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Life Insurance

It is surprising how many people do not have life insurance or feel what they carry through work will suffice. Most people don’t stop to consider the future. Even if you are in a position now where you can’t imagine needing life insurance, think about where your life may lead in 5, 10 or even 20 years. If all you have is your policy from your employer be aware that policy is not guaranteed. You may be fired or find other employment that doesn’t offer coverage. If you become terminally ill and can’t go back to work how long before those benefits expire? Will you die in time so as to not leave your family buried in expensive medical bills and a mountain of debt? Will you be able to keep those benefits when you retire if you need to? In most cases as soon as your employment ends so does your life insurance benefits.
Some things to consider when you decide if you need life insurance and how much:

The older you are when you take out a policy the higher your rates
Life and circumstances changes and you may need benefits -but by then your health or age may make coverage cost prohibitive – or changes in your health may make you ineligible
You can combine policies so that you have a larger death benefit on a term policy to cover your debts that provides level rates until that term expires. If you miscalculate you usually can continue that policy at the rate charged for your current age, in most cases regardless of the current condition of your health. You can supplement your term policy with a whole life policy and a smaller death benefit. This way your death doesn’t become a financial burden on your loved ones if you live a longer life than you’re financially prepared for.

We can offer rates from several companies for:

Whole Life - provides for a level premium, and a cash value table included in the policy guaranteed by the company.
Universal Life - is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return. A universal life policy includes a cash account. Premiums increase the cash account. Interest is paid within the policy (credited) on the account at a rate specified by the company. This rate has a guaranteed minimum but usually is higher than that minimum. Mortality charges and administrative costs are charged against (reduce) the cash account. The surrender value of the policy is the amount remaining in the cash account less applicable surrender charges, if any
Variable Universal Life(VUL) - is not the same as universal life, even though they both have cash values attached to them. These differences are in how the cash accounts are managed. The cash account within a VUL is held in the insurer's "separate account" (generally in mutual funds, managed by a fund manager).
Accidental death - is a limited life insurance that is designed to cover the insured when they pass away due to an accident. Accidents include anything from an injury, but do not typically cover any deaths resulting from health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurances
Term Life Insurance - or 'term assurance' provides for life insurance coverage for a specified term of years for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.
Limited-pay life Insurance - in which all the premiums are paid over a specified period after which no additional premiums are due to keep the policy in force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65

Be sure to review available riders to know you are getting the most for your money. For example does the policy offer waiver of premium for disability or guaranteed insurability option where you can increase your coverage at scheduled intervals regardless of your health?