This type of policy is meant to cover the costs of a funeral or cremation service. It can also be used to pay off some final medical bills or other debt.
Funeral costs can run high depending on the type of service you wish for. Some of the costs include caskets, vaults, embalming, hearse, service fee, facility rentals, staffing, and miscellaneous preparations.
It is a small Whole Life policy typically $45,000 or less and can also accumulate cash value.
These policies can also come with accidental death & other riders allowing you to access some of the benefits if needed.
Whole & Universal Life
These policies both fall under the category of permanent life insurance. They provide lifetime coverage as long as the premiums are paid and pay a tax-free death benefit to your beneficiary.
In addition to the death benefit, these policies build cash values. The cash value allows for loans against the policy and is returned if you cancel or close out the policy before death.
Death benefits on these policies can vary starting at $2,000 and up to $250,000 without having to get a medical exam. Benefits above the limit will most likely require what is called being fully underwritten with medical exams and more.
Term Life Insurance
Term Life Insurance is a policy that guarantees payment of a death benefit if the covered person dies during a specific term.
Policy terms can range from 5 to 30 years and can sometimes depend on the age of the person requesting the policy. Once the term expires it can be renewed or sometimes converted to a permanent or whole life policy.
As with Whole & Universal, the death benefit ranges and could possibly require a medical exam at the time of purchase.
There are no cash values or loans again the policy allowed on these which allows for an often lower priced monthly premium.
Mortgage Protection & Early Payoff
These types of policies are used most often when a new home is purchased. Designed to protect the surviving spouse and children upon death.
This is usually a term life policy that upon death will pay a death benefit to cover a set amount of monthly mortgage payments to allow time for relocation or completely pay off the mortgage.
The early payoff comes into play when you qualify and opt into a return of premium term policy. Should you outlive the term you will be refunded the full amount of the premium you paid over the set term allowing you to used that sort of forced savings to pay off the mortgage early.
Return or premium policies tend to be more expensive but all is returned at the end of the term.
Family Income & Protection
The Family & Income Protection policies are basically just another way to see how a Whole or Term Life policy can work for you.
How much will your family need to survive if you pass away? Will they need to pay off a mortgage, send the kids to college or find a new place to live?
These are some of the questions you should ask yourself when determining what type and how much coverage to purchase.
Annuities and retirement planning could also fall under this headline. Insurance companies and agents can help you plan for a comfortable retirement. Annuities can result in tax-free income if planned and configured properly and such policies as Indexed Universal Life and others can also set you up for the future.
Identity Theft Protection
Partnering with one of the top Identity theft companies we can offer a complete family protection plan.
Purchase separately or add it to your life insurance policy to make sure you are protected.
Offering individual and family plans on three tiers from Essential to Elite our protection partner covers the family of up to 10 minor children for the same low monthly price.
All levels offer up to $1 Million of identity theft insurance and some other protections include the following.
* Personal Information & Dark Web Monitoring * Social Security Number Monitoring * Unlimited Restoration Services * Lost/Stolen Wallet Protection * 24/7/365 Customer Service * Single Bureau Credit Monitoring * Social Media Monitoring * Bank Account Takeover Monitoring * Tons More!!