Every family is unique. Your insurance coverage should be too.
With years of experience, we know that a cookie cutter approach is not the best way to meet the needs of our clients. We work to understand what each individual family needs and where they are in their life stages. Then, we seek to find the strongest companies with the lowest rates to meet our clients’ needs. Our reputation and extensive experience in the field has earned us the respect and attention of insurers. Our commitment to client advocacy and supporting healthy living has caused many insurance agencies to take notice. This track record allows us to negotiate with insurers when there is a health issue, often resulting in deep discounts for our clients. There are three basic types of coverage:
- Whole Life
- Universal Life
- Term Life
The nuances of these different coverage types are crucial to our customers’ decision-making process. It is important to truly understand the ins-and-outs of these coverage options before signing any paperwork.
Whole Life Insurance
Whole life is the most common form of term life insurance. This type of policy is predictable and provides a guaranteed benefit, which is a guaranteed earnings rate on your cash value. So, you pay the same premium payment amount throughout the life of the policy. You can choose when you’d like to make payments on this policy, whether it’s annually, semi-annually, quarterly, or monthly. With this type of policy, you can easily predict the growth of your cash value over time and even completely pay off the whole life policy after a certain number of years. As a long-term policy type, customers should be prepared to lock into premium payments over the course of the policy’s life. If you choose a whole life insurance policy, you can anticipate:
- Level premiums that don’t change during the life of the policy
- Cash value growth that you can spend while you are alive
- Protection that you can't outlive, as-long-as your required premium payments are made on time
If you currently have a whole life insurance policy, when is the last time that you had it reviewed? Did you know that your policy could end when you’re in your 70s or 80s, even if you’ve been paying premiums for years? These types of policies can negatively affect your estate plans if you don’t have them reviewed by professionals. This is a problem we have fixed for numerous clients. Talk to us about reviewing your current whole life insurance policy.
Universal Life Insurance
If you want a flexible life insurance option, universal life insurance policies will let you vary your premium payments. This means you can have a permanent policy where you can choose the timing and amount for your premium payments. Typically, once you make your first premium payment, you can choose to make additional payments at any time. When you have any extra money, you can pay more, and if you are short on cash and can’t afford a payment, you can pay less or skip the payment (subject to satisfying policy premium minimums to maintain policy).
With this type of policy, the holder can increase or decrease the death benefit (subject to underwriting for an increase). Cash values accumulate based on premium payments and current interest rates that the carrier is offering.
Term Life Insurance
Term life insurance is the least expensive form of life insurance coverage that offers financial protection for a limited, specified period of time. This type of insurance provides the most return for your premiums, as the death benefit face value is paid only if the insured dies within the specified term. The periods for these policies can run 10, 15, 20, and 30 years. So, once you reach the end of that period, your policy lapses unless you renew the policy. Some insurance policy carriers will offer term life insurance, which can be converted it to a permanent policy We believe that our clients deserve:
- To be treated with respect: as individuals with unique personal goals.
- A clear understanding of what their options are and how they would be affected.
- Strong advocacy from our team on their behalf, which will help to ensure the highest quality policy at the best value.
- Clear communication and transparency throughout the policy discovery and setup process.
As we provide guidance to community members and clients from all walks of life, we view our work as a means to connect with our community and professional network. We believe that you will appreciate the individualized care and attention that we give our customers, and hope that you will become a lifelong customer. Our goal is to always exceed expectations when it comes to customer service and care.