Who will take care of your family and obligations when you die? Where will your funeral expense money come from? Life insurance is the answer to these and many other financial issues. It is still one of the best bargains in insurance. If you have had health problems that may cause your qualification for insurance to be more difficult, we have the markets and experience to get you the best offer. The fact is, there is still no substitute for discussion by an experienced agent with you and the insurance company underwriter. We can help you decide on the right type of life insurance policy and make important financial plans for your situation.
Types of Life Insurance
In choosing the type of life insurance policy you purchase, consideration must be given to the need which is being filled; e.g., funding retirement needs, creation of an estate, payment of estate settlement costs (federal and state death taxes, last illness and burial costs, probate fees, etc.) and more.
Level Premium, Decreasing Coverage, No Cash Value: Suitable for financial obligations which reduce with time; e.g., mortgages or other amortized loans.
Annual Renewable Term
Increasing Premium, Level Coverage, No Cash Value: Suitable for financial obligations which remain constant for a short or intermediate period; e.g., income during a minor’s dependency.
Long-Term Level Premium Term
Level Premium, Level Coverage, No Cash Value: The annual premiums are fixed for a period of time, typically 5, 10, 15 or 20 years. Suitable for financial obligations which remain constant for a short or intermediate period; e.g., income during a minor’s s dependency.
Level Premium, Level Coverage, Cash Values: Cash value typically increases based on insurance company’s general asset account portfolio performance. Suitable for long-term obligations; e.g., surviving spouse lifetime income needs, estate liquidity, death taxes, funding retirement needs, etc.
Level or Adjustable Premium and Coverage, Cash Values: Cash values may increase based on the performance of certain assets held in the company’s s general account. Suitable for long-term obligations or sinking-fund needs: estate growth, estate liquidity, death taxes, funding retirement needs, etc.
Variable Life and Variable Universal Life
Level / Adjustable Premium, Level Coverage, Cash Value: Suitable for long-term obligations and those who are more active investors and for estate growth and death tax liquidity.
Single Premium Whole Life
Entire Premium Is Paid At Purchase, Cash Values, Level Coverage: Provides protection as well as serving as an asset accumulation vehicle.
Contact Hill Insurance Agency to find out what coverage best fits your needs. Hill Insurance Agency tailors the coverage to fit your situation.