Life Insurance can help protect your family. The recommended amount of life insurance a person should have approaches six to eight times their annual gross income. Under current laws, there is generally no federal income tax on death benefits paid to a named beneficiary. Please consult with your tax advisor.
A term life insurance policy is life insurance coverage for a specified length of time usually 5, 10, 20 or 30 years. It is usually purchased with a particular need in mind, such as mortgage protection. Beneficiaries will receive the face value of the policy upon the insured’s death. Term life will have the lowest premium, but there is no cash value and if the insured survives the time period, the policy expires. Most policies will have a conversion feature permitting the policy-owner to exchange a term policy for a cash value policy without evidence of insurability.
Universal life is a flexible premium policy that combines protection against death with a cash accumulation account that earns a market rate of interest with a guaranteed minimum rate of interest. The interest rate paid on the cash value typically is higher than whole life insurance because they trend with the markets. Premium payments for universal life insurance policies are very flexible. They can be paid monthly with EFT, quarterly, semi-annually or annually. Each month deductions are taken from the cash value and interest and premium payments are added to the cash value. As long as there is sufficient cash value to maintain the monthly costs, the policy will remain in force.
Junction Insurance Agency offers affordable term life and universal policies from many reputable companies. Use the request form on this page, and one of our experienced associates will be glad to assist you. Or, you can speak with one of our life insurance agents at (920) 860-1555 at any time to discuss the policy features and options in more detail.
To speak with me directly regarding all your life insurance needs, please click the “Schedule Now” link to select a time that is convenient for you.