The Insurance Guys Group

Life Insurance

Life insurance is a valuable financial tool and can be vitally important to your family or your business’s financial well-being. In addition to providing a source of income to beneficiaries in the event of death, life insurance can also be used to address estate tax issues and is an important component of charitable giving plans.

What do you love about your life? Perhaps you are grateful to have a partner who understands you better than anyone else. You may want to see your children embrace their talents. Perhaps a recent promotion gives you an opportunity to demonstrate some leadership skills.

If all goes according to plan, you’ll pay off your mortgage, put your kids through college, and enjoy a long retirement. But you know the unexpected can happen: do you want to help plan your family’s future if they have to live on?

 Life insurance can help ease your financial burden. The Insurance Guys Group representative can show you a range of coverage options that you can customize to suit your priorities and budget. Life insurance plans can be cheaper than you think.

Types of Life Insurance

 The Insurance Guys group offers three types of life insurance, each with unique characteristics:

Term insurance 

Term insurance is a type of life insurance where premiums stay the same for a specified period, usually 10 years.  The insurance exists as long as the premiums are paid. Perhaps this is an option you might want to consider if you are on a more limited budget and have significant expenses over a shorter period. You can often pay a lower premium if you choose a shorter term, e.g. 10 years instead of 20.

Whole life insurance 

Whole life insurance is perpetual insurance that covers you for life or until the policy expires, as long as you continue to pay your premiums under the policy terms. And those premiums stay the same as long as the policy remains in effect. Over time, perpetual insurance generally builds up a cash value that you can access for various purposes while you are still alive.

 Universal life insurance

 Universal life insurance is a permanent insurance policy that can also accumulate cash value. However, it offers more flexibility. You can adapt a policy to changing priorities with flexible premiums and nominal amounts. Universal life insurance also gives you more control over how quickly your cash value grows.

What is the best coverage for you?

When it comes to life insurance, there is no “one size fits all”. Everyone has different needs, goals, and financial considerations. For this reason, insurance coverage comes in a variety of forms, with a range of features that you can customize to suit your particular situation: Your family is young and growing, so you may be juggling a mortgage, car loan, and childcare costs. While your expenses can continue to increase over time, you may want affordable life insurance to help you plan for your family’s financial future until the kids are grown and the house is paid for. 

In addition to providing a death benefit for your beneficiaries, you can use the loan1 or partial surrender features of certain policies to support things like 

 retirement income, caring for a family member with a disability, or preparing for eventual estate taxes.

  1.  The death benefit proceeds from your life insurance policy can help pay for obligations such as the cost of your debt, medical bills, or final expenses, and can also help leave a legacy to a loved one or a favorite charity.
  2. The Insurance Guys Group can explain your options and provide you with information about supplemental insurance.
  3. Disability supplements, which can help you pay your insurance premiums and make up for lost income if you are disabled. if you are terminally ill and have a short life expectancy.
  4. A critical illness driver who will pay you a flat rate if you are diagnosed with one of several specific serious illnesses such as cancer, heart attack, or stroke.

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