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Young or old, learn how for every stage in life, we've got you covered.
At a time when it counts the most, give them the gift of peace of mind.
Designed especially with seniors unique needs in mind.
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Traditional whole life insurance is a type of permanent insurance that lasts the entire life of the insured.
Whole life insurance can be a few dollars a month for an infant up to hundreds per month for a healthy senior.
Anyone from infancy to a senior citizen may be eligible for a traditional whole life policy, but the qualifying factors vary wildly depending on age. For that reason, many people opt to purchase this type of policy for their child, because of the affordability and limited qualifications. Adults looking to purchase a whole life policy will be subject to much stricter underwriting standards, which includes a full panel of testing and a medical exam, at a higher monthly premium.
There are two components of this type of insurance which are face value and cash value. Cash value is a portion from each premium payment that is put into a savings account for you that may also earn interest. The face value of your policy is the amount of the death benefit that is paid to your beneficiaries after your passing. The longer your have paid into your policy, the more cash value you have, and vice versa.
Yes, but you want to consider this option carefully. There are several ways to access the cash value:
Surrender - If you’ve had your policy in force for a few years and it has accumulated some cash value, you can cancel the policy and take the surrender value in a cash payment. By surrendering your policy, you are giving up the insurance policy and, in return, you’ll receive the cash value less any fees. When you cancel your policy, your heirs will receive nothing from the policy when you die. Although surrendering your policy might get you the cash you need, it should be a last resort unless you have adequate life insurance coverage in place elsewhere.
Withdrawal - Generally, you can withdraw a limited amount of cash from your whole life insurance policy. In fact, a cash-value withdrawal up to your policy basis, which is the amount of premiums you’ve paid into the policy, is typically non-taxable. Any withdrawals that exceed your basis, meaning you’re dipping into gains, will be taxed at your ordinary income rate. Your death benefit will be reduced based on the amount you withdraw. A cash withdrawal shouldn’t be taken lightly. Life is unpredictable, and removing any cash from your life insurance policy may leave you vulnerable to life’s uncertainties.
Loan - Most cash-value policies allow you to borrow against your policy with a loan. However, you won’t be borrowing against your policy. Instead, you’ll be borrowing money from the issuer and using your policy as collateral. Depending on the terms of your policy, the loan might be subject to interest. Unless you pay the interest out of pocket, it will be added to your loan balance. If you don’t repay the loan or only pay a portion of it back, the balance of your remaining loan would be deducted from your death benefit. There will also be a maximum loan amount you can receive from your policy.
Term life insurance is a type of life insurance that provides coverage at a fixed rate of payments for a limited period of time.
Generally any adult who is between 18 and 75 years old may purchase a term life policy. For higher coverage amounts, many carriers will require a medical exam and full panel of testing to determine your health. Exams and tests are almost always completed at no charge to the insured.
The younger and healthier an insured is, the higher the coverage and smaller the monthly premium will typically be. The older and unhealthier an insured gets, the more difficult it may be to obtain and the costlier the monthly premium become. Rates are set by the carrier(not the agent)which may vary and are based on the length of the policy and the insureds age and health.
Term policies have a wide range of lengths, depending on the company, and the age of the insured. Typically, policies are for a length of 5 years, 10 years, 30 years, and in some instances 40 years. Many companies offer products that may be purchased in 5-year increments of the above stated time periods as well.
No. Term life policies do not accrue cash value, and therefore cannot be cashed out or have a loan taken against them.
Once the time period of the policy is over, you may have the option to renew depending on your contract. Otherwise, when your policy expires, you will not have coverage and you must essentially start over with a new time period or "term" at a new price. Often, term policies are no longer available to be renewed after the age of 70 or renew at a much higher cost.
If you outlive the term of your policy and have not renewed or replaced it, there will not be any death benefit because the coverage has expired. Death benefits are only paid if the insured dies within the period of the term, and under certain qualifying circumstances (natural death or when fraud is not suspected).
Every situation is different, but term is usually a better option for those who are under 65 and are still working. This is a solution many younger people with families and/or those with dependents choose, because in the event of the insureds early death, the family would still be able to maintain their lifestyle for a time despite the loss of income.
Final Expense life insurance is an affordable type of whole life insurance designed especially for seniors to cover funeral expenses and/or leave a financial gift to their family upon passing.
Again, this type of insurance is meant to be a very affordable option for all seniors, even those on tight budget. As with other types of insurance, the younger and healthier an insured is, the higher the coverage and smaller the monthly premium will typically be. The older and unhealthier an insured gets, the more difficult it may be to obtain and the costlier the monthly premium become. Premiums are fixed and never go up due to a change in health, as long as the policyholder stays current with payment.
