Life insurance provides financial provision to survivng family, business partners, charities or used to pay estate taxes. We can assist you in determining the right amount of coverage and the right type of coverage for your unique situation. Most experts recommend buying 8 - 10 times your earnings. Also consider how long you want coverage for, as the longer you lock in a rate for the lower your long term cost will be. We shop with most of the best carriers and have markets for the super healthy to the those in very poor health and special markets for smokers and occasional cigar smokers and even just marijuana users.
We keep the process simple: Contact us and we design proposals based on your needs, short application is completed over the phone with us, nurse exam is scheduled at your home or office with additional questions and downpayment paid with optional temporary coverage of up to $500,000 avail., medical records are ordered for you and underwriter determines eligibility and rate, then policy is delivered to you for your safe storage.
Pick a length of time you need coverage for: 10, 15, 20, 25, 30 years (Maximum year ending age 80. for a longer term, see Universal Life.) Choose between Guaranteed Term (the carrier cannot increase the rate no matter what) and Non Guaranteed (not recommended as the carrier can increase the rate if interest rates rise or carrier has too many death claims). We have excellent markets for just about every health condition. Term is the best option for those who only need coverage for a specific time period or who need to keep the cost at the lowest price in the short term. Many term carriers now actually issue the term policy on a Universal Life "chassis." 30% of buyers choose term life.
There are many different types of Universal Life policies; we can set it up to work just like a term policy, where the policy is guaranteed not to cancel as long as the planned premium is paid. This allows a client to extend the length of the term up to a much later age then traditional term will allow (up to 105 - Keep in mind the average person turning 65 today will live till age 85; and many of you are above average!) Or we can set it up to build cash and safely build retirement income, based on stock market indexes without actually having an downside stock market exposure. Many middle and upper income like this option as it does not carry the risks of loss that mutual funds do yet is still based on stock index gains. Income potential can be significant. With this as a savings foundation, it frees your other funds for investments that carry more risk. Options include endorsing to cover many of the assisted living/ home health care/ nursing home costs you might incur (we have other ways to do that as well). Properly designed, these are a very good choice for low cost policies. 36% of buyers choose universal life.
While much maligned in the mainstream media because few "experts" actually understand how insurance works. Whole Life is still a very cost effective way to do a number of things: It provides life insurance for your whole life, allows you to pay premiums for a limited time - typically 17 years, and then not make any more premium payments but still have lifetime coverage, allows you to save very substantial sums for retirement in much the same ways as a Roth IRA except you can receive the retirement income before age 59 1/2, insures against future health problems that might not allow you to buy insurance later, allows you to borrow money from your policy for any reason without having to get approved from a loan underwriter; excellent to take advantage of a quick real estate purchase or access the funds for business and be able to write off the interest paid back to yourself as a tax write off. It also is a great way for parents & grandparents to save for a child's education or create a financial legacy. Can insure two people on one policy as a means to pay estate taxes upon second death.
Still a top product choice for the affluent/wealthy or those desiring to accomplish the same goals on a smaller scale.
Despite higher premiums initially, 34% of buyers choose whole life.