A burial life insurance policy (a.k.a. funeral insurance) is a permanent life policy that is meant to cover your funeral expenses so that your loved ones won’t have to pay out of their pocket.

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Second to die life insurance (a.k.a. survivor life insurance) is similar to a first to die life policy as it covers two or more lives under one policy, however this type of policy would only pay out after the second (or last) person dies. A couple of the most common reasons to purchase this type of policy is if you wish to leave an inheritance to surviving children after the death of both parents and/or in order to pay estate taxes.

If you would like more information or would like a quote, please call our office at (952)445-5767.

A first to die life policy is a contract that covers two or more lives under one policy and only pays a death benefit on the first death. This type of policy can be issued on a husband and wife or it can also be issued on two or more business partners.

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Annuities are a tax-advantaged way to save for retirement. There are two basic kinds of annuities: fixed and variable. Annuities can be tailor-made to provide guaranteed lifetime income.

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This is simply a life insurance policy that is meant to pay off your mortgage in the event of your death before the mortgage is fully paid.

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Whole Life Insurance

A whole life policy allows you to build cash value. Part of your premiums will go towards the policy and part will go towards a savings fund, however you do not get to designate how much of your premium goes toward thecash value. Once the cash value builds up over time, it can be borrowed against or used to pay the life insurance policy premiums.

Universal Life Insurance

A universal life policy is similar to a whole life policy as it builds cash value, but you have the ability to decide how much of your premium goes towards the savings plan and how much goes towards the policy premium. Universal life policies usually earn interest around the same rate as a money market account. And like a whole life policy, the cash value can be borrowed against or used to pay the life insurance premiums.

Variable Life

A variable life policy also combines an insurance policy with a savings account, but the main difference is that the cash value is invested. You have the choice to select from a wide range of investment options (stocks, bonds, money market accounts, mutual funds, etc.) and the interest that your accounts earn increases your policy’s cash value. Unlike a whole life policy that has fixed premiums, the premiums can vary from nothing in a given month up to maximums defined by the Internal Revenue Code for life insurance. And like both policies listed above, the cash value can be borrowed against or used to pay the life insurance premiums.

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Term insurance provides coverage at a fixed premium for a specified length of time. After that period of time expires, the insured must either begin paying significantly higher premiums in most cases or apply for a new policy that would be rated for their current age and medical history. Term length options start at 5 years and go up to 30 years. This type of policy is the most inexpensive way to purchase a substantial death benefit per premium dollar basis if you require coverage for specific period of time. This type of coverage is not intended to be life-long coverage as at higher ages the cost generally becomes prohibitive.

If you would like more information or would like a quote, please call our office at (952)445-5767.