Final expense is usually only for those 45 years and up, although some companies require an insured to be at least 50. Unlike other forms of life insurance, final expense is often much easier to qualify for, no medical exam is required. A simple health questionnaire will be asked by your agent, which is then used by the insurance companies to determine your monthly rate.
Final expense polices range anywhere from $2,000 in coverage up to $50,000, and may be used to cover the cost of a funeral and/or to leave a financial gift behind.
Since this is a type of permanent life insurance, it will be effective for the entire life of the insured, up to age 100 or 120, depending on the company. If you happen to outlive the policy, you will receive a lump sum payment for the face value amount at the age previously mentioned. Also, this type of policy cannot be cancelled for any reason (even in the instance of a major health change) by the insurance company, except for non-payment or if fraud is suspected.
Yes, but you want to consider this option carefully. There are several ways to access the cash value:
Surrender - If you’ve had your policy in force for a few years and it has accumulated some cash value, you can cancel the policy and take the surrender value in a cash payment. By surrendering your policy, you are giving up the insurance policy and, in return, you’ll receive the cash value less any fees. When you cancel your policy, your heirs will receive nothing from the policy when you die. Although surrendering your policy might get you the cash you need, it should be a last resort unless you have adequate life insurance coverage in place elsewhere.
Withdrawal - Generally, you can withdraw a limited amount of cash from your whole life insurance policy. In fact, a cash-value withdrawal up to your policy basis, which is the amount of premiums you’ve paid into the policy, is typically non-taxable. Any withdrawals that exceed your basis, meaning you’re dipping into gains, will be taxed at your ordinary income rate. Your death benefit will be reduced based on the amount you withdraw. A cash withdrawal shouldn’t be taken lightly. Life is unpredictable, and removing any cash from your life insurance policy may leave you vulnerable to life’s uncertainties.
Loan - Most cash-value policies allow you to borrow against your policy with a loan. However, you won’t be borrowing against your policy. Instead, you’ll be borrowing money from the issuer and using your policy as collateral. Depending on the terms of your policy, the loan might be subject to interest. Unless you pay the interest out of pocket, it will be added to your loan balance. If you don’t repay the loan or only pay a portion of it back, the balance of your remaining loan would be deducted from your death benefit. There will also be a maximum loan amount you can receive from your policy.
Guaranteed Issue is a type of final expense insurance where, as the name would imply, it guarantees issuance of a policy no matter what the health condition of the insured is. This type of insurance offers smaller death benefit amounts at slightly higher premiums, and requires a minimum of a two year waiting period before the full benefit would be paid. If an insured passes within the waiting period, the beneficiaries will receive the amount of the premiums paid, plus 10%. This is usually an option of last resort meant only for the sickest people who have otherwise been denied for coverage.
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Traditional whole life insurance is a type of permanent insurance that lasts the entire life of the insured.
Whole life insurance can be a few dollars a month for an infant up to hundreds per month for a healthy senior.
Anyone from infancy to a senior citizen may be eligible for a traditional whole life policy, but the qualifying factors vary wildly depending on age. For that reason, many people opt to purchase this type of policy for their child, because of the affordability and limited qualifications. Adults looking to purchase a whole life policy will be subject to much stricter underwriting standards, which includes a full panel of testing and a medical exam, at a higher monthly premium.
There are two components of this type of insurance which are face value and cash value. Cash value is a portion from each premium payment that is put into a savings account for you, that also may earn interest. The face value of your policy is the amount of the death benefit that is paid to your beneficiaries after your passing. The longer your have paid into your policy, the more cash value you have, and vice versa.
Yes, but you want to consider this option carefully. There are several ways to access the cash value:
Surrender - If you’ve had your policy in force for a few years and it has accumulated some cash value, you can cancel the policy and take the surrender value in a cash payment. By surrendering your policy, you are giving up the insurance policy and, in return, you’ll receive the cash value less any fees. When you cancel your policy, your heirs will receive nothing from the policy when you die. Although surrendering your policy might get you the cash you need, it should be a last resort unless you have adequate life insurance coverage in place elsewhere.
Withdrawal - Generally, you can withdraw a limited amount of cash from your whole life insurance policy. In fact, a cash-value withdrawal up to your policy basis, which is the amount of premiums you’ve paid into the policy, is typically non-taxable. Any withdrawals that exceed your basis, meaning you’re dipping into gains, will be taxed at your ordinary income rate. Your death benefit will be reduced based on the amount you withdraw. A cash withdrawal shouldn’t be taken lightly. Life is unpredictable, and removing any cash from your life insurance policy may leave you vulnerable to life’s uncertainties.
Loan - Most cash-value policies allow you to borrow against your policy with a loan. However, you won’t be borrowing against your policy. Instead, you’ll be borrowing money from the issuer and using your policy as collateral. Depending on the terms of your policy, the loan might be subject to interest. Unless you pay the interest out of pocket, it will be added to your loan balance. If you don’t repay the loan or only pay a portion of it back, the balance of your remaining loan would be deducted from your death benefit. There will also be a maximum loan amount you can receive from your policy.
