Mortgage Term Insurance
We have created a concept of offering a 10 year renewable term policy for up to 30 years to insure the life of the mortgagee and pay off the balance of the loan in the event of the death of the mortgagee. The premiums are comparatively less costly, the death benefit decreasing in 10 years at the renewable date to satisfy mortgages at the existing amount.
Term Policies can have a Conversion Provision and a Waiver of Premium, in case of sickness or disability which prevents a policy holder from working.
Joint Life (First-to-die)
Joint life is a single policy that is designed to insure two or more lives. Joint life policies can be in the form of term insurance or permanent insurance. The premium for joint life would be less than for the same type and amount of coverage on the same individuals.
For example, a married couple purchasing a house may use a Joint Life Policy for mortgage protection. If one spouse dies, the insurance pays the mortgage for the surviving spouse.
Whole Life Insurance
Whole Life Insurance provides lifetime permanent protection, and includes a savings element (or cash value). Unlike term, you earn guaranteed cash value, which you can use however you want, college, supplement your retirement income, or for emergencies. Whole Life policies endow at insured’s age 100, which means the cash value created by the accumulation of premium is scheduled to equal the face amount of the policy at age 100. Premiums for whole life policies usually are higher than for term insurance, but is an excellent addition to your estate planning.
Universal Life Insurance is also known by the generic name of “Flexible Premium Adjustable Life”. That implies that the policy owner has the flexibility to increase the amount of premium paid into the policy and to later decrease it again. A Universal Life Policy has two components: an insurance component and a cash account. The insurance component of the universal life policy is always annually renewable term insurance.
Fixed Annuities are a Guaranteed Minimum Interest Rates yielding Income for your future and usually for the rest of your life (Lifetime Income Benefits). No risk and easy to sleep at night, without stress of stock declines in market fluctuations. In deciding, it is imperative that you have to make sure that the liquidity of money meets with your approval and your principle is protected. Insurance companies may impose withdrawal charges on the amount that exceeds the annual free withdrawal.
Disability Income Policies
One major risk that individuals face in their lifetime is the possibility that they will become totally disabled and be unable to perform work duties for a period of time. Disability Income Insurance is designed to replace lost income in the event of this contingency, and is a vital component of a comprehensive insurance program.
Disability insurance is truly something you’d rather have and not need, than need and not have. As you compare which type of disability coverage may right for you, consider the skills and abilities that are most crucial in performing your job to determine the risks you may need to insure against. Most importantly, understand how your policy defines disability and any limitations it might impose.
We offer an Executive Disability Policy for clients with annual incomes of $800,000 or more. It is one of the industry’s only individual disability income insurance program that targets to high income earning executives that provides non-cancelable, portable coverage with a level premium for the life of the contract.