Life insurance policies will protect your beneficiaries with financial stability and security when it matters most. In the event of your passing, life insurance can help your beneficiaries with the following:
Which is right for you? First, always ask yourself why you need your life insurance policy and what you’re trying to accomplish by having a life insurance policy. Are you insuring your life so that when you pass away your children will be able to go to college or so your spouse will be able to pay off the mortgage? A temporary form of life insurance – Term Life – is well suited for these concerns. If you are more concerned about providing income to a widow or widower for life, funding retirement, or passing on wealth to future generations you will find permanent life insurance to be better suited for these goals.
Buying insurance of any kind is often confusing. There are always a lot of factors to be considered. Consult with Fulshear Insurance® Group, Inc. today to help determine the best type of life insurance and the appropriate premiums for your situation. Our agents are here to help you make a decision that’s right for you!
Fulshear Insurance® Group, Inc. works with more than 130 life insurance companies, so we have a solution for almost any need. Whether you are a healthy individual or one that has experienced serious health events such as a heart attack or cancer, we have an option for your life insurance needs.
Some terms with which you will want to familiarize yourself include the following:
Term life is considered temporary or short-term. It has a beginning and an end. It does not accumulate any cash benefit other than the benefit available upon the death of the insured. It is not for long-range planning or retirement. There are multiple options for length of term. You may choose from 10-year, 15-year, 20-year, 25-year and 30-year, which are the most common. Some insurance companies offer in-between years such as 21, 22, 23 year terms, etc.
Term Life insurance is a good fit for insuring short-term needs such as education for minor children, paying off a home or other bills.
ROP – Return of Premium
You may choose a TERM ROP policy, which offers to return all of the premium you have paid in for a Term policy once the end of the term has completed, and all premium payments have been received. No interest is earned or paid, but instead of reaching the end with nothing to show for all of the money paid out over the last 10, 20 or 30 years, you have a nice lump sum check to use any way you wish. You received the peace of mind benefits of having coverage during the term, and you didn’t lose any money.
UL or IUL - Universal Life or Indexed Universal Life
This is a permanent life insurance policy that not only offers a death benefit but a cash accumulation value as well. Earnings are based on the movement of the stock market without investing in a particular stock. Universal Life policies offer flexible options not offered with any other type of life insurance. Once a policy is established, you have the option of changing your payments to a higher or lower amount, and this may be changed multiple times throughout the life of a policy. This is a very popular resource for funding a tax-free retirement and comes without the risk of the volatile stock market. Call Fulshear Insurance® Group, Inc. today to see how a Universal Life policy will enhance your retirement.
Whole Life is a permanent life insurance policy guaranteed to remain in force for the insured’s entire lifetime. Whole Life offers a death benefit, cash accumulation value and level premiums. Premiums are paid the entire life of the policy unless it is a limited pay policy.
Whole Life is a good fit for permanent insurance needs for the following:
Business or Key-Man Life Insurance
Businesses, large and small, may have need for life insurance policies on their owners or key-man employees. There are a variety of needs including:
Buy-sell and key person needs can be met with Term life products, however cash value insurance is almost exclusively for deferred compensation and SERP’s.
Fulshear Insurance® Group, Inc. is happy to assist you with any of your life insurance needs. Give us a call today at 281.533.9067 or send us an email detailing your request Info@FulshearInsurance.com.