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 financial product that provides a monetary benefit to designated beneficiaries upon the death of the insured person. The primary purpose of life insurance is to offer financial protection and support to the policyholder’s dependents or loved ones in the event of their death. It can help cover expenses such as funeral costs, outstanding debts, and ongoing living expenses, ensuring that the insured’s financial obligations are met and their family’s financial stability is maintained.

Key Components of Life Insurance

1. Premium

Definition: The amount paid periodically (monthly, quarterly, or annually) to keep the policy active.

Note: Premiums can vary based on factors like the type of policy, the insured’s age, health, smoking, and the amount of coverage.

2. Death Benefit

Definition: The amount of money paid out to the beneficiaries upon the death of the insured.

Note: The death benefit is typically tax-free for the beneficiaries.

3. Cash Value (for permanent policies like Whole or Universal Life Insurance)

Definition: A portion of the premiums paid accumulates as cash value within the policy, which can be borrowed against or withdrawn under certain conditions.

Note: The cash value grows tax-deferred and can be used for various purposes, such as supplementing retirement income.

4. Beneficiaries

Definition: Individuals or entities designated by the policyholder to receive the death benefit.

Note: Beneficiaries can be family members, friends, charities, or other organizations.

Benefits of Life Insurance

Financial Protection: Provides financial support to beneficiaries, helping cover living expenses, debts, and other financial obligations.

Peace of Mind: Offers assurance that loved ones will be taken care of financially in the event of the insured’s death.

Estate Planning: Can be used as part of a broader estate planning strategy to manage wealth transfer and cover estate taxes. In summary, life insurance is a valuable financial tool for protecting loved ones and ensuring their financial well-being in the event of the policyholder’s death. By providing a death benefit, life insurance helps to ease the financial burden on survivors and supports long-term financial planning.

Final Expense Life Insurance

Covers expenses related to a person’s death, including funeral costs, burial fees, and other associated debts. These policies generally offer lower coverage amounts than traditional life insurance and are often easier to qualify for.

Kai-Zen Life Insurance

Integrates the benefits of leverage with the cash accumulation features of Index Universal Life (IUL) insurance to boost the potential for policy distributions, such as policy loans, to support your income, while also offering Life Insurance.

Life Settlement Insurance

Policyholder sells their life insurance policy to a third party for a lump sum payment that’s more than the cash surrender value but less than the death benefit.

Living Benefit Life Insurance

Allows policyholders to access a portion of their death benefit while they are still alive, typically in the case of a terminal illness, chronic illness, or critical illness.

Premium Finance Life Insurance

Allows individuals or businesses to fund the premiums of a life insurance policy through a loan commonly used for high-value policies which accumulates cash value over time.

Return Of Premium Life Insurance

Life Insurance policy that pays a refund of the premiums if you outlive the policy term.

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.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance that offers flexibility in premium payments and adjustable death benefits. It combines a death benefit with a cash value component that grows over time.

Variable Universal Life Insurance

Variable Universal Life (VUL) Insurance is a type of life insurance that builds cash value, which can be invested in various separate accounts similar to mutual funds.

Whole Life Insurance

Permanent life insurance that provides coverage for the insured’s entire life, if premiums are paid. It combines a death benefit with a savings component, known as cash value.