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Life Insurance is a
valuable asset to many people. It can be used to fund college
expenses, pay off a mortgage, pay for burial expenses, help your
surviving spouse pay for general living expenses, etc. At
Generations Insurance, we are independent brokers, which means we
have access to hundreds of companies. Each client?s needs are
unique, so we take the time to understand their exact situation
and then search for the coverage that best fits their needs.
Below are a few different types of Life Insurance. To discuss
them in further detail or to receive a free quote, please give
us a call or fill out the contact request form below.
Term Insurance
Term Insurance is
the most simplified form of life insurance. Basically, you
purchase a specific death benefit amount and a coverage ?term?
of a specific number of years. If you pass away during that
term, the company pays your beneficiaries the death benefit. If
you survive the term, the policy ends. Even though it is a
simplified type of policy, there are many options to consider
beyond price, death benefit amount, and the length of the term.
Different companies offer different conversion options, which
allows you to convert your term policy to another type of policy
before it ends. There are also different guarantees built into a
policy regarding what can happen to the premium amounts and
when, and there are always carrier ratings to consider. We can
help you determine the best fit and explain all of your options
and what they mean to you and your loved ones.
Whole Life Insurance
Whole Life insurance
offers level premiums and an accumulation of cash value. In
addition to providing life insurance coverage for as long as you
live, the guaranteed cash values can provide money, when you
need it, to help with temporary needs or emergencies.
Features of Whole Life Insurance:
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Level
premiums |
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Premiums
stay level for the life of the policy. |
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Payable for
life |
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Provides
life insurance coverage for as long as the policy
remains in force. |
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Pays
dividends |
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Many
companies pay dividends over and above the guaranteed
cash values of the policy |
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Guaranteed
cash value |
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You may
borrow against your policy at the current loan rate.
Upon surrender, the cash value would be available to you |
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Cash value
growth is tax deferred |
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The growth
in cash values is tax-deferred under current federal
income tax law. |
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Death
benefit |
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Life
insurance proceeds are generally income tax free to the
beneficiary. |
Universal Life
Insurance
Universal life
offers a great option to help your family prepare for the
unexpected. It provides a flexible premium and adjustable
benefit, so that as your needs change, you have the option to
change your coverage.
Additionally, as premiums are paid, it can accumulate account
value which grows tax deferred until you need it.
Some key features of
Universal Life Insurance include:
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Flexibility |
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You decide
the amount of life insurance, benefit, and premium
payments. |
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Security |
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Protect your
loved ones from financial hardship should the unexpected
occur. |
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Death benefit |
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Life
insurance proceeds are generally income tax free to the
beneficiary. |
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Guaranteed interest
rate |
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Earn while
you protect your family. The interest rate at which the
account value grows is guaranteed never to drop below a
defined level. |
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Cash value growth is
tax deferred |
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The growth in cash
values is tax-deferred under current federal income tax
law. |
To discuss your
different coverage options and to receive a free quote, please
give us a call.
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