Term life insurance is a type of life insurance that provides coverage at a fixed rate of payments for a limited period of time.
Generally any adult who is between 18 and 75 years old may purchase a term life policy. For higher coverage amounts, many carriers will require a medical exam and full panel of testing to determine your health. Exams and tests are almost always completed at no charge to the insured.
The younger and healthier an insured is, the higher the coverage and smaller the monthly premium will typically be. The older and unhealthier an insured gets, the more difficult it may be to obtain and the costlier the monthly premium become. Rates are set by the carrier(not the agent)which may vary and are based on the length of the policy and the insureds age and health.
Term policies have a wide range of lengths, depending on the company, and the age of the insured. Typically, policies are for a length of 5 years, 10 years, 30 years, and in some instances 40 years. Many companies offer products that may be purchased in 5-year increments of the above stated time periods as well.
No. Term life policies do not accrue cash value, and therefore cannot be cashed out or have a loan taken against them.
Once the time period of the policy is over, you may have the option to renew depending on your contract. Otherwise, when your policy expires, you will not have coverage and you must essentially start over with a new time period or "term" at a new price. Often, term policies are no longer available to be renewed after the age of 70 or renew at a much higher cost.
If you outlive the term of your policy and have not renewed or replaced it, there will not be any death benefit because the coverage has expired. Death benefits are only paid if the insured dies within the period of the term, and under certain qualifying circumstances (natural death or when fraud is not suspected).
Every situation is different, but term is usually a better option for those who are under 65 and are still working. This is a solution many younger people with families and/or those with dependents choose, because in the event of the insureds early death, the family would still be able to maintain their lifestyle for a time despite the loss of income.
Final Expense life insurance is an affordable type of whole life insurance designed especially for seniors to cover funeral expenses and/or leave a financial gift to their family upon passing.
Again, this type of insurance is meant to be a very affordable option for all seniors, even those on tight budget. As with other types of insurance, the younger and healthier an insured is, the higher the coverage and smaller the monthly premium will typically be. The older and unhealthier an insured gets, the more difficult it may be to obtain and the costlier the monthly premium become. Premiums are fixed and never go up due to a change in health, so long as the policyholder stays current with payment.
Final expense is usually only for those 45 years and up, although some companies require an insured to be at least 50. Unlike other forms of life insurance, final expense is often much easier to qualify for, no medical exam is required. A simple health questionnaire will be asked by your agent, which is then used by the insurance companies to determine your monthly rate.
Final expense polices range anywhere from $2,000 in coverage up to $50,000, and may be used to cover the cost of a funeral and/or to leave a financial gift behind.
Since this is a type of permanent life insurance, it will be effective for the entire life of the insured, up to age 100 or 120, depending on the company. If you happen to outlive the policy, you will receive a lump sum payment for the face value amount at the age previously mentioned. Also, this type of policy cannot be cancelled for any reason (even in the instance of a major health change) by the insurance company, except for non-payment or if fraud is suspected.
Yes, but you want to consider this option carefully. There are several ways to access the cash value:
Surrender - If you’ve had your policy in force for a few years and it has accumulated some cash value, you can cancel the policy and take the surrender value in a cash payment. By surrendering your policy, you are giving up the insurance policy and, in return, you’ll receive the cash value less any fees. When you cancel your policy, your heirs will receive nothing from the policy when you die. Although surrendering your policy might get you the cash you need, it should be a last resort unless you have adequate life insurance coverage in place elsewhere.
Withdrawal - Generally, you can withdraw a limited amount of cash from your whole life insurance policy. In fact, a cash-value withdrawal up to your policy basis, which is the amount of premiums you’ve paid into the policy, is typically non-taxable. Any withdrawals that exceed your basis, meaning you’re dipping into gains, will be taxed at your ordinary income rate. Your death benefit will be reduced based on the amount you withdraw. A cash withdrawal shouldn’t be taken lightly. Life is unpredictable, and removing any cash from your life insurance policy may leave you vulnerable to life’s uncertainties.
Loan - Most cash-value policies allow you to borrow against your policy with a loan. However, you won’t be borrowing against your policy. Instead, you’ll be borrowing money from the issuer and using your policy as collateral. Depending on the terms of your policy, the loan might be subject to interest. Unless you pay the interest out of pocket, it will be added to your loan balance. If you don’t repay the loan or only pay a portion of it back, the balance of your remaining loan would be deducted from your death benefit. There will also be a maximum loan amount you can receive from your policy.
