Why Buy Life Insurance
You work hard to make sure you can provide for your family’s needs and goals. Preparing for your family’s future, however, means more than investing appropriately for your goals and time horizon. For many people, it also involves purchasing the right amount of life insurance to protect their family’s lifestyle.
Life insurance can help reduce the financial impact on your loved ones in the event of your death. When you plan for life’s uncertainties by having a life insurance policy, you provide your family the opportunity to help replace lost income, eliminate debt, pay for college, keep a business afloat, protect family wealth, or address other financial needs and goals while they adjust to a new life.
A life insurance policy provides a payment in the event of your death that can help protect your family’s lifestyle in the absence of your earning power. “Many people have financial goals they are trying to meet with hard-earned income-such as paying off a mortgage, putting a child through college, or supporting an elderly parent. Life insurance can help support your family goals,”
Types of life insurance
Term Life Insurance
Term life insurance policies provide affordable, temporary coverage. Term policies contain no cash value and are designed for death benefit protection only. The premiums may be level for the first 10, 15, 20 or 30 years, depending on the policy selected. Because the death benefit protection is for a limited period, the premium is often the lowest of all types of life insurance policies. However, after the level term period, premiums may go up significantly and increase annually.
Whole Life Insurance
Whole life is the traditional form of permanent life insurance. It provides the certainty of level premiums, a guaranteed interest rate and a guaranteed death benefit. Whole Life provides the extra security of guaranteed protection at affordable rates, yet it includes the element of cash value accumulation.
Universal Life Insurance
Universal life is a flexible premium, adjustable life insurance product that provides the flexibility for choosing various features and adjusting those features as financial priorities and needs change. The policy can have cash value that grows on a tax-deferred basis.
Indexed Universal Life Insurance
Indexed universal life is a version of universal life that combines death benefit protection with the opportunity to grow cash value through an account that credits interest based upon the upward movement of stock market indexes – without the risk of investing directly in the market. The Index Account features a zero percent floor which guarantees your account won’t earn less than zero percent due to poor market performance.
Final Expense/Burial Insurance
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance
****All coverage is subject to policy terms and conditions, see your policy for details****