Life Insurance Options
Loved ones are the most important thing in our lives. Making sure that you never have to worry about the financial fallout of losing someone close to you is our priority. Secure the protection for your loved ones that they, and you deserve.
Term Life Insurance
Term life insurance is usually set in terms of age or years. You can have anything from 10, 15, 20, 30 years, and more! They can also be set in terms of age, so instead of a set number of years, it is set to expire at a certain age of the client. The policy is effective for the term defined in the policy declarations. So, if you were to get a 30-year term policy at the age of 27, the policy would stay in force and effect until you were 57 years old. Term policies unlike whole life policies do not accumulate cash value or dividends, the premium you pay is just for coverage, and loans/cash withdrawals cannot be taken on the policy.
Flexible Term
Flexible term does not have to do with the amount of time you are covered, but the price of the policy. A flexible term policy will typically slowly increase in price over the policy term by a set % each year. The older you get, the more you pay!
Fixed Term
Similar to a flexible term policy, this has a set policy period for coverage. The premium you pay however is the same throughout the duration of the policy. So the price you pay at policy inception when you are 28 years old is the same that you will pay at age 50 while the policy remains in effect.
Whole Life Insurance
Whole life policies are typically set to mature at the age of 121 or upon the insured’s passing. Once the policy matures (or the insured passes) you get the whole cash value and death benefit of the policy. Each year the policy gains a set % in cash value for you to either use or add to your death benefit. These policies can sometimes not require medical exams depending on the carrier. The premium and interest rate on a whole life policy is set for the entire lifetime of the policy
Whole Life
Whole life policies are typically set to mature at the age of 121 or upon the insured’s passing. Once the policy matures (or the insured passes) you get the whole cash value and death benefit of the policy. Each year the policy gains a set % in cash value for you to either use or add to your death benefit. These policies can sometimes not require medical exams depending on the carrier. The premium and interest rate on a whole life policy is set for the entire lifetime of the policy
Universal Life
Universal life is similar to whole life in a lot of ways, there are a couple of key differences though. For a universal life policy, a percentage of the premium is credited toward accumulation points on the policy. These accumulation points can be used in the policy to access cash value, provide additional insurance coverage, or even skip/reduce payments. The cash value is set to accumulate at a minimum amount but can grow more than that during certain years as well.
- Credited Interest Rate = The accumulation account is credited monthly with a current rate of interest as determined by the Company. This rate reflects the most up-to-date investment market conditions and compares favorably with Money Market rates.
Indexed Universal Life
The indexed universal life policy is similar to the other whole life policies in that it accumulates cash value. It does however have key differences that make it unique. The growth of the policy (accumulation of cash value or increase in death benefit) is tied to an underlying stock market index. The insured chooses between the S&P 500 or the Russel 2000. You can split them between the two however you would like. The gains are then capped at a certain % based on the insurer. As those stock market indexes grow, so does your policy (up to the cap) If the stock indexes do not grow and lose value, you do not lose value in the policy it just does not grow that year. This premium is also flexible, the more money you put in, the higher return you will have on your cash value and death benefit.