Life Insurance

If you’re like most people, the first time you even think about life insurance is after you start a family. There’s something about taking home that bundle of joy that makes you shift your priorities about what’s important.

One of the foundations of successful financial planning is to protect what you have before you can expect to build upon it. For most people the most valuable asset you own is your ability to earn an income. What else do you have that can generate $40,000, $60,000 or even $100,000 or more each and every year? It’s essential that you protect that asset for your family in case something should happen to you.

Life insurance can play a key role in that plan. And it doesn’t have to be scary or expensive. If you’re just starting out, you’ll be surprised how much coverage you can buy for a very affordable amount with term insurance. As your financial situation and your goals change over time, you can choose to convert that term policy to something more long-term, such as universal or variable universal life insurance, both of which offer you greater flexibility and the potential to build cash value that you can use in the future.

Regardless of the type of life insurance you choose, the benefit paid to your beneficiaries is generally federal income tax free. Cash value within a life policy grows tax-deferred, which is an attractive feature for those who want to accumulate value in the policy so that it can be withdrawn or borrowed against in later years.

Some people use their life insurance cash value to:

  • Help fund college tuition
  • Increase their supplemental retirement income.
  • Purchase a vacation home

Be aware that any loans and withdrawals may generate an income tax liability, reduce available cash value, reduce the death benefit or cause the policy to lapse.

Term Life

If you’re just starting a family, or just purchased a home, a rising priority for you may be the prospect of providing for your loved ones in the event of an untimely death. For paying off a mortgage or taking care of other debts, term life insurance is a great option. It is generally the most affordable type of life insurance and provides pure death benefit protection – a fixed death benefit payout if you pass away within the “term” of the contract.

And if you don’t like the idea of paying premiums for something you may never have to use, consider return-of-premium-type products –where you typically get back the premiums you pay if you outlive the “term.” Plus a variety of other life insurance products like universal life, indexed universal life, and variable universal life insurance to offer opportunities to build cash value in your policy.

Whole Life

Whole Life insurance is an insurance policy that provides lifetime insurance protection with significant guarantees and tax benefits for the policy owner. These guarantees can be viewed as either rates or values. When actuaries design a whole life policy, they begin by determining what rates are going to be guaranteed. Once the guaranteed rates have been set, they are used to determined policy premiums and values. A mutual life insurance company, will then adjust these rates and values to current conditions through, the mechanism of a non- guaranteed dividend which is considered to be a refund of premium. Because life insurance is seen as financially beneficial to society, significant tax benefits have been given to it- benefits that are not found with other financial instruments.(as long as premiums are paid), you should always have some form of guaranteed premiums and cash value.

With death benefit protection covering you throughout your whole life, this type of policy can help your family when you’re gone by providing money to pay for funeral and other final expenses, college, mortgage and many other financial needs.

What are the different uses for whole life?

  • Distribution like a WILL
  • You can make direct loans to
    yourself for any reason
  • Flexible loan repayment terms
  • Tax-free death benefit
  • Tax-deferred growth
  • Tax-favorable access to policy cash
    values through withdrawals
  • Human Life Value Protection
  • Family Protection
  • Business Protection
  • Estate planning
  • Asset Maximization
  • The Protection of an instant
    permanent estate
  • Disability Protection
  • Liability Protection
  • Tax-favorable access to policy cash
    values through policy loans
  • Self-Funding
  • Ability to pay itself back from
    anticipated earnings
  • Collateral for loan from a bank
  • Flexible loan repayment a bank
  • Death benefit increase

“Whole Life insurance may be customized for your specific needs”

“Concluding Note
The protection and wealth-enhancing benefits of whole life insurance make it the most.
Comprehensive financial tool available today. Its great value is enhanced by its flexibility, which Enables is to be customized for a variety of consumer needs. Premium flexibility is provided by Premiums and dividend options. The loan feature and the ability to withdraw dividends provide readily available liquid assets. Together, the guaranteed cash value, guaranteed death benefit, and guaranteed premium provide policy owners with a solid foundation for financial protection and the ability to build wealth in a turbulent and uncertain world.”

Universal Life Insurance

For long-range goals like paying for your kids’ college, supplementing your retirement income, and leaving a financial legacy for your family, universal life (UL) insurance can be a great fit. In addition to death benefit protection, it allows you the opportunity to build tax-deferred cash value that you can access for future use (provided all applicable premiums are paid). It also includes features like flexible premium payments that can generally be paid in any amount, at any time, and even in advance, allowing your policy to adapt to you. Not the other way around.

Indexed Universal Life Insurance

Imagine adding a turbo-charged engine to your car’s bells and whistles. That will give you a feel for what Indexed Universal Life (IUL) insurance is like compared to traditional term and universal life insurance. Indexed Universal Life Insurance is a form of universal life insurance that provides death benefit protection but offers the opportunity to build cash value through index crediting potential based, in part, on a portion of the increases, if any, of one or more stock market indexes.

Many IUL products may also offer protection from downside risk through a minimum guaranteed interest rate guaranteed by the issuing insurance company.

Get a Quote

You can apply for Health Insurance coverage, Individual/Family Plan in one of three ways: Online Get a Quote to compare plan features such as deductibles, copays, and premiums. Then Apply using the online application. You can also apply directly without getting a quote.

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Contact your authorized Health Insurance Broker or Agent