Life Insurance

Life Insurance is not complicated or expensive when you work with one of our licensed sales representatives. Let's explore options to protect your loved ones.

What is Life Insurance?

Life insurance is a critical piece of a family's overall financial portfolio. Life insurance can help to protect against loss of income when someone passes unexpectedly. Nothing hurts worse than losing a loved one. Life insurance is to help provide financial relief during a very emotional and financially challenging time.

Common Types of Life Insurance

 Term Life Insurance
  • Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Mortgage Protection Life Insurance
  • A mortgage protection policy is typically a term life insurance policy that is at minimum large enough to payoff the beneficiary's mortgage so that a spouse, co-borrower, or child can payoff the mortgage when the insured passes away. The most common example would be a spouse purchasing a policy to leave enough funds behind to the surviving spouse to payoff their mortgage so that the spouse is not left struggling to pay a mortgage that was based on two people's income. 
Whole Life Insurance
  • Whole life insurance, or whole of life assurance, is a life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy. Whole life policies build cash value as the client pays the premium. As the policy matures, these policies can begin to have substantial cash value accumulation if funded appropriately. The cash value can be used to supplement retirement income, pay for medical expenses, used as a downpayment, or to fund many other ventures. Most policies accumulate cash value at 5-6% each year and the earnings are not tied to the stock market! 
Universal Life Insurance
  • A type of permanent life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer, but has a contractual minimum rate of 2%. When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is a "Equity Indexed Universal Life" contract.
Variable Universal Life Insurance
  • Variable Universal Life Insurance is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner. The 'variable' component in the name refers to this ability to invest in separate accounts whose values vary—they vary because they are invested in stock and/or bond markets. The 'universal' component in the name refers to the flexibility the owner has in making premium payments. The premiums can vary from nothing in a given month up to maximums defined by the Internal Revenue Code for life insurance.
Final Expense Insurance
  • Final expense insurance is a form of life insurance that is designed primarily to cover funeral costs and end of life expenses. However, the death benefit can be used for anything that the beneficiary chooses. These types of policies are perfect for people who want a permanent death benefit that will never expire. Final expense is appropriate for individuals who may have pre-existing health conditions as these policies have relaxed underwriting guidelines and do not require any medical exams. 
Juvenile Whole Life
  • Juvenile life insurance is only available in the form of a whole life policy. These types of policies can be used to protect a child's insurability by purchasing a policy while they are young and healthy and adding the option to purchase more insurance later in life without ever having to do any underwriting, regardless of their health. Also, it is common for parents or grandparents to purchase a juvenile whole life policy to help the child build cash value to use for college, first car, wedding, etc... as they age. The ownership and cash value can be transferred to the child when they become of age. 

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