Why You Need Life Insurance
At Archbold and Lewis Insurance
we know that buying life insurance is one of the best ways to protect your
family against financial hardships. Unfortunately, many people don’t realize
the importance that adequate life insurance coverage plays in a family’s
financial well being. Talk with us about your life insurance needs so you
can protect your family’s future.
Did you know that life insurance can:
Clear financial obligations in case of death Ensure that mortgage
payments are met Guarantee a fixed income for a surviving parent with young
children Solve certain tax problems Provide a method for a closed corporation
to liquidate stockholder interests Fund a business buy-sell agreement Provide
children with college education Plus, many other benefits Understanding
Life Insurance
Universal Life Insurance is a permanent life insurance program
that provides flexible premiums and an option of two adjustable death benefits.
It also accumulates cash values and offers competitive tax-deferred interest.
Loans and withdrawals are available on a tax-favored basis.
Term Life Insurance offers low-cost protection for a specified
period of time. It is a temporary solution to a short-term need such as
a housing loan, business expansion or large debt. This type of policy provides
large death benefits at an initial low premium that increases as you get
older. Some term policies, however, have an option that allows you to convert
the policy into permanent insurance up to age 70.
Return of Premium Term Life Insurance offers a win-win situation
in returning all premiums paid when the the policy has come to term.
Whole Life Insurance provides permanent protection at an economical
price. It offers moderate premiums that are locked in at the time of purchase.
The death benefits cannot fall below the initial face amount. There are
guaranteed cash values and paid-up options.
Participating Life Insurance is a stable insurance program with
guaranteed death benefits, tax-deferred cash accumulation and the flexibility
to meet a wide range of financial goals. The participating life insurance
guarantees that your premiums will never increase, your death benefits
will not decrease and your coverage won't expire regardless of your age
or health. This policy increases in value as cash accumulates. And, unlike
other types of whole life insurance, this policy can pay dividends.
Guaranteed Issue Life Insurance provides coverage that is guaranteed
to be issued, regardless of your health condition. No medical questions
or exams are required. Since no underwriting is done, death benefits are
usually graded, or otherwise limited, during the first few policy years
and the maximum death benefits available are usually low.
Simplified Issue Life Insurance provides coverage that is underwritten
from a simple application, consisting of just a few health questions. Usually,
medical exams are not required. Death benefits are not graded or otherwise
limited. Due to the limited underwriting, the maximum death benefits available
are usually low.
Accelerated Benefit Rider - This rider advances a portion of
the death benefits if the insured has been diagnosed with a terminal disease
and has less than 12 months to live or is permanently confined to a nursing
home.
