Whatever your age, medical history help protect the financial future of your love ones with a wide choice of term and permanent life insurance.
Choose your Life Insurance Coverage based on what suits you
Permanent Life Insurance
Universal life insurance is a more complex product than any of the life insurance. The complexity comes about because it offers great flexibility.
Universal life was develop in early 1980's for the North American Market, allows the client to manage investments within a life insurance contract.
2 Components of Universal Life Insurance
You can not handle Universal life the same.This plan has a different unique strategy which if you use it correctly based on the client needs you can build a promising wealth.
Cost of Insurance (COI). UL has more flexibility regarding Premiums. When you purchase a minimum premium is set, based on the mortality costs plus the expenses of the policy (Policy Fee and Taxes).
- Yearly Renewable Term (YRT) or Annual Renewable Term - If you want to maximize your investments you might keep the COI low, and might use the YRT structure.Only the cost of insurance will increase over time, not the whole premium. It's unethical for the advisor to sell UL YRT where the client could not afford a T-100 premium structure (paying the premium until 100 years old).But this a great tool if it's structured properly if you want to build wealth. (Refer to this post)
- Level Cost-
Death Benefit Option
- Face Amount
- Face Amount + Fund
Term Life Insurance
Term Life Insurance coverage is the most basic type of life insurance and maybe the least expensive, and the easiest kind of life insurance you can purchase. In a Term life Insurance coverage lasts for as long as premiums are paid, up to a particular period.
With most term insurance policies, at the end of the term, the client has nothing to show for it (no cash value), except for having been insured throughout the term, providing peace of mind for your loved ones.
How Does Term Life Insurance Works?
Term life Insurance policy provides coverage which expires at a particular age or year. On the given period usually, 10, 20 or 30 years the premiums of the policy are guaranteed depending on the plan that you have selected. At the end of the term, you have the option to renew your term insurance policy at a higher cost, or it will terminate.
As long you are paying premiums, your policy is enforced. Your monthly payment is guaranteed will not increase even if your health status changes or worsen.
Let's say for example you purchased a term 20 life insurance policy with a $500,000 coverage. In a case of premature death, your family receives the full amount of coverage tax-free to their hands.
The biggest complaint about term life insurance is that you continue to pay premiums and if nothing happens to you, it becomes a cost. That's not a bad thing though. It's there for the "just in case" moments sure your family is protected. However, you can just let the policy terminate when you no longer need it.
Deal directly with us to get a quote and apply flexible, affordable insurance plans.