Term life insurance provides protection for a specific period of time or "term" and it is designed for temporary circumstances. For example, you may need coverage until your children graduate from college, or until your mortgage is paid off, or until you are in retirement.
Typically people chose terms ranging between 20 and 30 years. Most term policies also include a special feature where you have the ability to convert your policy to a permanent one. This can be especially useful if your need for the coverage does not disappear when the term ends, or if you have recently had a change in health status and you are no longer able to qualify for a new policy.
At Schuler Insurance Service we specialize in providing a wide variety of Life Insurance and Disability products, including:
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Types Of Life Insurance Offered
Permanent life insurance offers lifelong coverage, and you can accumulate cash value on a tax deferred basis. You can access these funds through a policy loan to supplement your retirement, or pay for your daughter's wedding. The downside is that initial premiums are significantly higher than what you would pay for a term policy with the same face amount.
Permanent life insurance falls into two main categories. Whole life is the simplest and most common option. Premiums remain the same for life, and the death benefit and the rate of return on your cash value are guaranteed.
Universal life offers the flexibility of varying the amount of your premium payments. It also offers the certainty of a guaranteed minimum death benefit as long as long as your premiums are sufficient to sustain it. If you do not maintain those minimum premiums, your death benefit can be reduced.
As an independent life insurance brokerage, we impartially shop your specific needs for affordable term life insurance provided by the most respected insurance companies.
When you request a quote, we work hard to match your specific situation to the right product and company. Our goal is to always listen to your needs and find you the most coverage you need at the lowest possible price.
If you own your own your own business, hopefully you have a plan for your business if something should happen to you.
Term life insurance and permanent life insurance are commonly used to fund buy-sell agreements, which allows a business to transfer ownership at the agreed upon price/terms.
Key person life insurance is used as a tool to protect a business from a potential loss of a valuable employee or executive. These funds can be used to keep the business afloat while searching for the key persons replacement, and training.
An executive bonus plan can be funded through a life insurance policy enabling the business to recruit and retain highly valuable employees. The business owner may establish a life insurance policy on a key employee as a fringe benefit. The owner pays the premiums in the form of a bonus to the employees.