Independent Life and Health Insurance
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Life Insurance Education and Resources
Term Life Insurance
Term insurance is the most basic, and generally least expensive, form of life insurance for people under age 50. A term policy is written for a specific period of time, typically 1 to 10 years, and may be renewable at the end of each term. Also, the premiums increase at the end of each term and can become prohibitively expensive for older individuals. A level term policy locks in the annual premium for periods of up to 30 years. Unlike many other policies, term insurance has no cash value. In this sense, it is “pure” insurance without any investment options. Benefits are paid only if you die during the policy’s term. After the term ends, your coverage expires unless you choose to renew the policy. When buying term insurance, you might look for a policy that is renewable up to age 70 and convertible to permanent insurance without a medical exam.
Non Medical Term Life Insurance
Non-Medical Term insurance is the same thing as normal term insurance, but the application process and underwriting time are much different. Non-medical insurance only requires a short application and the underwriting decision is usually made within days. This avoids the hassle of a large application, medical exams, urine samples and weeks of waiting for a decision. Many of these types of policies have limits on the total amount of coverage you can qualify for without having to do the medical exam and in some cases can be more expensive.
Whole Life Insurance
Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you may be able to borrow up to 90% of your policy’s cash value tax-free.
Universal Life Insurance
Universal Life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values and/or have a no-lapse guarantee rider. Universal life policies typically offer a guaranteed return on cash value, typically between 2 to 4%. You’ll receive an annual statement that details cash value, total protection, earnings, and fees.
Insurance needs are typically based on income replacement and personal preferences.
Final Expense, Guaranteed Life
and Accidental Death
Final Expense: Typical Final Expense policies are No-medical exam Whole Life permanent policies for older individuals and/or those that have multiple medical impairments and have difficulty getting approved through traditional underwriting.
Guarantee Issue Life: A Guarantee Issue Life insurance policy is also a no-medical Whole Life policy that has a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two to three years, typically, the beneficiary will receive back all premiums paid with the possibility of some interest, but not the death benefit.
Accidental Death: An Accidental Death policy is a form of term insurance policy that covers you in the case of death resulting from an accident. The application process is easy – no health questions, medical exams or occupational restrictions. Guaranteed coverage.
Insurance needs are typically based on income replacement and personal preferences.
I am currently licensed to help clients in the following states:
Idaho
Arizona
California
Oregon
Washington
Nevada
Tennessee
Texas