Individual Life

The Need

What would happen to your loved ones if you were to suddenly pass?

  • Will your kids be able to go college?
  • Will your spouse be able to pay the bills?
  • Will your family be able to live in their current home?

With the right amount of Life Insurance you can confidently answer yes to these questions.

 

How Much

Life Insurance is a promise to pay your beneficiary/beneficiaries a certain amount of money upon your death. The face value of the policy is the amount that will be paid to the beneficiaries upon death. Some things to consider when determining your policy’s face value are:

  • What is the lost income if you were to pass?
  • How many kids still need to go to college?
  • What are your major debts (home, auto, etc.)?

A great resource for impartially calculating your life insurance needs can be found at Life Happens .

 

The Options

  • Term Life – Term life is the simplest of all the forms of life insurance and is usually the cheapest. You pay a certain monthly premium and in exchange if you were to pass, the beneficiary gets paid the face value of the policy. There is no cash value that will build up with the policy. This means if you stop paying you have nothing to show for the premiums paid.
  • Whole Life – Whole life policies are more expensive than term life, but part of the premium you pay builds a cash value that you can keep should you cancel the policy. Furthermore, this cash value can earn interest, which can increase the policy payout upon death to an amount higher than the original face value.
  • Universal Life – Universal life tries to find its niche between the costs of whole and term life. It gives you the ability to build cash value like whole life. However, it gives you more flexibility than a whole life policy by allowing you to make changes to your premium amounts, face value of the policy, or the payment period of the policy.

 

Contact Us 

For a full illustrations of your policy options, Click Here to speak directly with an agent.

Leave a Reply