Learn about Life Insurance

Life Insurance is not complicated or expensive. Work with our Agency to explore your options and to protect your loved ones.

What is Life Insurance?

Life insurance pays out a sum of money either on the death of the insured person or after a set period of time.

Frequently Asked Questions

  • What if I can't qualify for life insurance with a medical exam? You'll want to learn more about Guaranteed Issued Whole Life (GIWL) Insurance. Just click here!
  • What is the difference between Term Life and Whole Life Insurance? ​Term life insurance rates typically are less expensive than whole life insurance rates because this type of policy doesn’t build cash value. These plans are purchased for a predetermined period of time – like one, 10, 15, 20 or 30 years – and have only one function: upon your death, they pay the death benefit to your beneficiary usually income tax free. Whole life insurance, also known as permanent life insurance, is usually has a slightly higher premium (depending on death benefit) than term life because it not only pays the face amount at your death, it builds cash value. Unlike a death benefit only plan, you can have access to the cash value during your lifetime. 
  • What are the advantages of Term Life Insurance? Because term life insurance is usually more affordable than whole life insurance, it can be a great option for younger people, anyone with a tight budget or those needing coverage only for a set period of time. For example, a person with a mortgage and children in college might want a plan until the mortgage is paid and the children have graduated. At that time, insurance needs may change. Many term policies have the option to be converted to whole life insurance at the end of the term. 
  • What are the advantages of Whole Life Insurance? With whole life insurance, as long as you pay your premiums, you have protection for life and your policy cannot be cancelled. A portion of the premium you pay goes towards building cash value. Unlike term life insurance, you have a set premium rate that will never increase and, if necessary, you can have access to the cash value of your policy during your lifetime. Best of all, with a guaranteed death benefit, the amount your loved ones receive is the amount you intended.
  • How do I know how much Life Insurance I need? Everyone’s insurance needs are different. The amount of life insurance you need depends on your particular situation and requires careful planning. For example, how much would it take to replace your lost income and for your family to maintain their standard of living? Do you have enough money on hand to cover your final expenses? Would your death leave your family burdened with debt? Are there mortgages or personal loans to consider?
  • Who can I name as beneficiaries? A beneficiary is the person, persons, or entity you designate to receive the policy proceeds upon death of the insured person. Virtually any person or legal entity can be named, so selecting your beneficiary and keeping your choice up to date is very important. 
  • Should a single person purchase Life Insurance? Because life insurance can help to prevent financial distress by paying benefits to those left behind almost everyone, including single people, can benefit from the right life insurance product. Younger singles can benefit by purchasing life insurance before age and certain health considerations become a factor in qualification. Singles with dependents could leave an inheritance or provide money for a college fund. Even if there is no one depending on you for financial support, life insurance can help ensure that you have enough money to pay outstanding debts, or pay for funeral and other final expenses so that your family would not be financially burdened.
  • What is a Rider? Riders provide additional benefits that can be added to a basic policy usually for an additional cost. Below is a list of riders that are most commonly available:
    • Long Term Care Rider: you may accelerate some, all or none of your death benefit to pay for long term care expenses. If your death benefit is accelerated for LTC payments, it will provide at least 100 months of accelerated death benefit payments for long term care expenses for qualified long term care services (Home Health Care, Nursing Home Care, Assisted Living Care, and Adult Day Care)
    • Accelerated Death Benefit Rider: if you become terminally ill, you may be eligible to receive early payment of a portion of your death benefit.
    • Accidental Death Benefit Rider: with this rider, your beneficiary will receive an additional death benefit if you die in an accident.
    • Children’s Rider: with this rider, children are provided coverage under the parent’s policy up to a specified age - generally age 18. At this point, depending on your plan, the coverage can be converted to an individual policy for the child.
    • Spousal Rider: provides coverage for the insured’s spouse.
    • Waiver of Premium and Disability Rider: if you become disabled and are unable to work, your premium would be waived and your policy would remain in force until you are able to return to work and resume premium payments.

Contact us to learn more about the right life insurance for you.
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