Life Insurance

Life insurance is the most effective way to ensure your family is financially secure when you pass away. Without life insurance, your loved ones may face financial trouble, be unable to access funds, or be left without the support of a breadwinner.

Life insurance policies are available in two basic types: term and whole life. Term insurance is very affordable but does not build equity. It provides insurance for a certain period of time or a specified “term” of years. Whole life insurance, often called “permanent” or “universal” insurance, guarantees an eventual payout. Whole life policies have higher premiums but have the advantage of accumulating value over time.

Term Insurance:

Term insurance is an affordable way to help protect a family’s financial future. Policyholders can get coverage for a specific amount of time, and pay less on premiums than they would on a permanent whole life insurance policy.  These types of products usually allow up to 30 years of coverage or less if desired by the policy holder.  

Whole Life Insurance:

Whole Life insurance allows the policyholder to protect their assets with a variety of customized living benefits. It is the only product that does not increase in price as you age and it accumulates cash value after the 1st year of being in place.  Riders give you the option to provide accidental death coverage as well, usually being double the face amount. Accelerated death benefit riders as well give the policyholder more options during the life of the policy. It’s the only type of product that allows the policyholder to leave a guaranteed tax-free level death benefit to the beneficiary.

Universal Life Insurance:

Index Universal Life insurance (IUL) can be a great way to protect your family and their financial needs with products that build potential tax-advantaged cash value accumulation. Flexible premiums and optional living benefit riders for qualified medical issues that may come up in the future.  It givers you the option to access your death benefit early in the event of a qualifying chronic, critical, or terminal illness.  Index Universal Life offers death benefit protection while providing flexibility, policy value accumulation potential, and the opportunity for tax-advantaged supplement income.

Lifecross Insurance Group, we design your plans to meet your needs and your budget. 

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