Term Life Insurance
Term life insurance is the purest form of life insurance. It is not only the least expensive form of life insurance available but it is also very easy to understand. Simply put, you essentially "rent" the coverage for a specified number of years. Term insurance is typically available in terms of 10, 15, 20 or even 30 years. The rates and the death benefit remain the same and are guaranteed for the entire period or "term". There are riders available that can add additional value such as Waiver of Premium in the event disability occurs during the term, and Accidental Death which usually pays twice the specified amount if the insured dies prematurely due to an accident. Some companies now offer a new benefit called a Return of Premium rider. If selected, the insured or owner can receive up to 100% of the premiums paid, tax-free, if the benefits are not used or if the policy is canceled prior to the end of the term. This is quickly becoming a much sought after benefit and is an attractive option in most situations. Fierce competition among insurers and greater life expectancies have combined to offer consumers the lowest rates ever! Leave it to The Hughes Agency to shop among dozens of top-rated insurers for the most aggressive underwriting and best rates available. If you haven't compared the price of your existing policy in recent years, or if you are in need of additional inexpensive protection, give us a call to arrange for a confidential, no obligation analysis or email us for a complimentary quote!
Permanent Life Insurance
There are several forms of "permanent" life insurance. These include whole life, universal life, variable life, and variable universal life. (Variable Life and Variable Universal Life insurance products are offered through Lincoln Financial Securities Corp.) One common feature is that all of these products have a cash value component. The cash value features of each are distinctly different and therefore requires careful consideration in determining which product best suits your needs. Permanent life insurance has advantages over term life insurance for those seeking long-term protection. Additionally, permanent life insurance can be used creatively in a variety of ways to accomplish personal planning objectives ranging from retirement and survivor's benefit needs, to income replacement and charitable giving. Permanent insurance is usually more expensive than term insurance for those who only need protection for a specified number of years. However, if your needs are indefinite or "permanent", this option is usually the most cost-effective and should therefore be considered as part of the financial planning process. Business owners can use permanent life insurance policies to provide executive benefits and tax advantaged solutions for retirement planning needs. When combined with proper estate planning, life insurance is also the product of choice among financial advisors, insurance consultants, estate planning attorneys, and CPA's who help their clients plan for the disposition of their estate by helping to reduce or eliminate any potential estate tax liability. The Hughes Agency helps individuals and families plan for and achieve their long- term financial goals. We also help business owners provide executive benefits for themselves or for key employees creatively, effectively, and efficiently. Let us help you! Call us today to arrange for a no obligation, no hassle consultation or feel free to call or email us for more information.