LIFE INSURANCE
We offer different types of Life Insurance to fit your needs. Let us help by give you a little education about the different types of life insurance.
1). TERM LIFE INSURANCE
Our term life insurance provides coverage for a limited period of time. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. Most clients use this to cover their mortgage, dependent care, college or give them temporary coverage. The most common terms are 10, 15, 20, and 30 years. With all of our term plans your prices can never increase in your initial term period.
TERM LIFE INSURANCE WITH RETURN OF PREMIUM
Term Insurance is designed to offer coverage for a fixed amount of time (10, 15, 20 and 30 years) to cover things like your Mortgages, Bills and Family Members. With regular term insurance if you out-live your coverage, you get nothing back. With Return of Premium Term Insurance, if you out live it, you will get 100% of your money back. You have nothing to loose.
Let me explain how Return of Premium Term Insurance works. It's like leasing a car. You get to enjoy the car for the lease period, and you make payments each month, on the lease. At the end of the lease, you give back the car that you got to use and you walk away. With Return of Premium, when you return the leased car, you receive all of the money you have given the car company back. Basically, you were able to use the car for free during the term period.
Let me explain it to you in another way. You rented a home from your landlord for 20 or 30 years. Finally you decide that it is time for you to move out and purchase your own home or rent another home. You move out, and your landlord gives you every penny that you have given him, to go towards the purchase of a new home, or any other need that you have at the time.
You get to use the protection and insure that your mortgage or children living at home are protected, and when you are done using the protection, you receive all of your money back.
If you do not have this new modern type of Term Insurance, then please allow us to help you add this product to your protection plan.
2). PERMANENT LIFE INSURANCE
Permanent life insurance is a form of life insurance such as whole life or endowment, where the policy is for the life of the insured, the payout is assured at the end of the policy (assuming the policy is kept current) and the policy accrues cash value.
This is compared with Term Insurance where insurance is purchased for a specified period (typically for level periods such as 10, 15, 20 and 30 years) where a death benefit is only paid to the beneficiary if the insured dies during the specified period.
Permanent life insurance originally was offered as a fixed premium fixed return product known as whole life insurance also known as cash surrender life insurance. This offered consumers guaranteed cash value accumulation and a consistent premium. Consumers later wanted more flexibility which was offered in the form of Universal life insurance allows consumers flexibility in when premiums are to be paid and the amount that they would be. Universal life policies also allowed consumers to permanently withdraw cash from the policy without the interest associated with the loan provisions in whole life policies. Universal life policies retained the fixed investment performance of whole life policies.
Whole Life
Whole Life Insurance, or Whole of Life Assurance (in the Commonwealth), is a life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy.
Universal Life
Universal Life offers a flexible premium policy to meet your changing needs. It is designed to provide cash accumulation, and provide guaranteed coverage during the various No-Lapse periods provided No-Lapse requirements are met. Universal Life can be customized with many options and riders.
Equity Index Universal Life
Equity index universal life insurance works just like a regular universal life policy except on how you choose to earn interest crediting inside the cash accumulation side of the policy.
Call us today 210-775-6202 for your FREE analysis of your current policies or to get a quote for a new policy.
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