It is very shocking to me that most working adults only have life insurance coverage offered
through their employer! And even worse it is always the cheap term! Don’t get me wrong;
term insurance has it place and uses. Every working adult should have some type of
permanent life insurance, due to the fact that group term coverage usually terminates when
you stop working, get sick, or disabled.
Offering complete coverage for you and your family!
A permanent policy, often called cash-value, universal life or whole-life insurance,
generally remains in force for the life of the insured as long as the premiums are paid and
it’s properly structured. Once the policy is in force, the premiums typically remain level.
This can help ensure continued protection as you age, even if your health should take a turn
for the worse.
The best part about life insurance is that in most cases (almost always) the money your
family receives is income TAX FREE. The death benefit can be used to help pay estate
taxes, final expenses, medical bills, pay off the mortgage and other debts without the need
for your family to sell off the home, jewelry, vehicles etc… to pay the bills.
In the first few years of your policy the premiums are higher than the actual cost of
insurance. This insurance is for the long term not just a short-term fix.
How Does It Work And The Tremendous Upside!
When the insurer receives your payments, they take out the cost of insurance and then
they invest the excess premiums, and the policy can accrue cash value.
As owners of a policy you can borrow against the cash value for any number of uses,
such as retirement income, sending little Jimmy to college or paying off a mortgage.
This money, when borrowed from your policy, will not count against your income
when trying to qualify for financial aid.
Access to cash value is through withdrawals or loans. Policy loans will reduce the
cash value by the amount of any outstanding loan balance, plus interest.
The actual cost of life insurance depends on a lot of variables: whether you smoke or
not, age, general health, life risks (traveling, skydiving), etc…
Two Final Questions…
1. Over the next 10, 20 or 30 years, will you still need Life Insurance Protection?
2. Do you want Tax-Free income when you retire?
If your answer is yes, then you may want to consider the lifelong protection of
permanent life insurance. Contact our office for more details. 865 470 4162