About Life Insurance
Get peace of mind, knowing you've helped protect your loved ones.
Life insurance can help provide for the people who depend on you financially, if you can't be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child's education, and much more. It is a tax free exchange.
There are two types of life insurance:
- Term Life Insurance - Affordable, simplified insurance for a specific time period.
Term life insurance offers simple, affordable coverage for a set time period, typically 10 to 30 years.
- Whole Life Insurance - Permanent insurance, fixed premiums, guaranteed death benefit and cash value growth.
Permanent life insurance offers coverage for your lifetime with the potential to build equity in the form of cash value and options for more flexibility.
Many people find that a combination of both types of life insurance helps them meet both immediate needs and long-term goals.
Precision Insurance offers term life insurance policies and several types of permanent life insurance policies to meet your needs; there is also the potential of multi-policy discounts:
What Is Term Life Insurance?
Term life insurance is often the most affordable coverage because it offers protection for a specific number of years. You may want to purchase a term life insurance policy if you want to:
- Get maximum coverage at an affordable price
- Cover specific financial responsibilities like a mortgage or college expenses
- Supplement your permanent life insurance during years when your expenses are higher, like when you have children or other dependents at home
What is Whole Life Insurance?
A form of permanent life insurance, whole life insurance features guaranteed premiums, death benefits, and cash value. Whole life insurance policies also give you the potential to receive dividends*, which can increase the value of the policy when the insured is living or provide an increased death benefit for your beneficiaries.
Guaranteed Acceptance -
This simple, affordable whole life coverage is available to ages 45+. Certain policy limits and conditions apply.
Traditional Whole Life Insurance -
You may want to purchase a whole life insurance policy if you want:
- Protection for life
- Payments that stay the same each year
- To be able to put additional money into the policy on a tax-favored basis
- Cash value you can use while you are living
Whole life insurance offers confidence through the guarantees it provides:
- Guaranteed level premiums - The premiums you pay are guaranteed to remain the same for the life of the policy, regardless of age or health.
- Guaranteed death benefits - Beneficiaries will receive at least the face amount of the policy upon the death of the insured, assuming you do not have outstanding policy loans and that the policy premiums are paid on time.
- Guaranteed cash value - Your cash value will grow each year, tax-deferred, until it matches the face value of your policy. When you need it most, you'll have access to your cash through loan and withdrawal options.
*Note - dividends are not guaranteed. Check any proposal for both the guaranteed cash value as well as projected cash value.