Life Insurance

Life insurance benefits give you a way to provide financial security for your loved ones even after you’re gone. With different options available, you can pick the coverage that’s right for your family and financial situation.

Life insurance helps remove financial uncertainty after your death by providing your family with the means to pay off funeral expenses, final medical bills, and any debts including in some cases, your mortgage.  But the benefits of life insurance can extend even further, paying for your children’s education, and possibly even building a tax-free cash value investment for your family.

 

What Type of Life Insurance is Right for You?

You have many choices regarding the type of life insurance that is right for you and your financial situation.  This is why we offer both term and permanent life insurance options for you to choose from. Both term and permanent life insurance offer death benefits that provide financial security for your loved ones. Permanent life insurance also includes an investment opportunity as accrued interest builds up cash value in the policy.

Term Life Insurance
Term life insurance provides coverage for a specified time period, generally between 10 and 30 years. During the time period your rates and coverage remain the same or as agreed to in the contract illustration. The affordability of term insurance makes it a desirable benefit for many young families who want financial security and peace-of-mind, but do not want to pay the higher premiums associated with whole life products that build cash value over time.

Whole Life Insurance
Whole life is a permanent life insurance option. This simplified coverage locks in premiums and benefits for a lifetime. A portion of your whole life insurance builds cash value over time making it a desirable benefit for anyone who wants the combination of financial security and guaranteed growth rates for investment purposes.

Universal Life Insurance
Universal life insurance is a permanent life insurance option with flexible premium options to fit your current financial situation. This ability to increase or decrease coverage and control your monthly premiums and still carry lifelong coverage makes it a desirable benefit for anyone interested in the perks of permanent insurance with more flexibility.  Universal life is tied to the performance of the stock market.  As an investment vehicle, it has more risk than other forms of life insurance.  However, it remains a popular life insurance product because it can also perform better than a traditional whole life product.

Everyone’s life insurance needs are different. You may only need the assurance that your family will be cared for after your death, or you may be interested in using life insurance as a way of accruing more wealth to leave your loved ones after you are gone. You may want the stability of a fixed premium and coverage, or you may want flexibility and freedom to change things up when needed.

At Beach & O’Neill Insurance Associates, Inc. we can help you determine which type of life insurance is right for you based on your individual financial goals and your personal situation.   Planning for the future of your loved ones is always the right choice and life insurance ensures your family will be cared for long after you are gone.