Term Life, Whole Life, and Universal Life Insurance Plans
A family's financial security needs to be built on a solid foundation, with life insurance often as one of the primary building blocks. The primary income earner needs to ask: What will happen to my family if I am no longer here? How much money will my family need per month to maintain the lifestyle I've been providing? Where will this money come from?
The business owner needs to ask: How will my loss (or the loss of one of my employees) affect the operation of my business? Is this important to me or my partners? Our financial planning and life underwriting expertise will help guide you through the questions and planning process to determine whether you actually need life insurance, if so how much insurance to buy and what is the best type of life insurance to meet your needs.
Term, Universal Life, Whole Life...all serve a family or business need. Reviewing your needs with one of our trained professionals might save you hundreds or thousands of dollars throughout your lifetime. We work with only the best: Banner, First Colony, West Coast Life, American General (AIG), United of Omaha, North American. These companies are solid, competitive and have an "A+" rating.
Term Life Insurance:
Term life insurance is designed to cover a short-term need, such as a loan or business agreement. Often families will buy term to supplement the life insurance they need because it is very inexpensive initially. Once the term (one, five, ten, 15 or 20 years) has ended, premiums increase dramatically. If the insured is quite healthy, a new policy may be purchased. Some term policies allow for a conversion to a whole life plan during the initial few years of the policy to protect the insured from future uninsurability.
While Life Insurance:
Whole life insurance guarantees the insured the initial death benefit and premium will never change. With life expectancy for adults approaching 100 years or more, this type of insurance is the only plan that is guaranteed to be in force at death if premiums are kept current. These plans develop equity, called "cash value" that may be borrowed in future years. Many plans have dividends that reduce future premiums or increase the death benefit every year.
Universal Life Insurance:
Universal life is a hybrid between term and whole life. It is a flexible premium policy that allows the owner to vary premium payments every year. The premiums paid (less expense charges) go into a policy account that earns interest, and charges for the insurance are deducted from the account. It is like buying term insurance and saving the difference in an attached account. Insurance continues as long as there is enough money in the account to pay the costs of annual term insurance.
The advantage of working with our office is two-fold:
- because we have the expertise and offer all types of insurances, we will help you design a plan that meets your budget without risking any of your other financial priorities; and
- because we are an independent agency, we work with the best carriers for Term, Whole Life and Universal Life Insurance.
Just give us a call at 619-668-5200. We have found that one carrier does not meet all needs, and the most important concern is to meet your needs!
