Living Benefits

There are now available life insurance plans that offers you living benefits along with the death benefits. Chronic, critical, and terminal illness can leave loved ones with expensive medical bills. If you have someone who depends on you, life insurance can help fill the financial gap left if you become very ill, or worse, are no longer there to support them.

Wherever your life takes you, we can help make sure that you have the coverage you need. Before we start, here are some questions to help determine what type of life insurance is right for you and your loved ones.

• Do you work full time and/or have insurance through your employer?
• Do you provide care for a spouse, children or senior parents?
• Do you own or rent your home?
• Have you been married recently, have children or recently retired?

Life Insurance options:

• Term – This is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
• Whole Life – Also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a feature in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
• Indexed Universal Life – This is a type of permanent coverage, which means it can last your entire life and can build cash value that typically grows tax-deferred. Unlike other types of universal life, an IUL policy is linked to a stock index, such as the S&P 500. IUL offers flexible coverage, giving policyholders the option to adjust their premiums and death benefit as needed.
• Final Expense – a limited type of life insurance coverage used for costs associated with death and funeral arrangements. Due to its high cost for lower coverage amounts, final expense insurance is best suited for people who are ineligible for traditional coverage.
• Mortgage Protection – Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.
• Juvenile Insurance – is permanent life insurance that insures the life of a child (generally under age 18). It is a financial planning tool that provides a tax advantaged savings vehicle with potential for a lifetime of benefits.