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Term Life:  The most affordable and simple form of life insurance. Click Here to Run Free Quotes.
If you die, then your beneficiaries receive the full amount of the policy. If you do not pay your premiums, the policy terminates and you get nothing. If you outlive your policy, then you get nothing - but you did have peace of mind for the entire length of the term knowing your loved ones would have received a large lump sum of tax-free cash. Policies are issued for a designated period of time (the term length of the policy) such as 10, 20, or 30 years. Rates do not go up or down for the entire length of the term. The policy terminates at the end of the term, or it may be renewable at a significantly higher rate.

Return of Premium (ROP):  Term life insurance policies that pay you back at the end of the term. Premiums are higher than a regular term policy which does not return your money. Run Quotes
Example: Let's say you acquire a $250,000 30-year ROP term policy with a premium of $100/month that you pay faithfully for 30 years. When the 30 years have passed and you are still alive, then you can have all 30 years of premiums returned to you. You had life insurance "just in case" and now you have a check for $36,000. 

Life with Living Benefits: This is considered "Life insurance you don't have to die to use."
If you have a chronic illness, critical illness, or terminal illness, then the death benefit may be greatly reduced and a portion given to the insured as cash. Available in Term and Permanent Life insurance policies, it is like having 4 different policies for a little more than the price of one.
Example: You have cancer, can't work, but need money to live on. The insurance company may offer to reduce your $250K life insurance policy down to $25K, and give you $30K cash now. (numbers vary based upon your age, time you've paid into the policy, severity of the situation, and other factors)

Whole Life:  A type of permanent life insurance that can provide life-long protection.
With whole life, you pay a fixed premium, the rate does not go up or down, and as long as you pay your premiums until you die, the policy is in force. Whole life also has a cash component. This cash value can grow and interest is credited to the cash value. Interest growth in these policies is tax-deferred which means you do not pay taxes on the growth. When you die, your beneficiary also does not pay income taxes on the benefit received. If you need money before you die, you can cash in the policy. If you receive back more than you put in, then you only pay income taxes on the increase.

Universal Life: A more flexible form of permanent life insurance in regard to both premiums and accessing cash from the policy.
Universal life policies may allow you to pay more or pay less each month, or even skip months without fear of losing your coverage. A policy holder may also take tax-free loans from his/her policy. A policy holder may also pay back the loan in order to maintain the full cash value and full death benefit. Interest growth on the cash value can also increase the death benefit for your beneficiaries. Index Universal Life credits interest based upon a stock index.

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Perhaps the greatest benefit of life insurance is that the money is paid out tax-free to the recipient(s). If your parents or grandparents want to leave you an inheritance, or you want to leave an inheritance to your children or grandchildren, that's great, but the recipients may have to pay taxes on whatever they receive - unless it is in the form of life insurance. CONTACT US to apply for Cash Value life insurance.

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