Personal Life Insurance

When it comes to life insurance, it is difficult and unsettling to imagine a time when you might not be around. But if you care about your family and loved ones, life insurance could be the single most important investment that you will ever make. Protecting your family and those you hold closest to you should not be an afterthought. It should be a priority. Should an unexpected death occur, it is crucial that your family’s dreams, ambitions and finances stay protected. Dealing with the initial shock of losing a loved one is hard enough but without the proper protection, the months and years to follow will surely be dreadful. We are here to guide you. Meslee Insurance works with a vast network of Life Insurance providers to provide all types of life insurance products from A to Z. With access to a variety of products and options, we make sure to find you the best policy within your budget. Our licensed and educated staff will analyze your particular situation and advise you on the type of policy to obtain, how much coverage you need and the best provider to go with. Give us a call today for a personalized evaluation or fill out a quick quote to have one of our agents contact you.

 

What can Life Insurance do for you?

 

  • Allow your family the ability to pay the home mortgage and pay off household debt

  • Pay for funeral expenses, final illness costs and estate taxes

  • Make up for your lost income

  • Enable them to maintain their current standard of living

  • Create funds for future education expenses

  • Protect your family

 

Do I need Life Insurance? Do I need to review it?

It is always hard to determine whether you have reached the time when life insurance becomes necessary. Generally speaking, if someone depends on you financially, then you do. But even more important is the concept of “buying insurability” which preaches the purchase of life insurance while you are still healthy. In other words, it is an advantage to purchase life insurance while young and healthy because if unfortunate circumstances arise in the future, it may be much more expensive and unaffordable at that time. If you are in one of the situations below and don’t have it, then it is probably time to start thinking about it.

  • Married or Getting Married: Many families depend on two incomes to make ends meet. Would your spouse still be able to do so in the event of a sudden death?

  • Parent or baby on the way: If you suddenly passed away, who is going to pay for all of the costs associated with raising a child including food, education and everything else?

  • Homeowner: For most people their home is their most significant financial asset. In case of a catastrophe, who will continue to pay the mortgage and keep your family at home?

  • Changing Jobs: If you are changing jobs or recently been promoted, chances are that your income and life style will change as well. It is always a good idea to reevaluate your life insurance policy when major financial changes occur.

  • Retired or Planning for it: Now that you are retired and paid off your mortgage, you may think that life insurance is unnecessary. But women often outlive their husbands by 10, 20 sometimes 30 years. Even a small life insurance can help a widow avoid financial struggles in her retirement.

 

Different type of policies

You have acknowledged your need for life insurance; now you need to decide what policy is right for you. Below is a description of the main types of life insurance policies and how they differ.

  • Personal Term Life: Term life is the simplest and least expensive type of life insurance policy. Term life insurance policies have one purpose: to pay a lump sum upon the death of the policy holder. As opposed to the other types of life policies which offer death benefit and cash value, Term Life Insurance does not have a cash value component to it. Furthermore, Term Life Insurance policies are designed to meet temporary needs and are typically offered for time periods of various length between one and thirty years. An example of this is someone who decides that they only need coverage until their mortgage is paid off or children graduate from college. Term Life Insurance is generally offered in two varieties: level term and decreasing term. Level term is the most commonly purchased term life insurance policy and pays the same benefit amount, no matter when the policy holder loses his or her life. On the other hand, decreasing term life insurance policies pay varied amounts contingent upon the point in the policy when death occurs. Term life insurance rates depend on a number of factors including whether or not you smoke, your medical conditions, your age and your health at policy inception. Lastly, some carriers offer the option to convert a term life policy to a whole life policy at some point during the policy term.

  • Personal Whole Life: In contrast to term life insurance policies, whole life insurance policies are more expensive and offer lifelong protection. As the policy holder, you pay the insurance company in regular intervals and in turn they provide a death benefit (just like they would in a term life insurance policy) as well as a cash value account. In other words, the insurance company uses the premiums that you pay and exclusively manages the account by investing your funds and providing you with a small return on your investment. With whole life insurance policies, the insurance company will quote a fixed premium which cannot increase during your lifetime as long as you continue to pay the planned amount. Moreover, some insurance companies may give you an option to receive dividends from your cash value account or apply them to your premium to reduce payments.

  • Personal Universal Life: Universal Life Insurance policies are essentially the same as whole life insurance policies except that they provide much more flexibility. Just like whole life insurance, universal life insurance pays a death benefit if the insured passes away and also offers a low risk cash value account component. Universal Life policies are considered to be more flexible because neither the premium nor the face amount of the policy is necessarily fixed. Lastly, universal life policies offer the right to borrow or withdraw from the policy during your life span.

  • Personal Variable Life: Personal Variable Life Insurance policies offer flexibility in a different way than universal life insurance policies. They offer both the death benefit and cash value accounts but offer flexibility by providing the contract owner with a wide variety of separate accounts to invest in. Examples of these accounts can be money market, stock and bond funds. This added flexibility makes variable life policies a lot riskier in nature. But beware that although you gain flexibility in terms of investments, you lose flexibility in terms of premium payment amounts.

  • Personal Variable Universal Life: Simply stated, universal variable life insurance policies combine the benefits of flexibility that variable life and universal life policies contain. They give you the most control over your cash value account by offering separate accounts to invest in such as money markets, stocks, bonds and funds. Furthermore, they also provide a great deal of flexibility in terms of premium. The one thing to note is that with the added investment opportunity comes responsibility. Personal Variable Universal Life policies require policy holders to devote time to manage the accounts that they invest in.

  • Other types of Life Policies: Of course, these are not the only types of life insurance policies. There are many other types including survivorship life insurance, mortgage life insurance, return of premium term life insurance, key person life insurance and buy sell agreements (Commercial). Our office has had experience writing every one of these situations and can advise you if one of these specialized life insurance policies better suit your needs.

 

How much coverage do I need?

Finally, you acknowledged that you need it and have chosen the appropriate type of policy for you. But now the question still remains: How much coverage do I need? We are here to help. Our licensed staff has experience and will ask you all the questions to determine the correct amount of insurance.

  • How many years do you need your income to be replaced?

  • How much is your mortgage and total current or expected debt?

  • How many children do you have and how much will they need to graduate from university?

  • How many and what types of investments do you have?

 These are just a sample of the questions that we will discuss in order to determine the amount of coverage that you need.

 

Other Information

  • In almost all life insurance policies, benefits paid upon the death of the policy holder are not subject to federal income taxes.

  • Please visit our insurance glossary tab for a full list of insurance terms and definitions.

  • There are many discounts available to help reduce your premium. Please visit our learning insurance discounts page to find out more information on how to maximize your savings.

 

This page contains only a general description of coverages and is not a contract. Details of coverage or limits may vary in some states and by carrier. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.


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