Life Insurance
Term Life
Term insurance is the cheapest form of Life Insurance and is designed to get the most coverage for the least amount of premium. The rate will stay level for the term length that you choose. These policies have different underwriting guidelines ranging from simplified issue which doesn't require an exam all the way to fully underwritten which does but will have the lowest premium. The rates vary depending on the term length and your individual health which will dictate which policy is best for you. A good solution is to have both Term and Whole Life where you put the bulk of the coverage on Term and then also have a smaller Whole Life policy. That way you can cover more in your working years while you have more liabilities, then when you retire and the term ends you still have a Whole Life policy to cover final expenses and leave behind something for your loved ones. Shopping by price only can lead to disaster down the road. It is important to consult with a licensed professional to take all of your individual circumstances in to consideration and also be able to shop multiple carriers to get the best fit for your needs and budget. All of this is provided free of charge to you and the compensation to the agent is paid for by the insurance company. Nothing comes out of your policy.
Whole Life
There are several Whole Life type products which at their core will have an investment portion along with the life insurance portion. This is how these policies are able to go your whole life no matter how long you live for the same premium. Traditional Whole Life will pay dividends to the investment portion and the monthly rate and death benefit will be set at the beginning. A Universal Life policy on the other hand may be flexible in premium and death benefit while the investment portion gains can be linked to a number of stock market indexes of your choosing and can be reset yearly. The compensation to the agent is paid for by the insurance company and not taken out of the policy proceeds. These policies can be a good fit for a number of situations such as legacy planning where you transfer wealth from one generation to the next, business benefit compensation or generational business transfer, funding a charitable gift which will increase that gift, tax free retirement payments or having a family bank to draw from instead of a loan and more! Having a licensed professional analyze your goals and needs to find the best fit from the seemingly endless choices is the key to finding the right policy for you
Final expense
you can get a policy to cover the cost of your final affairs and all the unexpected costs associated with it when that time comes. That way you won't burden your family with those expenses. These types of policies range from no health questions being asked to a fully underwritten plan which will ask health questions. You can get a policy even if you have been declined before or think you cannot be covered because of a health issue. Don't be fooled into thinking you can only qualify for a "no health questions asked" or the $9.95 plan shown on TV. These commercials never talk about how much coverage you will actually receive or the limited amount of coverage that they provide. By working with a licensed professional who can shop the marketplace for you will provide you with the best coverage for your individual needs and budget.
Mortgage Protection
Buying a home is most likely your biggest investment and you can get a policy to cover that investment so your loved ones won't have to worry about a place to live should something happen to you. This type of policy differs from PMI or "private mortgage insurance" which covers the lender for payments when you have less than a 20% down payment and you default on the loan. A Mortgage Protection policy covers YOU by covering your mortgage payments if you were to get sick or have an accident and can't work, also a death benefit which stays level throughout the term. The term length is usually tied to the length of the loan and can be transferred to a new home should you move unlike the coverage offered through the lender. There are riders that can be added to these policies which would cover a spouse or even children. It is also possible to add a return of premium rider which would return all of the premiums you've paid over the years at the end of the term. It would be our pleasure to shop the market for you to provide the coverage you need at a price that fits your budget.