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Life

lifeWho needs life insurance? The answer to this question is subjective and really just depends on each person’s individual circumstances. The better question is, Do You Need Life Insurance? There are many reasons to insure one’s life. Everything from leaving a legacy for loved ones to protecting your loved ones from financial hardship upon your passing. The answer is personal and can really be answered individually.

With that said, First Beneficial Insurance Services has a number of life insurance policy choices with many possibilities to meet your goals with the proper coverage. Our trained Agents consult with our clients to learn the needs and desires of the client prior to suggesting any policy. With the input from our clients we are able to build a policy as specific to their needs as possible, so as to maximize their coverage for their budget.

There are several types of Life policies available, with several options for each of the available policies. It can be daunting and confusing when attempting to figure out which policy fits your needs.

Term Life:
Insurance for a specific length of time. Term is often the most affordable type if life coverage due to the policy covering a specified time period. These policies are often purchased for protecting certain financial responsibilities such as a mortgage, college loans, etc… Simplified issue policies are available, and they require no physical exam. They can be issued via the phone or online. Level Term policies have a guaranteed rate which does not increase for the level period chosen by client.

Whole Life:
This is a form of permanent life insurance and provides guaranteed premiums, cash value and death benefits. These policies provide protection for the length of the insured’s life, level premiums, the ability to place additional funds into the policy on a tax favored basis and cash value that can be accessed and used during your life. Whole life also presents the potential to receive dividends which in turn can increase the cash value while the insured is living, or the death benefit for his/her beneficiaries. It is important to note that dividends are not guaranteed, loans and withdrawals will decrease the cash value as well as the death benefit and the whole life guarantees apply the whole life’s cash value, premiums and guaranteed death benefit. The guarantees are subject to exclusions and limitations, product terms and the claims paying ability and financial strength of the issuing insurance company.

Universal Life:
Much like Whole Life, Universal Life is a form of permanent life insurance, but with flexibility which allows the policy owner to obtain permanent protection or to focus on building the cash value of the policy. There are tax favored monetary aspects to universal life similar to that found with the whole life policies. First Beneficial Insurance Services has relationships many Insurance companies which supply us with a large stable of Universal life products, With our inventory and options, we are sure to meet your needs and budget. Contact us for a free no hassle consultation and policy illustration today!

Survivorship Life:
Also known as second to die insurance, this insurance provides coverage for two people and provides a benefit when the last of the two persons insured passes away. Commonly used in estate planning for charitable donations, leaving an inheritance, or protecting a business, they can also be helpful in providing assistance with estate fees, dependent loved ones, such as children and/or adults with special needs. These policies can be more cost effective sometimes than purchasing separate policies on two individuals.