LIFE INSURANCE

Most people’s first reaction to life insurance is pretty easy to guess… “I don’t think about it much. I don’t plan on dying anytime soon.” Life insurance is one of the easiest ways to help protect the ones you love. In fact, life insurance is often seen as the foundation of a strong financial plan. Here are a few things to consider when thinking about life insurance:

• You may need to be sure that your spouse or partner can pay off your mortgage.
• You might want to take care of your children’s education.
• You may want your business to outlive you.
• You may want to enjoy some of your retirement benefits before you retire.
• You may want your two-income household to stay a two-income household, no matter what.

The Types of Life Insurance, Simplified

When we talk about Life Insurance, we’re usually talking about one of three types of policies:

Term life insurance:

Term life insurance traditionally is the least expensive life insurance on the market. A policy can have a level premium for a specific period of time between 5 to 30 years. For example, if you were to buy a 10-year term life insurance policy, the premium would be guaranteed not to increase for those 10 years.

Whole life insurance:

A permanent policy that provides a guaranteed death benefit and cash value for a guaranteed premium. Some whole life policies pay dividends that can be taken as cash or used to purchase additional life insurance or reduce future premiums.

Universal life insurance:

A universal life policy can offer flexible premium life insurance policy that can be structured to meet your individual needs.

Many universal life insurance policies offer death benefits options, such as death benefits that increase every year or the ability to reduce the amount of death benefit in the future if needs change.

For example: if you need additional life insurance during childrearing years, you can structure the death benefit to remain at a certain level for say 20 or 25 years. At the end of that period, you can reduce the death benefit to better fit your needs.

Service is the hallmark of our practice.  To get started, please call us at 972-618-7270 and our agent will help you determine which type of life insurance policy may be right for you or fill out our secure Online Form.