Life Insurance

There has been a lot of discussion on the right way to buy life insurance. To determine the correct coverage and type depends on your financial goals. Let us guide you through the calculation of coverage for your needs as well as the best product for your needs. Call us at 407-671-7331 to discuss.

How much do I need?

1. The basic recommendation is 10 times your pay.

or

2. Calculate all debts and add potential costs of college, vehicles, other gifts and determine a grand total.

or

3. The amount that is required to fill any gaps between now and a designated time in the future.

What type of policy should I get?

That depends on your long term goals, health concerns and current situation.

There are three fundamental types:

Term:

  • Coverage is quoted for a specified term(period of time)
  • The lowest cost way to get maximum coverage
  • After the term has concluded, the renewals are quite high
  • No cash value(however, return of premium and other riders are available to provide a modified cash value)

Permanent with no cash value:

  • Protection until the age of 95 or 105(depending on policy), as long as premiums are paid
  • Intended to cover those that have a long term commitment(divorce decree, etc) or are concerned about their financial future
  • A great option if there is a concern about having a critical diagnoses in the future(cancer, etc) that would make them uninsurable (or excessive premiums) in the future
  • Numerous options available
  • Because the coverage guarantee goes far beyond term policies, the premium is higher. However, in later years this coverage can provide a significant financial benefit.

Permanent with cash value:

  • This is designed to cover you regardless of the age attained
  • Intended to cover those that have a long term commitment(divorce decree, etc) or are concerned about their financial future
  • A great option if there is a concern about having a critical diagnoses in the future(cancer, etc) that would make them uninsurable (or excessive premiums) in the future
  • Builds cash value
  • Very flexible
  • Because the coverage guarantee goes far beyond term policies, the premium is higher. However, in later years this coverage can provide a significant financial benefit.

Please Call us at 800-762-4130/407-671-7331