For most of our clients, the most valuable part of having life insurance is peace of mind. We all want to know that if the unforeseen would occur, our families would not be burdened by debt or expenses. There are a variety of life insurance options to achieve the coverage you desire. Some options provide coverage based on a specific number of years (term life insurance) while others last a lifetime (cash value life insurance).
About Term Life Insurance
- Offers protection for larger face amounts.
- The face amount of the policy and premiums remain level for the guaranteed level premium
period chosen by the policy owner of 10, 15, 20 or 30 years.
- After the level premium period, the premium increases on an annual basis.
- Provides coverage to age 95.
- Select rates are available with a paramedical exam.
- This is an easy option to get up to $90,000 worth of coverage in about 15 minutes.
- There’s no medical exam or complicated forms to fill out.
- Just complete a simple application with only a few medical questions.
- This plan provides 5-, 10-, 15- and 20-year term options (after which the coverage will expire).
About Cash Value Life Insurance
- Cash value life insurance typically protects throughout the duration of your life (until age 100 or older).
- Premiums for cash value life insurance are higher than term life while the contract is in its early years.
- Premiums can build cash value over time and can even be borrowed against.
Whole Life Insurance
- Provides coverage throughout your lifetime.
- Annual premium is setup to be paid for a designated timeframe such as 20 years or until you reach age 100.
- Your premium amount stays the same, unless you decide to change benefits.
- The cash value is guaranteed in your contract.
Universal Life Insurance
- Premiums with this option are flexible with minimum payment requirements and IRS maximum limits.
- The death benefit can be adjusted as needed throughout the course of the contract.
- Increases are subject to underwriting approval.
- Policy will earn cash value at rates determined by the insurer and are subject to market changes.
- Policy can expire if pre-determined premiums are unpaid.
- Cash value can be withdrawn (avoiding interest expense charges) and borrowed against.
Variable Life Insurance
- Can be structured as whole or universal life insurance.
- The cash value of variable option is based on investment performance of one or more separate accounts.
- The policy owner is subject to financial risk.
- Klebon Insurance does not offer variable life insurance. If you wish to explore this option, consult a qualified financial professional.
Not sure where to start? Not a problem. One of our team members would be happy to discuss your individual situation and goals with you to arrive at the option that’s best for you. Request a quote today!