Life
Insurance

We offer a variety of life insurance policies for both individual and group coverage. Contact us for a FREE EVALUATION to match you with the plan that best suits your needs.

Term Life

Term life insurance is a type of life insurance that pays the beneficiary or beneficiaries in the event of the insured party’s death during a specified term, usually within a 10–30-year period. Term life insurance helps provide for the family of the deceased during their working years, which is the period of time when insurance is typically less expensive. Term life insurance helps to alleviate the added burden of funeral costs, as well as the increased cost of everyday living without the deceased individual’s ongoing income such as mortage payments, auto loan payments, and other daily living expenses. Term life insurance includes three basic types of coverage: 

  • Basic Term Life – a coverage option that is typically paid by the insured’s employer that offers crucial financial protection to the beneficiaries in the event of the insured’s death. 
  • Supplemental Term Life – a coverage option that is paid for by the insured individual to provide added financial protection as their needs change, sometimes extending coverage to the insured’s spouse, dependents, or domestic partner. 
  • Dependent Term Life – an option that provides coverage to a spouse, domestic partner, civil union partner, or eligible dependents.  

Whole Life

Whole life insurance, also sometimes referred to as traditional life insurance, is a type of permanent life insurance that pays out death benefit coverage to the beneficiaries for the life of the insured individual, so long as the insurance premiums continue to be paid on time. In addition to providing coverage for the life of the insured, whole life insurance has some additional added benefits which are not available with a term life insurance policy. Whole life insurance policies contain a cash savings component, which earns a fixed interest rate. The policy owner can withdraw or borrow from this, although withdrawals will reduce the death benefit, as will outstanding policy loan balances.

An important piece of information to keep in mind regarding whole life insurance policies is that whole life insurance policies are a type of permanent life insurance, but they are not the only type of permanent life insurance. To determine if whole life is the best choice for you, or if another type of permanent life insurance would better fit your needs, make sure to ask the licensed professional you are working with to learn the differences in several types of permanent life insurance available. 

Universal Life

Another type of permanent life insurance policy is universal life insurance, which is typically recommended to individuals who are high earners. Universal life insurance can be used to supplement the insured’s retirement income or build up a tax-free inheritance for their family. Universal life insurance provides flexibility for the policyholder in that the amount paid towards premiums can be increased or decreased, although if the policyholder chooses to decrease payments, the difference will be withdrawn from the policy’s cash value. Typically, a universal life insurance policy will be combined with a term life insurance policy to generate better earnings. The ability to use the policy’s cash value to pay the premiums on the policy is what makes universal life insurance different from other types of permanent life insurance. This type of policy also allows you the option to take out loans using the cash value, although if you do, you will have to pay the loan back with interest. Universal life insurance policies are also useful in estate planning, as the death benefit payout can also be used toward covering estate taxes. 

Final Expense

Final expense insurance, sometimes also referred to as burial insurance, is a type of whole life insurance policy that is specifically aimed at covering the financial burden of end of life and postmortem expenses for the family of the insured, although the death benefit payout is not required to be used specifically for that purpose. Final expense insurance is typically purchased with the intention of paying for the insured’s end of life expenses, funeral arrangements, and cremation services, if applicable. Final expense insurance policies typically do not require a medical examination in order to qualify for coverage, so these plans are often the favored choice for individuals who are older or have preexisting health complications. Final expense insurance is also frequently purchased as an added measure of financial protection when the policyholder’s term or whole life insurance policy may not be pay a sufficient death benefit to the beneficiaries.  

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