We can help you choose the right life insurance plan
Life insurance acts as a contract between an insured person (the policy holder) and an insurance company, where the insurance company promises to pay a selected beneficiary a sum of money (listed as “benefits) upon the policy holder’s death. Depending on the contract selected, other events such as terminal illness or critical illness may also receive a payment to the policy holder or their beneficiary. The policy holder will pay a premium, either in regular installments or a lump sum. Other expenses such as funeral expenses are often included in the benefits, but be sure to review your specifics with a licensed agent.
People buy life insurance for many reasons. Often it is purchased by the policy holder to offer peace of mind to the beneficiary in the event of their untimely death. As such, it would alleviate any financial hardships they may endure as a result of their death.
Something else to discuss with your licensed insurance agent, are the possibilities of a life insurance policy to act as payouts during retirement. Be sure to have your agent explain the benefits and drawbacks of such a program.
Life insurance policies are legal contracts and carry terms that describe the limitations of insured events. Exclusions will apply in many cases limiting the liability of the insurer such as suicide, fraud, war, riot and civil unrest. Consider all of these items carefully prior to purchasing a policy.
There are two major categories for life insurance.
Protection policies – A policy designed to provide an insurance benefit for a covered event, typically a lump sum payment to the beneficiary.
Investment policies – The main goal here is to facilitate growth of capital. These are each outlined below.
It is important to understand the three types of life insurance available.
Term Life Insurance: Provides protection for a specific time frame, for instance, 20 years. It is generally less expensive than a Whole Life Insurance policy. Frequently term life insurance can be changed to a permanent policy.
Whole Life Insurance: This is a form of life insurance that remains in force your entire lifetime (as long as you pay our premiums). It is important to note that whole life insurance policies can be an investment as they build value over time.
Universal Life Insurance: Universal life insurance has flexible premiums but can also build value like the whole life policy which earns through an interest rate that changes occasionally.
To find out more about life insurance and what policy may be best for you, contact a licensed agent today at USA Insurance Brokers, LLC..
Income Replacement Insurance
If your family depends on a single income for their lifestyle and bills, you’d be wise to discuss an income replacement insurance policy with your local independent agent. Income replacement insurance is a financial plan to insure your biggest asset – your income. Not your home, not your car, but your income can impact your financial future more than any other asset you have. So, why are you not insuring it for your family’s needs?
Income replacement Insurance benefits:
Secures the financial future of your family if they depend on a single breadwinner
Affordable coverage options compared to insuring other assets
Income replacement insurance can take your family further than a typical life insurance policy.
Income replacement is one of many types of insurance. How much you pay for an income replacement policy will depend on many factors including your age and health. Talk to a licensed insurance agent at USA Insurance Brokers, LLC. today to find out if this type of policy is right for you. We can help you navigate your options to best suite your needs. Request a quote on our website or call us at (724) 274-6364.
Mortgage Cancellation Insurance
Mortgage cancellation insurance is a type of life insurance policy that pays an insurance benefit to your surviving family members in the event of your death so they can continue to pay the mortgage. Be cautious to not mistakenly purchase the mortgage insurance directly from a solicitation as there are policies that are not as flexible and pay the mortgage, not the policy holder for the benefit.
Benefits of Mortgage Cancellation Insurance
Safeguards your family can stay in their home if your income disappears
Typically issued on a guaranteed acceptance
Another option if disability insurance is not available
Purchasing a life insurance policy with specific benefits rather than a cash payout isn’t for everyone. If your home is close to being paid off, or if you don’t have a mortgage payment at all, this is not the policy for you. Because of office offers many options for life insurance, we can help you decide what option may be the best for you. Contact USA Insurance Brokers, LLC. for questions about this insurance policy or a quote!
Term Life Insurance
Term life insurance is usually the easiest to understand: You select how much and how long of a life insurance policy you want. As an example, you choose $100,000 in coverage for 10, 20 or 30 years. Your premium is typically billed in monthly or yearly.
Term life insurance can be considered for those wanting:
Assistance with family’s loss of income
Cover immediate debt necessary
Help offset a single earners salary while raising children
Help paying a mortgage or covering college tuition
Benefits of a term life insurance policy:
Set monetary benefit
Terms of up to 30 years
Only you can decide if a Term life insurance policy is right for you. Talk to an agent at USA Insurance Brokers, LLC. today to discuss you options. We offer many types of life insurance policies. Call today.
Universal Life & Permanent Universal Life Insurance
Universal life insurance offers you the most flexible life insurance plan. You get the benefits of a low-cost term life insurance policy, with the savings elements of a whole life insurance plan which invests to build up your plans value. The real benefit here is the plan can be adjusted to fit your life as your life changes.
Benefits of a universal life insurance plan:
Flexibility with premiums when you need it.
Payments made over the minimum amount accumulate and can then be used to pay your premiums instead of your other payment sources (like your income).
As long as you maintain the minimum cost of the insurance policy, whether through normal payments or through payments made by the policy for overpayments of minimum costs, then the policy is guaranteed.
Cash Value – the insurance company establishes a minimum interest rate premium. If their portfolio outperforms this minimum rate, excess earnings are applied to the cash value of the policy.
There are many great benefits of a Universal Life insurance policy. Only you can choose which life insurance type is right for you. By talking to a licensed insurance agent at our office, you can choose the right policy for you and your family. Each policy is different and the above listed information is for informational purposes only. Contact USA Insurance Brokers, LLC. with questions or request a quote on our website.
Whole Life Insurance
Whole life insurance, life term life insurance, is easy to understand. With a whole life insurance policy, you get permanent financial benefit for your entire life as long as your premiums are paid.
The benefits of a whole life insurance policy are many:
Your rates are fixed and will not increase as you age and your premiums are always paid.
Affordable rates and variable benefit amounts, typically from $25,000-$150,000.
Building cash value that is yours to use and can be borrowed for certain events such as lost income, mortgage payments and education.
A whole life insurance policy is a guarantee that your family will have something when you’re gone. It is also a great way to secure a nest egg for unforeseen events. Talk to a licensed agent at our office to see if a whole life insurance policy is right for you. Coverage amounts and premiums will differ between carriers.