Developing certain medical conditions could cause you to become ineligible for life insurance or it could be cost prohibitive. The younger and healthier you are the less your rates - for life!
Life Insurance through work usually ends when you employment ends - whether you are downsized, retire, or unable to return to work after an illness. By the time this happens, you may become unrated due to age, health, ect. Most whole life policies build "cash value" so if you've paid into it long enough you can use to pay the premium and/or borrow from for bills.
The older you are when you take out a policy the higher the rates.
Whole life - provides for a level premium, and a cash value table included in the policy is guaranteed by 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.
Variable Universal Life (VUL) is not the same as universal life, even thought both have cash values attahed to them. Difference is how the cash accounts are managed.
Accidental Death - is a policy due to a passing due to an accident.
Term Life Insurance - also known as "term assurance" provides life insurance coverage for a specified term of years for a specified premium.
Limited-pay life insurance - is premiums paid over a specified period. Common limited pay periods include a 10 year and 20 years paid up at age 65.
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