Navigating Life & Long Term Care Insurance



Term Life Insurance
Term Life insurance is life insurance that you pay for during a specified length of time or term – generally one to 30 years. You select the amount of the death benefit or face amount to meet your needs. Some NEW types of Term Policies may have additional coverage for Living Benefits that pay you in case of Heart Attack, Cancer, Stroke etc. while you are still alive..


Premiums, or payments, which can be the same amount or increase with time, must be made monthly, quarterly, semi-annually, or annually. If you die during the term of coverage, the face amount of your policy will be paid to your beneficiaries. Term insurance policies do not accumulate cash value and therefore usually offer lower premiums than other life insurance products with the same face value.


Index Universal Life Insurance
Index Universal Life is permanent insurance that has the potential to accumulate cash value. However, it offers additional features and options. For example, you can increase or decrease your policy's face amount to accommodate your changing protection needs. You can also increase or decrease the dollar amount of your premium payments and make additional lump sum payments to your policy. Since a Universal Life policy accrues cash value, you can borrow against this cash value for any purpose.


You have the option to skip premium payments if your account has accrued sufficient value because the premiums will be taken from the accrued value. An Index Universal Life policy also has the potential to earn a higher rate of return than a whole life policy, although there is a risk that your rate of return could drop. With an Index Universal Life Policy, your Cash Value goes up a percentage of the value of a Stock Index such as the S&P 500 or another Index Stock Fund, but will never lose value if that Index declines.


You may also add Living Benefits riders such as a built in Long Term Care Policy. If you never need Long Term Care you still have your Cash Value for use. You can also use it to help fund College Plans, etc.. The Cash Value grows Tax Deferred and may be utilized Tax Free. Conditions apply.


Whole Life Insurance
Whole Life Insurance is life insurance that you own for your entire lifetime. The amount of the death benefit or face amount can be selected to meet your needs.


Premiums, or payments, are fixed and can be paid monthly, quarterly, semi-annually, or annually. As more premiums are paid, your policy accumulates a cash value that grows on a tax deferred basis. In essence, whole life is like buying a house versus renting it. The monthly cost is higher than it would be for a term life policy, but with each payment you make you gain equity. You can borrow against a Whole Life policy for any purpose. Loans, however, require you to pay interest and any borrowed amount you do not pay back is deducted from the payout to your beneficiary at the time of your death.


Final Expense Insurance
Your family means the world to you. The last thing you want is to leave them with major expenses after you’re gone. Final Expense insurance is life insurance that helps provide the money they may need to pay medical bills, funeral expenses, legal fees or unpaid bills. It is an insurance policy that lets you decide how your assets are distributed. By planning ahead, you can help protect your loved ones from unnecessary financial stress when you die. And, you can distribute your assets in the manner you decide! Often times these policies are issued regardless of your health status.


Life Insurance Settlement
There may come a time when you may not need, or can afford, a Life Insurance Policy that you have been paying on for years. Often times folks would just let the policy lapse or surrender the policy for it's cash value. There are better and more lucrative ways for you to retire those policies..


Give us a call or email us for a free consultation.