Life Insurance can give you peace of mind knowing your family will be protected financially when you are no longer here to provide for them. The type of policy and limits you will need will depend on your financial goals, whether they include paying off a mortgage, covering future education expenses, keeping a business running, or leaving a legacy for future generations.
As an independent insurance agency, Emmanuel Insurance represents several top-rated insurance companies which allows us to find coverage that fits your needs and budget.
Although this list is not exhaustive, it provides the most common types of Life Insurance policies and an overview of each.
Term Life Insurance: This type of policy allows you to choose the amount of time you will be covered for a predetermined amount. It can help to replace the loss of income so your loved ones can pay for financial necessities such as housing or college. It is paid out as a tax-free, lump sum amount.
Whole Life Insurance: This type of policy provides lifetime protection, and also builds cash value that can be accessed at any time. It offers fixed premiums, a guaranteed cash value, and a guaranteed payout amount. It can help you to save for the future, help to replace income, or help with wealth transfer. Items to consider with this type of policy are premiums, balance of cash value accumulation and death benefit protection, and cash value growth.
Universal Life Insurance: This type of policy offers long-term protection with flexibility. It offers a payout amount for beneficiaries, and the ability to adjust your premiums and benefits when needed. It can be a cost-effective way to provide families with long-term financial security. Items to consider with this type of policy are Guarantee vs Adjustable, and the level of oversight required by you. There are several kinds of Universal Life Insurance, including Basic, Custom Guarantee, and Protection up to Age 90.
Variable Universal Life Insurance: This type of policy provides lifetime protection with market-based growth potential. It provides permanent protection with investment options that may grow your cash value over time.
Hybrid Life Insurance with Long-Term Care: This type of policy can help to pay for Long-Term Care expenses while also protecting your retirement savings plan and your family's legacy.
This video highlights the top five things you should be reviewing on your current life, disability and/or long-term care insurance policies.
Navigating the different types of Life Insurance policies and options for each can be overwhelming, but an Emmanuel Insurance expert is here to help. Our agents will work with you to find the best policy that fits your needs and budget. We represent the top-rated insurance companies in the country, with access to over 50 carriers.
Contact an insurance specialist at Emmanuel Insurance today to answer any questions you have about Individual Life Insurance, or for a free review and insurance quote for Individual Life Insurance.
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