There are several types of life insurance products available. The most common include:
Term Life Insurance
- Term life insurance is generally the most affordable type of life insurance. It provides your loved ones with financial protection for a specific period of time such as 10, 20 or 30 years. If you do not currently have life insurance, term can be a good place to start. It's generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one-(annual renewable term) to 20-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change. Click here
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Return-of-Premium (ROP) Term Life Insurance -
With a traditional term policy, if you don't die during the term, your policy will simply expire and coverage will end. For individuals who wish they could receive some sort of benefit if they outlive their term coverage, return-of-premium (ROP) term life insurance may be a good solution. ROP policies are similar to traditional term policies in that you purchase them for a specific period of time such as 10, 20, or 30 years and the premiums remain level throughout the term. But here's how they differ. If you outlive your policy and you keep it in force for the entire term (e.g., 20 years), the insurance company will refund all of the premiums you paid over the 20-year period. If you decide to cancel your policy after say, 10 years, you'll get a partial refund of your premiums. Of course, there's a price to be paid for getting some or all of your premium money back. Premiums for ROP policies are considerably higher than premiums for traditional term policies, sometimes as much as 100% or more.
Final Expense Insurance
- Final Expense Insurance is a type of permanent life insurance designed to satisfy a very specific purpose: To pay for your funeral costs and other final expenses such as estate settlement costs, credit card debt and medical bills that weren't covered by your health insurance. These policies are often a good solution for people who didn't buy life insurance earlier in life and now realize that they don't want their loved ones to be burdened with final expenses when they die. It's difficult enough to lose someone you love. You don't want your family's grief to be compounded by concerns about how they're going to pay your funeral costs and other debts you may have left behind. Final Expense Insurance can help you avoid this scenario. One of the best things about Final Expense Insurance is that it's very simple to apply for and, typically, you don't have to get a medical exam or answer a long questionnaire. You just need to answer some basic questions about yourself. This is called Simplified Underwriting, and it's a good option for people who buy life insurance when they're a bit older or maybe not in the best of health.
Whole Life Insurance
- Whole life is a form of permanent life insurance that remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.
Universal Life Insurance
- Universal life insurance is a form of permanent life insurance. Unlike term policies that expire at the end of the “term”, permanent life insurance policies provide lifelong protection. Permanent policies also give you the ability to accumulate cash values on a tax-deferred
basis, just like assets in most retirement and tuition savings accounts. Universal life policies are generally the most affordable and flexible types of permanent life insurance. These policies allow you to vary your premium payments, subject to certain minimums and maximums. So why would a
person chose to buy a universal life policy instead of a lower cost term life policy? It's usually for one of two reasons. Many people like the idea of lifelong coverage. They want to know that their coverage will be in force whenever they die, even if it's 50 or 60 years from now. A universal life
policy can also be used to satisfy estate tax liabilities, to fund a college tuition, or to supplement one's retirement income.
Contact us to learn more about the life insurance policies we have available.