Your Friend With Benefits®

Life Insurance Info

Your’e a hard worker. You work hard to protect your family. If somehow your life is cut short, you would want to properly position your family to quickly receive the financial support they’ll need. The best financial plans out there are not worth very much if they’re not protected by a strategically designed life insurance plan. We can help you customize this to suit your unique wants and needs. Read more about How cost is determined.

If you’re leaving a group employee benefit plan, then you may even be eligible to convert your life insurance without any medical questions asked. Contact us to determine your eligibility.

There are many varieties of life insurance. Some of the more common types are:

– Term Life Insurance
– Permanent Life Insurance

Term life insurance
Term insurance is designed to cover a specific period of time. The premium will remain stable for the specified term that you selected. Common terms are 10-year or 20-year periods. If your plan is renewable, then the insurance may continue for another term at an increased cost without any medical questions asked. If your plan is convertible, then you may be able to convert it to permanent plans that the carrier provides.

Term insurance is a great strategy to protect a temporary risk. Such as mortgages, replacement of income and children.

Permanent life insurance
Permanent insurance is designed to cover permanent risks. Some examples include the cost of final expenses and leaving behind a legacy. Permanent life insurance plans can come in many different shapes. At the most basic level your premiums will remain stable for life and your policy will continue for life without an expiry. Some other permanent plans allow you to pay for a limited period of time while keeping your coverage forever. And some permanent plans contain an investment component. These types of plans can build cash values, interest and reserves.

How the cost is determined
The cost of life insurance is different from person to person. Some of the commonly known differentiators are gender, age, amount of coverage and smoking status. Overall health, lifestyle and your family medical history also play a role in determining your cost. At times, some people may not even qualify. Contact us to determine your eligibility.