Life insurance protects those you love
Life insurance protects those you love
We have access to over 20 life insurance companies. We find the best policy for you and your budget.
When an insured person dies, life insurance is there to fill the gap. The policy pays a death benefit to the person’s beneficiary. Although these proceeds can be used for anything; they’re often meant for a purpose, such as replacing income lost for the insured person’s family or business.
People have used life insurance as the foundation of their financial matters for decades. Once this foundation is in place, It is easier to make other financial decisions with confidence. Today’s life insurance has many more features and benefits, including some that give you more financial flexibility during your lifetime.
Term life and permanent life insurance are the two basic types of life insurance, both pay an income tax-free death benefit. Death benefit needs vary for each person. To get an idea of what you may need, enter your information into our life insurance needs calculator. Then give us a call with your result. We can help you fine tune the number and choose the best company to purchase a policy from.
Term Life Insurance
Maximum protection for a lower premium price
- Term life insurance provides coverage with guaranteed premiums for limited benefit period: example 10, 20 or 30 year policy period. This is the most common, least expensive, and usually the best life insurance to protect those you love.
- Death benefits are paid if you die while the policy is in force. This means you can choose a term life policy to cover you only when you need extra financial protection – until the mortgage is paid off, for example, or until your youngest child is age 21.
- Term life premiums are initially quite inexpensive with premiums that either stay level for the policy’s term or increase on a scheduled basis. If you opt to renew your coverage at the end of the term, the premium might increase at that time. (Your insurer might require evidence of your good health before approving the renewal.)
- Term conversion may be available. Some companies offer policies that can be converted to permanent life without a medical exam. Ask us about conversion privileges.
Permanent Life Insurance
Lifetime of coverage gives you flexibility
- Permanent life insurance policies offer lifelong benefits. Permanent life policies might also have a cash value that has the potential to increase over time. It’s a financial resource you can access through loans and partial withdrawals to meet cash needs during your lifetime, for example, supplementing your retirement income.
- Living benefits mean you don’t have to die to benefit from your permanent life insurance policy. Unlike term life , permanent life insurance might offer you financial flexibility during your lifetime. You have the option to borrow from your policy, using its cash value as collateral while keeping your policy, and a death benefit for your beneficiaries, in force.
- Favorable tax treatment is typical for permanent life products. Benefits might include deferred income tax on the growth of cash value. Income from your policy being structured as tax-free. As with term life, the death benefit is income tax-free to your beneficiary. When policy ownership is properly structured, you may be able to exclude the death benefit from your taxable estate.
Permanent life insurance comes in several forms to suit different goals, financial circumstances and levels of risk tolerance. Let us help you choose the kind that best suits your situation: whole life or universal life.
Whole life insurance offers long-term protection and simplicity. Premiums for whole life insurance stay the same over the life of the policy. Other features add to its appeal for conservative clients:
- A guaranteed death benefit
- Income tax-free death benefit to beneficiaries (also can be estate tax-free if properly structured)
- Guaranteed cash value
- Tax-deferred cash value growth
- Opportunity for income (tax free if structured properly)
- Ability to take loans from the policy’s cash value
Universal life insurance offers flexibility to cope with changes. Universal life provides a guaranteed death benefit (if certain premium levels are met), tax advantages and provisions for loans and partial withdrawals. It also has more flexibility than whole life, with features that let it adapt to changes in the financial marketplace and your personal circumstances:
- Interest-sensitive growth
- Growth potential based on the insurance company’s portfolio of investments
- Flexible premium payments and death benefits
Some types of permanent life insurance offer survivorship benefits. When two people are insured, the death benefit is paid to the beneficiary up the second policy holder’s death. We recommend consulting your attorney or tax advisor for answers to specific questions you might have as Phillips Stafford Insurance Group and its representatives, affiliates and carriers do not give legal or tax advice.
The information presented on this website, includes protections and guarantees that are subject to the claims-paying ability of the issuing insurance company and are subject to change at any time. Also, loans and withdrawals can reduce the death benefit payable and might lead to additional premiums to keep your policy in force.