will stay in force. As long as you make the target premium payments your life insurance should remain in force.  Any additional premiums you pay will be deposited into the accumulation account.  The accumulation account grows based on either Index performance or declared interest.  You can also adjust the face amount of a Universal Life policy without getting a new policy.  Call us or click on contact us to determine if a Universal Life policy is right for you.

Final Expense or Burial Insurance

Final Expense or Burial Insurance are whole life insurance policies, with reduced face amounts, usually $2,000 to $40,000.  Plans are usually simplified issue, meaning the proposed insured only has to answer a few questions (a medical exam is not required) for a policy to be issued.  Some companies offer guaranteed issue plans, but the full death benefit is only available after a few years.

We would be happy to meet with you and your family to help you decide what type of policy best meets your needs.  Call us or click on the Contact page to set up an appointment.