LIFE INSURANCE

Life's responsibilities shouldn't prevent you from living it

The subject of life insurance is somewhat intimidating in nature.  The qualifications process is long and involved, the premiums can be high, and of course, the policy itself is an unappealing reminder that life is filled with uncertainties.  However, most people don’t realize just how useful a tool life insurance can be.  It isn’t just a practical means of providing death benefits to your family or as a way to cover funeral expenses.  Many life insurance policies can actually be used by the policyholder during their retirement years, or even as an estate planning tool for many years after you’re gone.  A good policy can not only provide for those you’re leaving behind, but it can actively aid them in creating a better future for themselves and their children.  As a general rule, term life insurance refers to life insurance that spans a defined period of time, while whole life insurance is, as the name suggests, a policy that spans your entire lifetime.

For life insurance plan inquires, please contact speciality agent Jim Junkins at 440.552.9665 or send him a message.

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Term Life Insurance:

term life insurance can give you peace of mindTerm life insurance is coverage for a specific term- usually a period of 5 years, 10 years, 15 years, or 30 years, but your individual provider may have different term periods to choose from. Term life insurance is typically cheaper, more flexible and more customizable to a certain person, lifestyle, or situation than whole life insurance. When you purchase term life insurance, you determine when your policy should end- in one year? At age 70?- and how much it will pay out upon your death. Death benefit amounts can range from $5,000 to more than one million in coverage.

 

 

 

Whole Life Insurance:

leave a legacy with a whole life insurance policyWhole or permanent life insurance isn’t just a death benefits tool or a safety net for your family, but can also act as a savings and investment policy. Unlike term life insurance, whole life insurance is a “permanent” policy that covers you for your entire life. Once you die, your family will not only receive the usual benefits, but will be given a tax-deferred cash-value amount that was accumulated over the years of your policy, less any unpaid policy loans or interest.

What benefits could I expect from a term life insurance policy?

Eligibility for life insurance coverage and the amount of your premium will depend heavily on your age, your health, and the generalities of the provider and the person being insured.  Choosing between purchasing term life versus whole life insurance policies demands you to weight the pros and the cons of each plan.  Some of the typical standards and benefits you can expect from a term life insurance policy are:

Annual or monthly premiums: Much like a fixed mortgage rate, the amount you pay each month or year towards your policy is guaranteed for the entire length of the agreement- meaning that your payments will not go up based on the economy, illness, or other factors.

 

Flexible conversions: At the end of the stated term, you have the option to renew your policy and can change your payments or your benefits if you so desire. Depending on your provider, your insurance may even allow you to convert your term policy into a permanent life insurance plan.

 

Easy approval: Young and relatively healthy customers will not be asked to take a medical exam, but must provide answers to a health history questionnaire. Even older clients will find that the required medical exams are usually far less complicated and involved than whole life insurance exams. Oftentimes, taking an exam will actually save you money, as your insurance provider can fully assess your health risks with more data.

What is covered under a standard term life insurance policy?

– Provides the income you would have made to your family if you were the primary worker

– Payment of debts including your mortgage, credit cards, and other loans

– Money for your children’s college tuition

– Coverage for funeral costs

 

Please note that these parameters are only examples of what the typical customer could expect to receive for this type of policy.  Actual coverage will depend on the provider and the person being insured.  Please talk to your A.R. Davis agent to find out what type of coverage you qualify for.

What benefits could I expect from a whole life insurance policy?

Eligibility for life insurance coverage and the amount of your premium will depend heavily on your age, your health, and the generalities of the provider and the person being insured.  Choosing between purchasing term life versus whole life insurance policies demands you to weight the pros and the cons of each plan.  Some of the typical standards and benefits you can expect from a whole life insurance policy are:

Guaranteed interest rate, premium, and payout: Whole life insurance guarantees you a certain rate of return on your policy’s accumulation that will not lose value over time. The premium amount, which is paid monthly or yearly, and the death benefit, is also guaranteed as long as the policy remains active.

 

Cash value accumulation: Your investment is tax-deferred, and the cash-value it accumulates is guaranteed.

 

Easy planning for the future: with a whole life insurance policy, you can create a trust that will keep paying your family in the future.

What is covered under a standard whole life insurance policy?

– Provides the income you would have made to your family if you were the primary worker

– Payment of debts including your mortgage, credit cards, and other loans

– Money for your children’s college tuition

– Coverage for funeral costs

– Acts as a retirement planning tool

– Can act as an estate for your family to use after your death

 

Please note that these parameters are only examples of what the typical customer could expect to receive for this type of policy.  Actual coverage will depend on the provider and the person being insured.  Please talk to your A.R. Davis agent to find out what type of coverage you qualify for.

What can I expect to insure with A.R. Davis?

A.R. Davis offers life insurance policies and guidance to help you with estate planning details.  The exact parameters of your policy will depend on the individual needs and qualifications of the business or person being covered.  Please speak to your A.R. Davis agent to find out what your policy will entail.

 

Ready to get started?  Give us a call at 440.552.9665 or send Jim a message.

SEND JIM A MESSAGE:

a term life insurance policy can help your children
help protect the ones you love with life insurance