Guaranteed Issue is a type of final expense insurance where, as the name would imply, it guarantees issuance of a policy no matter what the health condition of the insured is. This type of insurance offers smaller death benefit amounts at slightly higher premiums, and requires a minimum of a two year waiting period before the full benefit would be paid. If an insured passes within the waiting period, the beneficiaries will receive the amount of the premiums paid, plus 10%. This is usually an option of last resort meant only for the sickest people who have otherwise been denied for coverage.
An agent provides financial planning advice, and is licensed to sell and service life insurance products. A good agent always acts in the best interest of his clients by fitting products to their needs.
The beneficiary is the person(s) or entity(s) who receive the death benefit of a life insurance contract upon death of the insured.
Most types of life insurance contracts, except for term insurance, have a cash value which builds over the lifetime of the policy. The cash value can be accessed by the owner for loans and withdrawals, while still keeping the insurance in force.
The amount paid to the beneficiary by the insurance company upon death of the insured person.
The free look period is the period of time required by law after a contract is delivered to the owner, where the owner can decide not to accept the contract and be refunded all premiums paid. If an insured person dies during the grace period the insurance company is still required to pay the full death benefit. Free look period lengths vary by state but are 10 days long in most states.
The grace period is a 31 day period of time required by law after a missed payment, where the contract remains in force and a death benefit is required to be paid.
A provision in most life insurance policies that prevents the provider from voiding coverage due to a misstatement by the insured after a specific amount of time, usually 2 years, has passed.
The named person in the contract whose death triggers a death benefit payout by the insurance company to the beneficiary. All underwriting and risk considerations are based on the insured in a contract.
A life insurance policy that insures the life of a minor. It provides tax advantages as well as a life time of benefits for the child and his parents.
When premium payments are not made in a timely manner and no cash value remains in the policy. This effectively terminates your policy, though there may be provisions to reinstate the policy for a period of time without underwriting required. If death of the insured occurs when a policy is in lapsed status, no death benefit is paid.
The reason life insurance can be inexpensive for everyone. Over a large enough sample of people a life insurance company can accurately predict at what age the average client will die, and they can price their insurance accordingly, even though some clients will die at a very young age.
Life insurance is a contract between an insurance company and the owner of the policy which requires the insurance company to pay a stated death benefit upon the death of an insured person. Life insurance is used to transfer the financial risk of a persons death to the insurance company. It is also used for savings and investments purposes and to pass an estate on to the next generation in a tax efficient manner.
Life insurance contracts with a cash value typically allow the policyholder to borrow money against the cash value, tax free at time of loan and for any purpose. The loan does not necessarily need to be paid back to keep the insurance in place.
A medical exam is performed during the underwriting process prior to approval for life insurance policies. This is also known as a paramedical exam. The purpose of the exam is to more accurately assess the risk of premature death, and to place each person in the appropriate underwriting tranche.
The Medical Information Bureau, or MIB, checks past records to uncover "errors, omissions or misrepresentations made on insurance applications." It's similar to a credit report for the life insurance process, and it helps prevent fraud, risk, and increased costs.
You can request a free copy of your MIB report here.
The owner of the contract is responsible for making premium payments, designating beneficiaries, and has all rights of contract changes.
Premium is the amount of money paid into an insurance contract. Depending on how the contract is structured, the premium payment may be more or less than the true cost of insurance. The difference between premium paid and cost of insurance will result in adjustments of the cash value. In a term insurance contract premium and cost of insurance usually match exactly.
This is the risk class the insured is deemed to be after undergoing underwriting by the insurance company. People with similar risk characteristics are grouped together so that the insurance company can accurately predict the expected age of death for a given risk class. Lower risk classes (higher ratings) enjoy less expensive insurance because the expected age of death is later. The name of each rating class can vary among insurance companies but preferred plus, preferred, select, nonsmoker, and smoker are common classes.
Reinstatement occurs after a policy has lapsed. This process involves a payment to the insurance company which will make the policy in active standing once again, and may require a statement from the client that their health has not changed, or reinstatement may even involve underwriting.
A rider is an additional feature or benefit added to a life insurance policy. A rider may or may not have an associated charge.
Risk is the possibility of an outcome occurring that is not an expected result. While this can refer to both good or bad outcomes, usually people use risk to refer to a negative possibility. Risk in the life insurance industry refers to risk of a premature death. Life insurance helps protect beneficiaries from the loss of income from this risk.
A surrender is when a policy owner terminates insurance coverage for the purposes of obtaining the cash value of the policy, before death of the insured.
Term life insurance is a temporary insurance contract that will expire at a stated point in the future. Normally the least expensive form of insurance coverage.
The standard and oldest form of modern life insurance. Whole life insurance is guaranteed to be in place for the entire life of the insured. Premium payments are typically level, and may end at some point in the future. Whole life insurance guarantees a minimum cash value throughout the life of the policy if all premium payments are made in a timely manner. The most secure form of life insurance available.
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8865 Grissom Road, San Antonio, Texas 78251, United States
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