Best Fit Life Insurance to Benefit You
We take an active part in our community and in the local Chamber of Commerce because we care deeply about the individuals and small businesses that form our neighborhoods. When a loss occurs in any family, there's enough to handle without worrying about how to pay the bills or maintain an established lifestyle. Life insurance helps secure your family's financial future with numerous benefits:
- Covering final expenses, such as medical bills, burial costs and outstanding debts, is much easier with life insurance. Handling the ongoing expenses of mortgage payments, car payments, education expenses and other basic living costs is less complicated as well.
- With life insurance, families that run small businesses or an owner who loses a business partner can keep operations flowing smoothly while needed adjustments occur; life insurance could even prevent a business from closing.
- Estates sometimes take considerable time to settle, but insurance benefits usually arrive fairly quickly, providing loved ones with some peace of mind even when facing loss of income. Benefits are also typically tax-free.
There are several types of life insurance available, and your choice is a very personal one. We'll work closely with you to determine the best fit for your individual needs.
- Term Life: This insurance lasts only for a set number of years, determined at the policy's inception. Term insurance is typically the most affordable, and it can sometimes be renewed at the end of the designated period or be converted into a permanent policy. Costs may increase for renewals or conversions.
- Whole Life: Also known as permanent insurance, this type lasts for the life of the holder. Whole life policies build tax-deferred cash value as well, which can be borrowed to help pay for college or other life events. Borrowing does reduce the final benefit if amounts aren't repaid, but premiums typically remain steady for the life of the policy. In some cases, policy holders can convert whole life insurance into annuities for retirement.
- Universal Life: This is also a permanent policy that builds tax-deferred cash value, but it offers additional flexibility over whole life. As long as minimums are met, universal policy holders can choose their premium amounts, lowering payments when unexpected expenses arise or raising them when greater investment is possible. Universal policies may also offer variable investment opportunities.