Life Insurance – Do you really need it?
It all depends on each person’s unique situation. Perhaps the best way to determine if you need life insurance is to ask yourself:
“Financially, would my family be able to live tomorrow as they do today, if one of us were no longer around?”
If your answer is no, then you probably need life insurance.
From our office in Fort Worth, Texas we will help you determine the type and amount of life insurance that best fits your families need whether you are a growing family, a single parent, or in a transitional phase of life. We offer Term Life, Universal Life and Whole Life insurance policies. Each of these policies provides a different coverage that is explained below. Give us a call today and we will help you determine the best life insurance policy for you and your family.
Term Life Insurance
Term life insurance is the simplest type of life insurance protection you can buy, and generally has the lowest out-of-pocket cost to obtain death benefit protection for a short-term.
- Provides guaranteed death benefit protection with a level premium for 10-, 15- or 20-years.
- Can be converted to a permanent policy, even if your health deteriorates (on most policies).
- Does not offer a savings component, cash accumulation or loan features.
Universal Life (UL) Insurance
Universal life (UL) insurance is more flexible than other permanent policies, so you can customize it to fit your lifestyle.
- May provide a guaranteed death benefit, ensuring the financial security of your family.
- Gives you the flexibility of choosing how much, and when, to make premium payments. (Depends upon the cash value in your policy.)
- Accumulates tax deferred and is accessible on a tax-preferred basis and is generally income tax free (under current tax law) to your beneficiary upon your death.
- Lets you access the cash value for any purpose you may choose including a down payment on a home, a tuition payment for your child or to provide cash flow during your retirement.
- Allows you to change your death benefit which means you can increase or decrease your death benefit amount (increases are subject to underwriting) as your needs change.
- Guarantees the interest rate that you earn on your cash value to be at least 2.5 percent annually, although our credited rate, which is not guaranteed, has been much higher.
Whole Life Insurance
Whole life insurance provides affordable permanent protection for your family and has a savings component that builds cash value.
- Provides a guaranteed death benefit to protect your family.
- Offers a guaranteed premium structure, which means your premiums will never increase, but may be reduced or eliminated.
- Builds cash value that can only increase over time.
- Offers dividends. When dividends are declared, they may be credited to your policy, further increasing the cash value and death benefit.