Policy Pros are experts in providing solutions for your current life insurance needs. We will work with you and your family to help you make the decision that is right for you.
Life Insurance
Protection for what matters most...
Although life will never be free from uncertainty, it can be minimized so life can be enjoyed. Life insurance provides peace of mind and protection for loved ones in the following ways:
- Pay for funeral costs
- Assists with ongoing living expenses or medical bills
- Pay off outstanding debt, like your mortgage
- Provide for your children's or grandchildren’s’ education
- Protect a spouse's retirement
Basic insurance types include:
Term Life Insurance (Temporary) - the most basic, and generally least expensive form of life insurance for people under age 50. Term Life Insurance provides for life insurance coverage for a specified term of years for a specified premium.
Declining Balance Term - Variation on term insurance, often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. While the premium stays constant over the term, the face value steadily declines. Once the mortgage is paid off, the insurance is no longer needed and the policy expires. Unlike many other policies, term insurance has no cash value.
Whole Life - Combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate, with some accruing as cash value.
Universal Life - Similar to whole life with the added benefit of potential earnings on the savings component. Universal life policies are also flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values.
Variable Life - Offers fixed premiums and control over the policy’s cash value. The cash value is invested in a choice of stock, bond, or money market funding options. Cash values and death benefits can fluctuate based on the performance of the investment choices. Capital gains and other investment earnings accrue tax deferred as long as the funds remain invested in the insurance contract.
Universal Variable Life - The most aggressive type of policy. Like variable life, you decide the investment in mutual funds, though there are no guarantees on these policies beyond the original face value death benefit.
When purchasing a life insurance policy, make sure you understand all of the benefits that your policy has so that you choose the right type of life insurance for your situation.