Policies Designed For You
A life insurance policy pays a stated amount to the beneficiaries of the policy in the event the named insured dies. There are two types of life insurance policies: “Term insurance” and “permanent insurance” also known as “whole life insurance”.
Term Life Insurance
The death benefit and premium remain the same throughout the term of the policy. The option for renewing Term Insurance is usually in 20 or 30 year increments.
Permanent or Whole Life Insurance
There is no policy term. As long as the required premiums are paid, the policy will pay in the event the insured dies. There is also a forced savings since a portion of the premium is put in to tax deferred savings account that builds a cash value which the policy owner can borrow funds against. Any amount borrowed and not repaid at the time of the insured’s death reduces the death benefit; also, if you decide to terminate the policy, you will get back the “cash surrender value.”
Disability Insurance covers an insured person in the event that they are unable to work because of accident or illness. It can replace a portion of your income during the time you are unable to perform your job duties.
Long Term Care
Long Term Care covers additional care in the event of old age, mental illness or injury. Long Term Care specifically covers the Activities of Daily Living if you are unable to do them without assistance.