Life insurance from Independent Insurance Counselors can help you secure your family’s financial future by providing the funds they need to: cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living.
There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:
Term Life Insurance
Term life insurance is the lower cost way of providing life insurance for your family. For most term policies, the protection is planned for a limited number of years. The normal term policy will have a 5- to 30-year period. Term life policies do not accumulate any cash value. You are paying for death benefit only.
A level term insurance premium will not increase during the guaranteed policy time period (term) you select. Once the time period expires, you might be offered to continue the policy on an annual basis. Unfortunately, this offer comes with a higher premium. If the insured dies after the policy expires, there will be no payment of death benefit.
Term life insurance remains in force for as long as the premiums are current, provided there are no misrepresentations on the application.
Universal Life Insurance
Universal life policies can be extremely dangerous, yet very rewarding with the right policy. The dangers are weak guarantees regarding cost of the life insurance and interest yield.
The good news is there are several excellent universal life products that guarantee a death benefit at a set premium. These plans often allow an accelerated death benefit (you can get some of the death benefit prior to the death of the insured) for certain terminal medical conditions.
The keys are to monitor the accumulated cash value regularly and the insured stays healthy.
Whole Life Insurance
Whole life insurance is often called permanent insurance. Whole life provides life insurance, subject to limitations, from the date the policy is issued to the date of the insured’s death or the policy maturity date (age 100 or age 120). There is a guaranteed cash value accumulation. With the cost of death benefit guaranteed and the yield guaranteed, whole life is an extremely stable life insurance policy.
The downside is the cash value accumulation is very slow. Many people believe whole life is a poor choice because of the low return. However, a whole life policy is an excellent choice in certain estate planning scenarios.
Independent Insurance Counselors offers complimentary quotes on Individual Life Insurance from multiple insurance carriers so you can protect what matters most in life.