Life Insurance  
   
 

Our Life Insurance Partners:

Life Insurance helps maintain your family's current lifestyle.

Insurance is used to manage the risks of everyday life, recover from the unexpected and help to realize dreams. It’s based on the concept of a large group of people contributing a small amount of money (the premium) into a pool of funds, to assure the needs of those people who suffer a loss due to one of life’s unexpected events. Because it is never known when you might be the one in need, you are sharing risk.

To ensure coverage against life’s uncertainties, you would enter into an insurance policy or contract with the insurance company, which guarantees to pay a certain amount of money (policy coverage amount, called death benefit) to your estate or beneficiary in the event of your death , as long as you continue to pay the premium. Upon your death, this money can be used in many ways, whether it is to pay debts or taxes, or it can provide  an inheritance for beneficiaries and heirs including your family, friends, or even a favorite charity.

The premiums work to grow the insurance policy fund as professional money managers invest these premiums on behalf of the policyholders. Investment returns fluctuate depending on interest rates and general market conditions as with any kind of investing.

Predicting trends and probabilities using statistics, mortality tables, and other indicators to predict the likely number of deaths in a given year, the insurance company will carefully allocate enough funds to pay life insurance claims quickly, and invest the rest. Depending on the kind of policy you have, some of these investment returns may be paid to you (sometimes known as “participating policies”).

The premium cost of a life insurance policy is based on two things that affect risk:

  • You, including your health and life habits
  • Sstatistics about people in general

Based on statistics complied by the government, reasonably accurate predictions about your life expectancy can be made based on, among other things, the year of your birth, the place where you live, whether or not you smoke, and your occupation. High-risk factors such as things like a hazardous occupation or a family history of illnesses, for example, could affect the cost of premium you pay. If you’re young and healthy, chances are your premiums will not be impacted as much. In general, the premium will be based on the amount of risk the insurance company accepts by insuring your life.

We offer a wide array of life insurance plans, including both term and permanent insurance from most major insurance companies. We can save you time and money by shopping around to find the most suitable coverage at the best price for you

 

There are many different kinds of policy options available, generally, there are 3 types of life insurance:

Term life
The simplest form of life insurance providing death protection for a stated time period, or term. It is designed to deliver temporary life insurance protection at a limited cost.

Permanent or whole life
Permanent coverage for the period of your life as long as you continue to make timely premium payments. Features such as: level premiums and accumulation of cash values make whole life (permanent) insurance a good choice for long-term goals.

Combination
Generally referred to as universal life insurance, this is a combination of permanent and term insurance, providing lifetime protection with more flexibility to your coverage combined with the benefits of a policy fund - where the cash value of your policy continues to grow