Life Insurance
Nobody likes to think about Life Insurance yet its one of the most
important thing you should get in your life. Life Insurance will provide
a lump sum payment equal to the policy limit upon the death of the
person whose life is insured. Payment of the life insurance proceeds
is made to the policy beneficiary. The beneficiary of the life insurance
policy may be the spouse, children, employer or estate of the insured
person, or some other designated person or organization.
Life insurance proceeds can be used to pay funeral expenses, pay off
outstanding mortgages, provide for surviving family members, pay estate
taxes, and provide a donation to a favorite charity, or a number of
other uses. The type of life insurance policy limit which you select
will depend on the reason why you are buying the life insurance.
Whether you are in your 20's, 30's or 40's its never too early or
late to prepare. For future considerations you should always feel
at ease with a little bit of a cushion just in case. We provide great
Lif e Insurance packages with some of the most reputable companies
in the business.
We can provide:
Term Insurance 
Term Insurance is the low-cost, temporary insurance protection.
It is generally used to meet a temporary need (example - mortgage
protection) or a need for a large amount of insurance at the lowest
possible initial price.
Important things to consider when buying term life insurance:
The renewal period. If it's possible that you will need your coverage
after the first renewal period (after 20 years for 20-year term
or after ten years for ten-year term), be sure to compare both the
initial premium and the renewal premium and confirm whether the
renewal rates are guaranteed at the quoted level. What would happen
if your health deteriorated since you purchased your insurance and
you still need life insurance - are you locked into high renewal
rates?
Conversion privileges:
Will you have the flexibility to convert your term coverage to permanent
at some point in the future? If so, are there any restrictions as
to the type of permanent plans you can convert to? Some companies
only allow conversions to specific permanent plans and this can
work against you. Typically, term products set a maximum age for
conversion. Ages vary by company and product. If you don't convert
prior to the age specified, you may be left with no coverage once
your term insurance expires.
Speak with a Qualified Professional today to help choose the right
Term Life plan for you.
Universal Life Insurance
Universal Life works very well for people who have a permanent
insurance need and want the flexibility and control to change premium
levels, investment options and coverage levels.
Important things to consider when buying Universal Life Insurance:
The guarantees. Be sure you understand what is
guaranteed and what is not. Typically, most of the insurance charges
are guaranteed in some form, while the investment side of the product
has very limited guarantees.
The charges. Look at the full package of charges
- not just one of the types of charges. Ask for a total of charges
listed year by year, including the surrender charges in case you
choose to give up your coverage.
Your tolerance with risk. Because universal life
has a flexible investment component, it's more important than ever
to be aware of the investment risk associated with the various investment
options and that they match your risk tolerance. It's crucial that
your representative also understands your tolerance with risk and
how you wish to use this investment component. Do you want to take
risks with your life insurance policy or should riskier investment
vehicles be held separately.
Product illustrations. Insurance representatives
often use illustrations to show how the product works. They are
not intended to be an estimate of future values or for comparing
plans between companies.
Speak with a Qualified Professional today to help choose the right
Universal Life Insurance plan for you.
Participating Permanent Life Insurance
Participating insurance works well for people who have a long-term
focus and for people who would rather have the investment component
of their policy actively managed by investment professionals. Also,
the investment mix is long-term in focus and lower risk than policies
which utilize a significant portion of investments in equity-linked
accounts. It is primarily invested in high quality bonds and mortgages.
The long-term focus and high quality of the assets results in a
relatively stable return over the long run.
This type of insurance typically has a guaranteed basic premium,
guaranteed basic coverage and guaranteed cash values.
The initial premium for participating insurance is generally higher
than for similar plans that don't offer dividends, but the net cost
after receiving dividends is expected to be lower over the long
term. There are a variety of ways to use the dividends. For example,
dividends can be paid in cash or can be used to buy additional insurance
on a tax-advantage basis.
Speak with a Qualified Professional today to help choose the right
Participating Permanent Life Insurance plan for you.
So, to take such pre-cautions in life, contact us for a free consultation
on a Life Insurance package for you and your loved ones.
Life
Insurance Glossary
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