Life Policies

Popular Forms of Life Insurance:

Term Insurance is a reasonably priced, effective way to secure your family’s future. Premiums remain level for length of term.

Universal Life is designed for a long-range plan of insurance (up to retirement and beyond). The plan will build cash value based on interest rates. The interest rates can fluctuate, however, the policy will have a guaranteed minimum rate of interest.

Whole Life is a policy that builds cash value, called equity. A dividend may be paid on the policy based on the company’s earnings. Dividends can fluctuate and typically will build more equity than a universal life policy.

Why do I need life insurance?

A sufficient amount of life insurance will enable your surviving spouse and/or children to pay expenses that arise when they no longer have your income. Expenses such as mortgage payments, college tuition, funeral expenses and day-to-day living expenses. Later in life it may be necessary to pay estate taxes.

How much life insurance do I need?

Individual and family circumstances dictate how much insurance is prudent and you should consult with a professional. A general recommendation is that a person should have a minimum of 3-5 times their annual income plus any large outstanding loans (mortgage loan, car loan, business loan, etc.) for the face amount of the policy.

How will my health affect the premium?

Your health will determine the final rate of any life insurance plan you choose. Most companies require a paramedical exam that consists of detailed medical questions, a blood draw, urine specimen and possibly an EKG. These items along with a report from your physician will enable the insurance company to make an offer for a life insurance plan.