TERM LIFE
Term Life Insurance
Some Definitions with explanations to help you understand more about Life Insurance.
The video here explains the difference between Term Life Insurance and Whole Life Insurance.   Many people think of Life Insurance as Death Insurance - something that only benefits someone else after they die.   Yet life insurance can provide benefits while you're alive!   

There is a third main category of life insurance called Universal Life.   All three categories have various subcategories.  

Here's your opportunity to learn more about a product that could literally change your life.
Term Life:  The most affordable and simple form of life insurance.  If you die, then your beneficiaries can 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.  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 so a portion can be given to the insured as cash.  Available in both Term and Permanent Life insurance policies, it is like having access to multiple policies for a little more than the price of one.  Example:  You have cancer, can't work, have more bills, and you need money to live on.  The insurance company may offer to reduce your $250K death benefit down to $25K to cover your final expenses, and give you $60K cash to use now. (numbers will 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, the policy is in force.  (You can also pay one large lump sum and be done with it.)  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.

Final Expense:  A type of whole life policy meant to cover one's funeral expenses and last bill payments.  These policies have smaller death benefits, typically between 5 and 25 thousand dollars.  Often bought by seniors later in life, some companies may issue final expense policies under the condition that the full death benefit will not pay out in the first year or two.  If an insured dies shortly after acquiring a policy, the insurance company may return an amount equal to all premiums paid plus interest.

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's cash value.  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.  An IUL Index Universal Life credits interest based upon a stock index.


NOTE:   Some health insurance policies allow you to apply for life insurance on the same application.  You can also apply for life insurance seperately ... although that may require a paramed exam


Paramed Exam:  An opportunity for a life insurance company to examine the current health status of someone who's life they will be insuring.  The better the results, the lower the rates.  The health exam is paid by the insurance company, yet scheduled at your home at your convenience.  An examiner will ask a series of health questions, check height and weight, ask for a urine sample, take a blood sample, and possibly record a resting EKG.  There may also be a follow up phone interview from the underwriting department.  The insured will receive the results in the mail.

Life insurance premiums vary substantially based upon the amount of life insurance purchased, as well as age, sex, health status, tobacco usage, occupation, driving record, and other factors.

Perhaps the greatest benefit of life insurance is that upon death the money is paid out tax-free directly 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, it may be best to convert a portion of that to life insurance to maximize the amount received and to reduce problems with probate and family fighting.  Money paid out before death will often be taxed - depending on how much is received and how that money is used.  Talk to your tax advisor and  CONTACT US  to apply for Permanent Cash Value life insurance.   High Net Worth individuals may qualify for Permanent life insurance at the cost of term. 

We Offer All Forms of Insurance Mentioned Above.  

ALSO:  If you are elderly, Do not let your insurance policy lapse!  
It may be possible to sell your policy and/or convert it into payments for senior care.  A portion of the death benefit can be saved for your family or to pay your final expenses.  Thousands of people let their insurance policies lapse every year because they forget to make the payments or they decide they can no longer afford it.  Mr. Girard owner of Hesed Insurance Solutions and Insure My Parts® can help.  Watch the 4th video below.

  1. A Legacy of Love
    Don't wait until it's too late. Now is the right time to learn how life insurance can help you leave a legacy of love for your family.
  2. Real Life Stories / Coleen Stokes
    At 22 years old, Summer was juggling what many young adults do—school and a job. When she found out she was going to be a mom for the first time, she bought life insurance, even though her budget was tight and her mom, Coleen, originally advised against it. That ended up being the most responsible decision she could have made for her son, Nathan, and his future.
  3. Becoming Your Own Banker
    The Infinite Banking Concept 1 of 13 videos; an introduction to the concept of using the cash value within permanent life insurance policies to provide greater financial security throughout your life.
  4. Long Term Care Funding Solution
    For those who need help paying for Long Term Care RIGHT NOW in a nursing home, assisted living facility, or even their own home. Cash money to pay bills is another option if the insured person is elderly with a chronic or terminal condition. Keep that policy active and call 1-800-9-800-342.
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