Personal Health & Life Insurance Overview
Individual Life & Disability Insurance. Life insurance comes in many “shapes & sizes”! Not every plan is appropriate for everyone. Choosing the right plan for you is what we do best. Our experienced in house life insurance experts can review your financial needs and guide in the right direction to balance your expense with proper protection.
Some of the plans we can offer you and your family are:
Death protection for a “Term” of one or more years. Death benefits are paid if you die within that time period. Term generally provides the largest immediate death protection for your premium dollar.
Most policies are “Renewable” for one or more additional terms even if your health has changes; however, premiums increase with each renewal. During conversion periods you can usually change from Term Insurance to A Whole Life Policy.
Provides coverage for you entire lifetime (if premiums are paid) and premium amounts remain “level”. Over a long period of time, your out of pocket cost can be lower than that of Term Insurance.
Because Whole Life policies can build up a sum of money over their duration, they are often referred to as Cash Value policies. You can access these cash values by withdrawing cash (subject to transaction charges), borrowing against its value, or using the cash value to buy additional life insurance should you feel you are inadequately insured.
Adjustable Life policies – a form of Whole Life – are also a great option to those who feel that their financial needs will change over time. With this type of life insurance, you can change your premiums and the amount of your death benefit.
Looking for a policy that can grow with your needs, providing protection even when the unthinkable happens? Universal Life Insurance might be what you are looking for.
Universal Life Insurance offers flexibility to help meet your changing financial needs year after year. With an adjustable death benefit and flexible premium payments, you have the ability to modify your policy, as your financial needs change.
Advantages of Universal Life
- Tax-Free Survivor Benefits: Your beneficiaries receive a federal income tax-free death benefit
- Tax-Free Liquidity: You may take policy loans or partial surrenders without creating a taxable event, provided the policy is not Modified Endowment Contract. Loans or surrenders may be subject to policy charges, surrender charges and transaction fees and will reduce the cash value and death benefits,
- Tax-deferred Accumulation: Your cash value growth is not reportable for taxation and you don’t receive a 1099 form. Your money grows faster than if it was taxed every year.
- Flexible Premium Payments: You may select how often and how much your premium payments will be, with some limitations.
- Permanent Protection: Have long-term coverage without having to go through underwriting again, as often happens with term insurance.
Disability Income could be the smartest insurance coverage you could ever buy. It is natural to insure you home, your car, your boat – why not protect the funds that provide these necessities. Disability income insurance could probably be the most under utilized type of insurance and the best insurance of all. In case of disability, you need to continue your income to meet the needs of your family.
Our insurance specialists can tailor an affordable program to protect your from loss of income to accident or sickness. To contact our Life & Disability department, please give us a call and ask for a life representative or send us an online inquiry.
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