Life Insurance
You know what it takes to provide and care for your family. And, you understand both the immediate and the ongoing expenses that would have to be met if you suddenly weren’t there. What you may not know is how simple it can be to purchase life insurance coverage. Then, should the unexpected happen, the financial resources your family needs will be there.
Here is some basic information about the types of life insurance plans your PFG agent offers:
Term Life Insurance pays a death benefit if the insured person dies within the term of the policy. Plans may be “simplified issue” or “fully underwritten”. Simplified issue means that you don’t have to get a physical or have lab work done to apply for coverage. Your answers to a few health questions determine your eligibility. Fully underwritten plans require the completion of a physical and lab work before coverage may be issued. By going through the underwriting process, including a medical exam, you can qualify for additional premium discounts for providing evidence of good health.
- Helps provide for your family’s loss of income
- Covers short-term debts and needs
- Provides additional insurance protection during the child raising years
- Provides longer term protection to help pay off a mortgage, or to help pay for a college education
- Whole Life Insurance offers guaranteed level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force. Whole Life policies also provide for the accumulation of cash value on a tax-deferred basis which can be used when you need it.
- Provides for your family’s loss of income, mortgage costs, and educational needs
- Gives you access to cash value for life’s opportunities
- Enables you to leave a financial legacy for the next generation
- Non-guaranteed dividends can help increase the cash value and death benefit provided by the policy.Universal Life Insurance is a permanent policy that allows you the flexibility to customize the coverage and premiums that meet your needs. You have the ability to take policy loans or make partial surrenders from the account value to help with your personal needs. Loans accrue interest. Unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the monthly deductions.
- Provides for your family’s loss of income, mortgage costs, and educational needs
- Gives you access to cash value for life’s opportunities
- Is part of your estate, special needs, and business planning
- Can be used to enhance gifting or planning for future generations Final Expense Insurance is a Whole Life plan that is an affordable way to provide the financial resources necessary to cover your funeral costs, other final expenses or outstanding debts.
- Doesn’t require a physical exam
- Can’t be cancelled because of age or change in health
- Level premiums are guaranteed for life
- Provide a tax free death benefit Insurance product availability and benefits may vary by state.
- There are pros and cons for every type of life insurance plan that should be taken into consideration before purchasing coverage. Your local PFG agent is the best resource to help you determine which policy type is best suited for your family’s needs and budget. Contact an agent today!