Call us before you decide on a suitable life insurance program. We know you want to protect your family or create a legacy for your business. Life Insurance requires special attention.
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What is Term Life Insurance?
Term Life insurance works a lot like home and auto insurance, but instead of a 1 year contract, you may select a 10, 15, 20 or 30 year contract. As an example, a 20 year term means that your cost and coverage amount will not change for the entire term of your contract (some exceptions may apply). The longer your term, the higher the cost. Term policies do not build cash, and when the term is over, the policy comes to an end (unless you exercise your conversion privilege).
What is a conversion privilege?
Term life insurance policies may contain a conversion privilege, which allows you to change your term coverage, to permanent coverage, regardless of your current health status. Whatever you were approved as when you purchased the coverage, is what will be used for your permanent coverage rating. However, expect the cost to increase, because you have essentially extended the term of your policy for your entire life. In addition, cash may accumulate to be used at a later date.
What is return of premium term life?
Does just what it says. All the premium you paid for the life of the term policy, is returned to you. This is a higher cost option than traditional term insurance, but you get all your money back in the end.
What is Permanent Life Insurance? (Known as Whole Life, Universal Life)
Permanent life insurance is designed to protect you for your entire life, and depending on the type of permanent coverage you choose, may also build cash value, to be used at a later date.
What is a Beneficiary?
A beneficiary is who you designate to receive the life insurance death benefit. A beneficiary must have a vested interest (family member, business partner, etc). You may name more than one person as your beneficiary, and you may also name a company or trust as your beneficiary.
What is a Contingent Beneficiary?
You may name a person or persons to receive your life insurance death benefit, if you and the primary beneficiary(s) pass away at the same time.
How much does life insurance cost?
A lot less than you think. Contact us now for a custom quote, and you'll see just how affordable your coverage can be. We are appointed with many life insurance companies, and we do the shopping for you.