Being fully independent, Leslie Ray Insurance Agency offers life, disability, and long term care from a wide variety of life insurance providers. That means that our fully licensed insurance specialist, Geoff Mishkin, is able to shop around to find the best fit and the best value for your life, disability, and long term care insurance needs.
Here are the three most popular “life-changing” events that may trigger the need for a life insurance policy:
- the birth of a child
- buying a home
Life insurance coverage is also often use for:
- replacement of income
- to pay off debt
- final expenses
- to cover children’s expenses
- estate taxes
The two main types of life insurance Term Life Insurance and Permanent Life Insurance
Term Life coverage is generally used to provide one with a fixed period of protection that typically ranges from a 5 to 30 year time period. Term life insurance costs are based on age, policy length, and health, and these policies are typically less expensive than permanent life insurance policies. One benefit of many term life policies is that they may be able to be converted into a permanent life insurance policy at different times during the policy period.
Permanent life insurance offers lifetime coverage as long as the premiums are paid. Permanent life insurance products contain a cash value component that is accessible to the policyholder. Permanent life insurance is typically more expensive than term insurance but does become more cost-effective with age. The most common types of permanent life insurance products (including their main characteristics) are:
- Safer purchase and low risk tolerance.
- A guaranteed death benefit and cash value accumulation.
- Maximum guaranteed and predictable premium payments.
- For those with lower to medium risk tolerance.
- Lower cost potential with flexible and adjustable premium payments.
- Cash value returns are linked to issuing company’s current interest rates.
Indexed Universal Life
- Medium risk tolerance.
- Equal desire for protection and cash value accumulation.
- Growth of cash value that is linked to a specific market index with strong downside protection.