Life Insurance

“Price is what you pay. Value is what you get.” – Warren Buffet

Life Insurance

The importance of a life insurance policy cannot be overstated. Life insurance is another form of protection against the loss of income that would result if the insured passed away. A life insurance policy can serve any number of financial objectives, from mortgage protection to estate planning and more. With many helpful applications, our agents are here to help you determine if the life insurance holds a place in your portfolio.

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Universal Life Insurance

Universal life insurance is a flexible life insurance policy that combines the benefits of permanent life insurance protection and cash values with the convenience of flexible premiums and payment schedules. This product allows you to take tax-free income through a loan provision from your contract while at the same time providing a tax-free death benefit. Cash value accumulations grow tax-deferred under current federal income tax law at a competitive interest rate. Should you need your protection to grow, you have the ability to increase your policy’s coverage amount. They also have death benefits, so your loved ones or business will be taken care of when you are no longer around.

Single Premium Whole Life

Single premium whole life is an insurance policy that provides lifetime protection with only one premium payment. No additional payments will be required. In other words, it is paid in full after one premium payment with nothing else to pay for the rest of your life.

Single premium whole life features:

  • One single premium payment
  • Guaranteed cash value that generally grows tax-deferred1
  • Cash values that can be accessed during your lifetime
  • Eligibility to earn dividends (Dividends can accumulate at interest, purchase paid up additional insurance, or be payable in cash.)
  • Tax-free death benefit for beneficiaries

Term Life Insurance

Term life insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term. You choose a covered level, whether it’s 10, 15, or 20 years. You then name a beneficiary to receive the benefits if you pass away. At the end of the term, you can renew the coverage (often at a higher premium) without having to provide evidence of good health. You can also convert it to a permanent life insurance policy, which builds cash value, and possibly earn dividends.

Term life insurance features:

  • Compatibility for a specific period of time
  • Alternate option for when life insurance is essential and dollars are scarce
  • Protection for your family (Death benefits can help pay a mortgage or fund a child’s education.)
  • Protection for your business (Death benefits can ensure business continuation by helping cover business expenses.)

Whole Life Insurance

Whole life insurance is a powerful way to help protect loved ones now and in the future. It builds tax-deferred cash value that can be utilized during your lifetime. Whole life insurance policies offer level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force.

Whole life policy owners are also eligible to receive dividends. (Dividends are not guaranteed.) Any dividends received can be used to increase your life insurance protection and grow your cash value.

Final Expense Insurance

Today, more people are recognizing that planning a funeral in advance of need demonstrates love and consideration toward their family members. Most policies offer a “guaranteed acceptance,” which means that you would not undergo a medical exam or be required to answer questions about your health. These whole-life policies provide coverage for the rest of your life, and most can build cash value. In addition, most policies will also include a cash value component where tax-deferred dividends, if offered, can be built over time. These funds may be withdrawn or borrowed against if the policyholder opts to do so. The important thing to remember is that these provide the option to hedge against inflation, so, regardless of what age you choose to buy your pre-need product at, you will not have to worry if funeral costs rise.

1 Permanent life insurance develops cash value that can be borrowed. Policy loans accrue interest, and unpaid policy loans and interest will reduce the death benefit and cash value of the policy. The amount of cash value available will generally depend on the type of permanent policy purchased, the amount of coverage purchased, the length of time the policy has been in force, and any outstanding policy loans. There may be tax consequences associated with policy loans.

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