Our Life Insurance Products

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.

We'd be happy to assist you in getting a customized quote.  Please click here to contact us if you any questions about whole life insurance or to schedule a  one-on-one assessment.   Or you may go  here to request a quote. We'll be in touch with 24 hours.

Top

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.  

We'd be happy to assist you in getting a customized quote.  Please click here to contact us if you any questions about term life insurance or to schedule a  one-on-one assessment.   Or you may go  here to request a quote. We'll be in touch with 24 hours.

Top

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.

 We'd be happy to assist you in getting a customized quote.  Please click here to contact us if you any questions about final expense life insurance or to schedule a  one-on-one assessment.   Or you may go  here to request a quote. We'll be in touch with 24 hours.

Top