No one wants to think about it but, if your family depends on your income then, you have a need for life insurance. Several factors are considered when determining how much is needed, such as income, assets, debt, other sources of income, number of dependents, their ages, and any special considerations. Costs are determined primarily by age and amount of insurance. Health and sex are also variables. Once the proper amount is determined the next consideration is the type of policy. We will help you find what type of plan is best for your family.
We will help. Schedule a no out of pocket cost review and see what options are available. Remember the you will never be any younger than you are today. Any health conditions that arise after your policy is issued are not a factor in determining your health classification. If you have experienced a life event, such as, marriage, birth of a child, changing jobs, or buying a home your needs have changed. If you have not reviewed your current plan in the last two years let’s take a look.
Types of Life Insurance
Term Life Insurance
- The most basic and lowest premium type of life insurance. Premiums can be guaranteed for a fixed period, for example 10, 15, or 20 years. At the end of the guarantee period plan can be renewed at significantly higher premiums. Many term plans allow a conversion privilege to a permanent plan without additional underwriting.
Permanent Life Insurance
- It comes in different varieties. Whole life is one option. There are 3 basic forms of universal life. Permanent insurance typically builds a cash value that can be utilized by loan or withdrawal. Cash value accumulation in life insurance enjoys a tax advantaged opportunity to access gains from the policy income tax free.