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LIFE INSURANCE
Life insurance might be one of the most important purchases you'll ever make. SureCare can help you explore options to secure your loved ones' financial future that fit your needs and budget.
WHAT IS LIFE INSURANCE?
Life insurance is a contract with an insurance company that provides financial protection for a specified period. In exchange for regular premium payments, you and your chosen beneficiary are covered throughout the duration of the policy. If you pass away while the policy is active, your beneficiary will receive a cash sum known as the death benefit. This money can be used to cover final expenses, pay off any remaining mortgage balance, or help support your loved ones. Below are common types of life insurance:
TERM INSURANCE
Term insurance is the most affordable type of life insurance when initially purchased, as it is designed to meet temporary needs. It protects for a specific period, known as the 'term,' and typically pays a benefit only if you pass away during that time. This type of insurance is particularly useful when you have coverage needs that will diminish after a certain point. For example, you might choose this policy if you only need coverage until your children graduate from college or until a specific debt, like your mortgage, is paid off.
At the end of your coverage period, you and the insurance company simply part ways. If you still require life insurance, you have the option to extend your coverage for another term or convert your policy to a permanent life insurance plan. However, be aware that your premiums may increase in this case
WHOLE LIFE
Whole life insurance, also known as whole of life assurance, is a type of life insurance policy that remains active for the entire life of the insured. Typically, it requires yearly premium payments. This policy consists of two components: an insurance component and an investment component.
The insurance component pays a predetermined sum upon the death of the insured. Meanwhile, the investment component accumulates cash value that the policyholder can either withdraw or borrow against. As the most basic form of cash-value life insurance, whole life insurance helps individuals accumulate wealth. Regular premium payments cover insurance costs and contribute to equity growth in a savings account, where dividends or interest can build up on a tax-deferred basis.
UNIVERSAL LIFE
Universal Life Insurance was designed to offer more flexibility than whole life insurance by allowing policyholders to allocate their funds between the insurance and savings components of the policy. The premiums are variable and are divided by the insurance company into two parts: insurance and savings. This structure enables policy owners to make adjustments based on their individual circumstances.
For instance, if the savings portion is generating a low return, it can be used to cover the premiums instead of relying on external funds. Unlike whole life insurance, universal life insurance allows the cash value of investments to grow at a variable rate, which is adjusted monthly.
FINAL EXPENSE
Final expense insurance is a type of permanent life insurance that offers a lump sum payment to your chosen beneficiary to cover end-of-life expenses. When you purchase final expense insurance and consistently pay the premiums throughout the life of the policy, your beneficiary will receive the death benefit upon your passing. This benefit can be used to pay for various costs related to your death, such as medical expenses, memorial services, or funeral arrangements.
Many families may not have sufficient funds readily available to cover these expenses, which typically amount to around $10,000. Final expense insurance helps alleviate this financial burden, ensuring that your family has the means to cover burial costs and any other related expenses during an already difficult time.
BASED IN PHILADELPHIA, PA
LICENSED & SERVICING: PA, NJ, NY, OR, CA
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