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Life insurance is a contract with an insurance company that provides protection throughout the lifetime of the contract in exchange for monthly or annual payments. If you pass away while your policy is active, your chosen beneficiary will receive a sum of cash, known as a death benefit. This money can be used to pay final expenses, cover the rest of your mortgage, or handle any other expenses for your loved ones. In most cases, the death benefit is tax-free
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Life insurance is not just for your loved ones after you’re gone; with a living benefits component, it also provides your family with financial protection to cover household expenses if you become unable to support them due to an illness.
Would your family be able to continue covering your debts, like your mortgage, without your income? A life insurance policy, tailored to your needs, can offer cash benefits while you’re still alive, ensuring your family doesn’t face financial hardship during an already challenging time. We consider life insurance an act of love for those you care about, protecting the ones you love most.
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Whole Life is also known as permanent insurance. Permanent life insurance offers guaranteed coverage and is sometimes broken down into a policy called universal or whole life. Permanent life insurance offers guaranteed coverage for the lifetime of the policy.
Permanent life insurance is the term for different types of life insurance with lifetime coverage. You can choose the policy that is right for you and your family – it will not expire. Choosing a permanent life insurance policy means choosing an insurance policy that lasts until you die.
Whole life (permanent insurance) insurance is a slightly more expensive type of life insurance that provides fixed premiums throughout the life of the policy.
Term life insurance is the least expensive option and it provides coverage for a specific period, usually ranging from 10-30 years. It can be viewed as”renting” your insurance. If the insured dies during the time period specified in a term policy and the policy is active, a death benefit will be paid.
If you reach the end of your coverage period (10, 20, 30, 40 ) you and the insurance company simply part ways. If you still need life insurance, you can extend coverage for a new term or convert your policy to permanent life insurance (just keep in mind your premiums increase).
Term insurance can also offer living benefits for chronic medical condtions and or a return of your premiums. Want to learn more? Let’s talk!
Many employers provide group life insurance for their employees. But if you have this coverage, do you really need an individual policy as well?
While group insurance can offer some financial protection for your family, it’s often just a small piece of the puzzle. Typically, group policies cover only one to two years of your salary, are controlled by your employer, and only remain in effect while you’re employed. If you leave your job or are laid off, your employer-sponsored coverage usually ends, leaving you without protection. Have questions about securing a policy you own? Let’s Talk!
Final expense insurance is a type of permanent life insurance policy that provides a lump sum to your chosen beneficiary for any final expenses such as your medical bills, and funeral service which generally cost around $10,000 so they don’t have to face a financial burden during a difficult time.
Final expense life insurance is different from most kinds of life insurance, which people usually buy to replace their income and cover their family’s long-term financial needs in case they die. Final expense insurance is designed to help older adults plan ahead for funeral costs or other end-of-life expenses.
People who are terminally ill, on dialysis, in need of an organ transplant, on hospice, or suffering from chronic illnesses like AIDS, HIV, Alzheimer’s, or dementia often face challenges in finding the right insurance coverage. While many insurers see these conditions as high-risk, there are still some companies that may offer solutions.
Guaranteed issue life insurance is designed to help those with serious health issues secure the coverage they need. These plans can prevent consumers from being denied due to their medical history. If you or someone you know is dealing with a serious illness, life insurance without medical questions could be crucial in providing financial protection for loved ones.
For seniors, guaranteed issue life insurance can be especially beneficial as new health conditions may develop with age. This type of plan offers a pathway to coverage, even after a new diagnosis. Need More information? Let’s Talk!
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Having a pre-existing condition doesn’t mean you cannot get life insurance, but there are limitations and you may pay higher premiums for coverage. When you apply for life insurance, you will be asked a series of questions about your health, age, and lifestyle which are factors in determining your costs for life insurance.
Having a pre-existing condition doesn’t mean you cannot get life insurance, but there are limitations and you may pay higher premiums for coverage. When you apply for life insurance, you will be asked a series of questions about your health, age, and lifestyle which are factors in determining your costs for life insurance.
Yes, If you have diabetes, you can still qualify for certain types of coverage. In some cases, your premiums might be a bit higher. If you have diabetes and you’re wondering about the process of getting life insurance. I can help answer more of your questions through advising. Your free 15 minute consultation is available. Just book a time right for you.
Buying life insurance while you are young and healthy helps you secure lower premiums. Life events such as marriage, a new baby, and even starting a business is a life event with a need for life insurance.
In most cases, you can get approved almost immediately. Most policies are simplified issue, meaning that underwriting is automatic, and you won’t have to undergo a medical exam to qualify. If you are applying for a policy that requires a medical exam, it usually takes from three to eight weeks for the insurance company to review your application.
Your life insurance premium is based on factors related to your age, health, and lifestyle at the time you apply for coverage. The younger and healthier you are, the lower your premium.
There is not a one-size-fits-all answer for life insurance. Life insurance is based on your need. What you should look at to determine how much insurance you need is your income, your health, your family, and your goals to determine how much insurance you need.
