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Our Process
Our Products
When it comes to life insurance, one size doesn't fit all. People come to us with different needs, budgets, health issues and financial goals. That's why we offer a variety of products. Below, you'll find information about the various products we offer:
- Term Life Insurance
- Return-of-Premium (ROP) Term Life Insurance
- No-Lapse Universal Life Insurance
- Final Expense Insurance
If you would like advice on which type of product might be best for you, please call us and one of our licensed life insurance professionals will be happy to assist you.
Term Life Insurance
Term life insurance is generally the most affordable type of life insurance. It provides your loved ones with financial protection for a specific period of time such as 10, 20 or 30 years. We specialize in level-term policies, which means that your premiums will remain the same for the "term" of your policy (i.e., 20 years).
If you die during the term, a death benefit will be paid to your beneficiaries in the amount of the policy you purchased. Now is a particularly good time to buy life insurance because rates are near historic lows. To give you an example, a healthy non-smoking 35-year-old can buy a 10-year, $500,000 level-term policy for about 50 cents day. Click here for your personalized, no-obligation quote.
When considering a term insurance purchase, it's important to keep in mind that your coverage will generally end when the level-period expires. So let's say that you bought a 10-year policy. If you decide after 10 years that you still have a need for coverage, you may be able to renew your policy for several more years but your premiums are likely to increase substantially. For that reason, most people will let their policies expire when their term ends. That's why it's very important to select the proper length of coverage when buying a term policy.
Return-of-Premium (ROP) Term Life Insurance
With a traditional term policy, if you don't die during the term, you're generally left with nothing when the policy expires. You coverage simply ends. For people who wish they could receive some sort of benefit if they outlive their term coverage, return-of-premium (ROP) term life insurance may be a good solution.
Return-of-premium policies are similar to traditional term policies in that you purchase them for terms of say 20 or 30 years and the premiums remain level throughout the term. But here's how they differ. If you're fortunate enough to outlive your policy and you keep it in force for the entire term (e.g., 20 years), your insurance company will refund all of the premiums you paid over the 20-year period. If you decide to cancel your policy after say, 10 years, you'll get a partial refund of your premiums. Of course, there's a price to be paid for getting some or all of your premium money back. Premiums for return-of-premium policies are considerably higher than premiums for traditional term policies, sometimes as much as 100% or more.
No-Lapse Universal Life Insurance
Universal life insurance is a form of permanent life insurance. Unlike term policies that expire at the end of the "term," permanent life insurance policies provide lifelong protection. Permanent policies also give you the ability to accumulate cash values on a tax-deferred basis, just like assets in most retirement and tuition savings accounts.
Universal life is generally the most affordable and flexible type of permanent life insurance. These policies allow you to vary your premium payments, subject to certain minimums and maximums. If your budget is tight for a period of time, you can reduce the amount you pay. If you find yourself with extra cash on hand, you can make higher payments and your cash-value account can grow faster.
The type of universal life insurance that we offer is called No-Lapse Universal Life Insurance. Some people also refer to it as Universal Life Insurance with Secondary Guarantees. With an ordinary universal life policy, the policy could lapse under certain circumstances (e.g., interest rates fall below projections, insurance costs increase, etc). With a No-Lapse policy, you're guaranteed that the policy won't lapse, even if these circumstances occur.
So why would a person chose to buy a universal life policy instead of a cheaper term life policy? It's usually for one of two reasons. Many people like the idea of lifelong coverage. They want to know that their coverage will be in force whenever they die, even if it's 50 or 60 years from now. Also, some affluent Americans have estate tax liabilities and life insurance proceeds are often used to pay estate taxes. With a term policy, there's no guarantee that your policy will be in force when you die. The second reason is the cash value, which you only get with a permanent life insurance policy. You can use your cash values for any purpose you wish, such as a down payment on a home, college tuition payments or maybe to invest in a business opportunity. It's important to keep in mind, however, that withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid.
Final Expense Insurance
Final Expense Insurance is a type of permanent life insurance designed to satisfy a very specific purpose: To pay for your funeral costs and other final expenses such as estate settlement costs, credit card debt and medical bills that weren't covered by your health insurance. These policies are often a good solution for people who didn't buy life insurance earlier in life and now realize that they don't want their loved ones to be burdened with final expenses when they die. It's difficult enough to lose someone you love. You don't want your family's grief to be compounded by concerns about how they're going to pay for your funeral and debts you leave behind. Final Expense Insurance can help you avoid this scenario.
Typically, a Final Expense policy is a Whole Life policy. With this type of insurance, the premiums and the death benefit are guaranteed to remain the same for as long as you keep the policy in force. Like other forms of permanent life insurance, a Final Expense policy will allow you to accumulate cash values on a tax-deferred basis. You can withdraw or borrow money from your policy for any purpose. If you do so, your beneficiaries will receive a reduced death benefit when you die if you didn't repay the funds that you borrowed or withdrew.
One of the best things about Final Expense Insurance is that it's very simple to apply for. Typically, you don't have to get a medical exam or answer a long questionnaire. You just need to answer some basic questions about yourself. This is called Simplified Underwriting, and it's a good option for people who buy life insurance when they're a bit older or may not be in the best of health. You'll generally pay more for a policy that doesn't require Full Underwriting. But if your goal is to make sure that your loved ones aren't burdened with your final expenses when you die, it's a price worth paying, as long as it fits within your budget.
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