Learn more about the different
Guaranteed Issue
|
Guaranteed Issue Life Insurance is a type of life insurance that does not require a medical exam or health questions for approval. It is designed for people who may have difficulty qualifying for traditional life insurance due to age or health conditions.
💡 Best for: Seniors, those with serious health issues, or individuals who can’t qualify for traditional life insurance but still want some coverage for final expenses like funeral costs. |
✔ No medical exam or health questionnaire. Acceptance is guaranteed
✔ Smaller coverage amounts, typically ranging from $5,000 to $25,000 ✔ Higher premiums compared to term or standard whole life insurance ✔ Graded death benefit: many policies have a waiting period (usually 2-3 years); if the insured dies during this period (except by accident), beneficiaries may receive only a partial payout or a return of premiums paid |
Final Expense Whole Life
|
Final Expense Whole Life Insurance is a type of permanent life insurance designed specifically to cover end-of-life expenses, such as funeral costs, medical bills, or small debts.
💡 Best for: Seniors or individuals who want to ensure their loved ones aren’t burdened with final expenses, but don’t need a large policy. |
✔ Lifetime coverage: as long as premiums are paid, the policy never expires
✔ Smaller death benefits, typically ranging from $5,000 to $50,000 ✔ No medical exam required: usually, just a few health questions on the application ✔ Cash value accumulation: builds cash value over time that can be borrowed against ✔ Fixed premiums: your monthly payments won’t increase over time |
Mortgage Life Insurance
Mortgage life insurance, or mortgage protection insurance, is a unique form of life insurance designed to pay off the policy holder's mortgage if they pass away during the policy term. This helps beneficiaries eliminate significant debt, which can save them a lot of money each month. Plus, it gives them access to more equity in the home to borrow against or gain more proceeds if they sell it.
Universal Life v Whole Life
Both Universal Life (UL) and Whole Life (WL) are types of permanent life insurance, meaning they provide lifelong coverage and include a cash value component. However, they work differently in terms of flexibility and how the cash value grows.
|
Whole Life Insurance (WL)
✔ Fixed premiums: you pay the same amount for life ✔ Guaranteed cash value growth that accumulates at a set rate ✔ Guaranteed death benefit that doesn’t fluctuate ✔ Dividends (sometimes): some policies pay dividends if issued by mutual insurance companies 💡Best for: Those who want stability, guaranteed benefits, and a set premium with no surprises. |
Universal Life Insurance (UL)
✔ Flexible premiums: you can adjust payments (within limits) ✔ Adjustable death benefit: you may be able to increase or decrease it ✔ Cash value growth tied to interest rates, not fixed like whole life ✔ Types of UL: Traditional UL: cash value grows based on interest rates Indexed UL (IUL): linked to a stock market index (like the S&P 500) Variable UL (VUL): allows investments in mutual fund-like options (higher risk/reward) 💡 Best for: People who want flexibility in premiums and death benefits, and those willing to take some risk with cash value growth. |
Retirement Option Indexed
|
Retirement Option - Indexed Life Insurance is typically a form of Indexed Universal Life (IUL) Insurance designed to provide both life insurance coverage and a tax-advantaged retirement savings component. It allows policyholders to build cash value that grows based on the performance of a stock market index, such as the S&P 500, without being directly invested in the market.
💡 Best for: Individuals looking for tax-free retirement income, lifelong insurance coverage, and a growth strategy with market-linked potential but downside protection. |
✔ Lifetime Coverage: As long as premiums are paid
✔ Flexible Premiums & Death Benefits: Can be adjusted to fit financial needs ✔ Cash Value Growth Linked To An Index: Earns interest based on stock market performance, but without direct market risk ✔ Downside Protection: Usually has a 0% floor, meaning you won’t lose money even if the market declines ✔ Tax-free Loans & Withdrawals: Cash value can be accessed tax-free to supplement retirement income (if structured properly) ✔ No Contribution Limits: Unlike 401(k)s or IRAs, you can contribute as much as you want (subject to policy guidelines |
Children's Whole Life
|
Children’s Whole Life Insurance is a permanent life insurance policy designed for children, providing lifetime coverage with a guaranteed death benefit and cash value accumulation.
💡 Best for: Parents or grandparents who want to provide a financial head start, lock in low insurance rates, or ensure lifelong coverage for a child. |
✔ Lifetime coverage: remains in place for the child’s entire life as long as premiums are paid
✔ Cash value growth that accumulates over time and can be borrowed against in the future ✔ Locked-in low premiums: premiums are typically very low and never increase ✔ Guaranteed insurability that ensures the child has coverage even if they develop health conditions later in life ✔ Ownership transfer: parents or grandparents own the policy until they transfer it to the child when they become an adult |
Accident & Hospital
|
Accident Insurance is for when you have an accidental injury (i.e. car accident, sports related accident). It is to help supplement your income, and help cover your portion of your health insurance's max out of pocket.
|
Hospital Insurance is for an illness or injury that helps reduce your portion of your health insurance max out of pocket in the event you go to the ER or are admitted into the hospital, out-patient surgery, major diagnostic exams, and/or follow-ups.
|
Cancer, Critical Illness, & Disability
|
Cancer Insurance helps cover your costs of the initial diagnosis of any type of cancer.
|
Critical Illness Insurance provides a lump sum payout if you are diagnosed with a covered serious illness.
|
Disability Insurance can be used in the event that you are diagnosed with either a short term disability or a long term disability due to an accident. It helps cover medical expenses or to cover daily living costs.
|
Long Term Care
Long Term Care Insurance can reimburse you a daily amount for activities revolving your daily living in a variety of settings, including your own home.
