What can life insurance do for you?
Every day, your life revolves around taking care of your family and protecting the way they live. As we saw in the video, we have to protect ourselves in the only way we can from the risk of something happening to us, which can costs us our lives, and that only way is financially.
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Since each of us is unique, our needs are too. Therefore, there are different products within what is life insurance which adjust to what you need. Let's take a brief look below at what life insurance can do for you.
Guaranteed Fixed Term Insurance (Term life insurance)
It gives you protection at the lowest cost for a specific period or term. Most companies offer terms of 10, 15, 20 and 30 years and the annually renewable term (ART). A practical option in many different situations. Provides the need for life insurance, but not the ability to accumulate cash that a permanent plan provides. Minimize costs while maximizing protection or when you have a critical need but for only a specific period of time. Also, if you wish, you have the option to keep your protection, by converting your term to a permanent product later.
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Permanent life insurance (Whole Life)
Designed to provide permanent coverage throughout your life. Such coverage will be there when it is needed most. With the stability of a fixed contribution that is issued at the time of issuance and will last throughout the policy. It can help you set your financial program at a level that you can maintain for the rest of your life. You have a variety of options that may not be available in other types of policies, such as term life insurance.
It gives you protection up to the age of 121.
Guaranteed death benefit.
Guaranteed cash value.
Fixed rate credited to cash value for your growth.
Contribution or level premium.
Potential dividends.
Universal life insurance
Like permanent life insurance, it lasts until age 121 and combines a savings component with lifetime protection. Universal Life Insurance provides the flexibility to choose how much the contribution will be, whether monthly, quarterly, semi-annually, for how long you will make it, and if the contribution increases or decreases at a certain time. It is a flexible product that allows you to take control of your financial future and manage it as you need.
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Within the universal products, Authorized Representatives works with the following options; Guaranteed Universal Insurance,Distinctive Performance Indexed Universal Insurance and our new product, the Signature Protection Indexed Universal Life Insurance.
Guaranteed universal life insurance
This product offers guaranteed lifetime death benefit protection and the option of policy cash back if your needs change in the future. What it can do for you?
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Take care of the basic needs of your family.
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Maintains your spouse's standard of living during retirement years.
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Ensures the continuity of the family business.
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Complete the education of your children or grandchildren.
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Pay your taxes and final expenses.
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For a qualifying illness, use the accelerated benefit riders.
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Transfer of wealth with tax advantages.
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With guaranteed universal life insurance, you can customize the length of your guaranteed death benefit. You select the amount of coverage you need. You get a cash back on the policy at specified later dates if your needs change. Helps relieve financial pressure by accelerating the death benefit in the event of a qualifying health condition.
Index universal life insurance
This type of policy is a type of permanent life insurance policy which provides both a death benefit and the ability to build accumulated value. It offers the possibility of generating interest based on the performance of an index, which makes of this an indexed universal life insurance policy. This is a cash accumulation oriented product and is designed to maximize accumulation based on the growth of the S&P 500®, Nasdaq-100 and S&P MARC 5%.
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With this type of policy, you never invest directly in the market and your policy is never credited with a negative interest rate due to adverse market results. It allows you to take advantage of possible increases in the index while maintaining a level of protection in case the index falls below 0%. However, due to monthly deductions from your policy, your accumulated value may decrease.
What it does for you?
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Provides death benefit protection that can be used to replace income, pay off the mortgage, or help pay for college.
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You have the flexibility to adjust the monthly contribution you will provide and for how long you will do it.
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It allows you to choose several options to earn interest on the value of your account.
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You can choose between a lump sum or periodic payments at the moment of receiving the death benefit.
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You can withdraw money at any time after the first year of the policy. These withdrawals may be subject to redemption charges.
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It provides a potential accumulation that is then available to supplement retirement income through policy loans after you retire.
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It offers one of the few opportunities, other than qualified plans, that people have to enjoy tax-deferred accumulation for a lifetime.