The products we offer prepare families and small businesses to be ready for various contingencies.
Life Insurance is a financial tool that protects families and businesses from financial loss or associated with the unfortunate death of a family member or an important employee or partner. It can also be used as a tool or supplement for retirement.
Its various benefits are as follows:
– It protects families from financial hardships in the event of death of the primary bread earner.
– Funds from life insurance can help families cover mortgages, child education, temporary liabilities and stave off poverty and using welfare support.
– Businesses can use this to secure the future of their company and by insuring key employees.
– Businesses use life insurance to grow even during hard times.
– Many life insurance vehicles today, provide retirement supplement funding.
Life insurance is essential to allow people to maintain financial independence. It gives help and support in a stressful environment. In many cases, life insurance is the only support keeping people away from poverty and dependence on welfare.
Term Life Insurance
Term Life Insurance is used when coverage is required for a specific period of time – usually one to thirty years. Depending on the scheme the premium for this insurance either remains constant or increases over time according to defined terms and conditions. Term insurance is used to cover risks that reduce over time. These could be mortgage payments, college fees etc. Since term insurance covers specific events or time periods, the premiums are small, but there is no cash value buildup. Term Insurance is easier to get (and cheaper) the earlier you start and the younger you are.
Whole Life Insurance
This is the traditional form of life insurance, here premium stay constant over the life of the policy. In whole life insurance your policy acquires a cash value. This means that when your policy ceases, you will get this cash value back. You can also surrender your policy and get the cash value back or take a loan against it. The cash value grows on a constant fixed rate. The cash value and the face amount are different things. Cash value are funds you may have access to through loans and the death benefit are benefits purchased that are meant to go to the beneficiaries at time of death of the insured.
Variable Insurance is a special type of financial investment because it allows you to choose how your money is to be invested based on different rewards accompanying the scheme that you choose. It is mandatory for you to receive a prospectus for your variable life insurance outlining the objectives, benefits, operating expenses and risks. It is used because it potentially provides you greater returns when following different investments you may choose; whether they are: stocks, bonds, mutual funds or options.
Indexed Universal Life Insurance
Indexed Universal Life Insurance policies are type of traditional universal life policies. These policies like whole life policies build up cash value over time and provide coverage as long the premiums are paid. Their main advantage is that they allow flexibility to the owner. They allow the owner to change death benefit (subject to insurability) and also offer flexibility in premium payment.
Outside of getting a death benefit for the time we die to our beneficiaries, the cash value growth is tax-deferred which allow you to accumulate interest based off of market indexes, different riders and wavers, flexible premiums and level or increasing death benefit options.