Life Insurance

Term life insurance is a policy that is purchased for a period of time (a term). The policy pays money to the named beneficiaries if the insured dies during the term. Term life insurance is intended to provide lower-cost coverage for a specific period. Term life policies may include a provision that allows coverage to continue (renew) at the end of the term, even if your health status has changed. However, those premiums may be higher than the original policy. Ask what the premiums will be before you renew. Also, ask if you lose the right to renew at a certain age. If the policy is non-renewable you will need to apply for coverage at the end of the term.

Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.

Universal life insurance is a type of permanent life insurance coverage, offering both a death benefit and a cash value component. The policy will remain in effect for the lifetime of the insured individual, as long as the premiums are paid on time. There are three types of coverage: indexed universal life, variable universal life, and guaranteed universal life.
Policyholders can have flexible premiums or change their death benefit amount, which differs from other types of permanent life insurance policies. Plus, the cash value component offers potential to earn more interest – however, on the flip side, the value can go down over time.
More specifically, the cash value component earns interest based on a money market rate of interest or, for some types of universal policies, a rate that’s tied to a market index. Whatever you earn will increase your investment value, helping you pay your premium. Lowering your monthly payments can be useful if your financial situation changes.
Keep in mind that doing so will eat up your cash value – if there isn’t enough, you will need to make up the difference or your policy will lapse.

Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.

Whole life is a contract with a consistent premium and death benefit. The premium helps build a cash value, that may receive a dividend from the insurance carrier. Loans may be taken out from the policy following pre-established rules, and grows tax free.

Please Call 814.520.5511/Text 440.276.3883/Email us to inquire.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent.