We are able to provide life insurance from over 40 different companies. Please fill out the information below for a simple quote. To see multiple quotes, please list all years and face amounts desired.
Differences in Life Insurance Coverage
Term Insurance is insurance that only covers someone for a specified period. 10, 15, 20, 25, or 30 years. Most term policies guarantee the insureds level of insurability. If the insured has the conversion privilege and something happens during the term of the policy, the insured has the option to convert their term coverage at their current age and previous health condition.
Return of Premium (ROP)
A return of premium term policy costs a little more than term insurance but if the insured does not pass away, then they will get back a portion or all of the money they paid in! This is tax free growth and a strategic way to save. They come in 15, 20, 25, and 30 year terms. 15 year term policy is the most expensive because you are getting your money back the soonest.
There are several types of permanent life insurance. The three explained below are the most common.
There are two types of universal life policies, guaranteed and non-guaranteed.Â Both policies build up cash values and use bonds as the investment vehicle for safe average returns. The guaranteed policy cash value will begin to dwindle down to zero in the later years of the policy. For this reason it is strictly used for life insurance only.
Variable Universal Life
Variable Universal Life policies allow the insured to invest money in the market, rather than in bonds. If the insured is under the age of 40 and can afford the risk, this can be a great savings vehicle.
Whole Life policies are guaranteed and they build dividends over time. After a long growth period, these dividends can pay for the policies themselves. This can be a great way to balance out a portfolio of stocks, by adding some bond exposure.
Reasons to purchase Life Insurance
- Income Replacement When a family is trying to replace the main source of income for the family in the event of a death. To make sure the amount is adequate, please ask us for a worksheet. 95% percent of all individuals are under insured.
- College education for your children
- Debts owed mortgage and credit card debt
- Final expense costs