What is Life Insurance?
Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. In life insurance, the policy protects beneficiaries (usually children, a spouse or other family members) from losses suffered after an insured’s death. It can also be used to pay off debts such as a mortgage and student loan, help replace your income or provide funds towards college tuition or business start-ups. View Related articles
What We Offer
Whole Life Insurance
If you want lasting peace of mind, then whole life is for you. That’s because this coverage offers a valuable combination of benefits—many guaranteed by the claims-paying ability of the issuing company—so that you and your loved ones know exactly what you’re getting.
Key Benefits And Features
- Guaranteed protection.
- Dividend potential.
- Income replacement.
- Guaranteed level premiums.
- Tax-free benefit.
- Protection from creditors in some states.
Potential Options and Enhancements
- Lifetime coverage guarantee.
- Tax-free loans and withdrawals.
- Guaranteed cash value growth.
- Optional riders to enhance your policy.
Term Life Insurance
Whether you’re buying life insurance for the first time or looking to add an extra layer of protection, term life insurance can be a valuable tool. It is usually set at a limited time period of 10-30 years in 5-year increments. It has no cash value but has the cheapest premium rate for the highest death benefit
Key Benefits And Features
- Cost-effective protection.
- Guaranteed life insurance benefit.
- Multiple ‘lock-in’ periods.
- Conversion privilege.
- Portable coverage
- Tax advantages
Potential Options and Enhancements
- Ability to adjust your coverage
- Extra protection for serious conditions
- Guaranteed, paid-up protection for your spouse
Universal Life
On a budget? Universal life offers a smart way to give your family the long-term financial security they deserve. In fact, this coverage was created to help budget-savvy consumers find quality protection for their loved ones. Depending on your needs, you can choose a policy that grows cash value, offers guaranteed protection, or even addresses the specific interests of business owners.
Key Benefits And Features
- Long-term protection
- Economical coverage
- Tax advantages
- Cash value accumulation
- No-lapse guarantee
Potential Options and Enhancements
- Premium stability and a Money-Back Option Rider
Variable Universal Life
Life insurance doesn’t have to be an either/or. Sometimes it can be both. With variable universal life, you will enjoy long-term coverage that protects your family’s future, as well as the opportunity to grow tax-advantaged assets to help improve your future.
This product gives you the opportunity to invest your cash value, so you can capitalize on potential market growth. That’s important because your cash value can be a source of tax-free income that you can use to meet any number of financial needs. This product also gives you the ability to determine, within limits, how often you pay your premiums and how much you pay.
Key Benefits And Features
- Long-term protection
- Flexible premiums
- Market participation
- Cash value accumulation potential
- Tax advantages
Potential Options and Enhancements
- Extra benefits for serious conditions
- Ability to add or reduce coverage
Product Comparison Chart
| Whole Life | Term Life | Universal Life | Variable Life | |
|---|---|---|---|---|
| Long-term protection | ● | ● | ● | |
| Cash value | ● | In some cases | ● | |
| Guaranteed cash value accumulation | ● | |||
| Conversion privilege | ● | |||
| Flexible premiums | ● | ● | ||
| Dividend eligibility | ● | |||
| Market participation | ● | |||
| Tax advantages | ● | ● | ● | ● |
The top questions people ask us
Age: The cost of a policy increases each year you age. This is because as you age, the likelihood an insurer will have to pay out on your policy increases.
Gender: In general, men pay more than women for comparable policies. This is due to the average difference in life expectancy between both genders.
Hobbies: Dangerous hobbies, like skydiving, scuba diving, racing cars or mountain climbing may raise your rates.
Policy Details: Depending on the policy you choose (term or whole life), along with its respective coverage amount, the cost of your policy is affected
Health History: Risk is a big factor in life insurance. A history of medical conditions, especially serious illnesses such as heart disease or cancer, will increase your premiums. Therefore, the healthier you are, the cheaper your premium will be. It is best to buy life insurance when you are feeling your healthiest.
Aviation: If you are a non-commercial pilot or don’t pilot flights regularly for strong experience. For example; a pilot that flies private jets instead of commercial flights.
Hazardous Occupation or Hobbies: This can be give or take depending on the insurer. Some insurers exclude this and some just increase your premium rates.
War and Military Service: With the high fatalities of war, it would not be feasible for any life insurance to support you if you are in this field. The military provides veterans with their own form of life insurance.
For more FAQs, please click here.