Life Insurance

Types of Life Insurance

Whole Life Insurance

  • Final Expense Whole Life Insurance 
  • Simple underwriting, usually just a few health questions
  • Level premiums, payments never increase
  • Builds cash value
  • Guaranteed to last until death
  • Only cancelled For non-payment
  • Coverage amounts from $5,000 up to $50,000

Indexed Universal Life Insurance

  • A permanent policy that allows an owner to allocate cash value to different indexed accounts
  • Can be used as a 401k alternative
  • Offers Living benefits such as Critical Illness, Chronic Illness, and Nursing Home riders
  • Can provide combination of life insurance, living benefits, and retirement benefits all in one
  • For clients in average or better that average health
  • Coverage amounts start at $50,000 and go up to $5M or more
Medicare Beneficiaries

Term Life Insurance

  • Provide a death benefit for a specified period of time
  • Usually 10, 20, or 30 years depending on age
  • Can have the option to be convertible before a certain age
  • Premiums skyrocket at the end of the term
  • Designed to cover for a short period of time or to cover something such as a mortgage
  • Life renting insurance instead of buying insurance here.

Fully Underwritten Life Insurance vs. Non-Med Life Insurance

Most of the Indexed Universal Life and Term Life policies today require full underwriting especially for coverage over $50,000. This underwriting includes the insurance company looking at all recent medical records and having a full paramedical exam. This exam is done by a nurse that comes to your house or work and takes blood and urine. The nurse will also check blood pressure, do a cognitive exam, and some other brief tests to determine your health. These policies are catered to your health. This can be very beneficial to a client that is in above average health compared to others their same age.

Some clients do not want to go through the hassle of this full underwriting process. Other clients know that they may even get worse of a rate that usual if they are required to go through all the tests. Because of this we look at Non-Med Life Insurance. The most popular type today is Non-Med Term where a client can even get up to $500,000 with some carriers with no medical exam. Most applications can be taken in person or even over the phone and can be approved within minutes to a few days at the longest.

Let us know if you are interested in either type of life insurance coverage and we can shop through the top carriers to find the best type of coverage that fits your specific needs.  Most are very surprised to see that the rates are very affordable even for the health conditions they face.