Life insurance helps to ensure that your family and loved ones are protected against financial difficulties in the event of a premature death. Combined with investments, retirement and estate planning, life insurance is a fundamental part of a sound financial plan.
Life Insurance provides peace of mind! Protect your family, assets & business!
Whether it is Term Life Insurance, or Permanent Life Insurance, our experienced insurance professionals will help you develop a complete plan that will protect you, your family, assets, and business.
(Don’t let our company name fool you – we are licensed in and assist clients with life insurance who live in many states, not just Virginia!)
When you’re young, single, and relatively carefree, life insurance probably isn’t something you think much about. But if you find yourself with a spouse, a mortgage, and possibly a child or two, life insurance may become a critical part of your financial picture. Knowledge is the key, however, to figuring it all out and providing adequate coverage.
Certainly, we can’t predict the future. But there are steps you can take to prepare for it.
Life insurance is a tool that enables you to guarantee the financial security of those you love. We are committed to helping you find the right life insurance policy for your particular needs.
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More About Life Insurance
Term Life Insurance
Term life is usually the least expensive, most affordable type of life insurance. With term insurance, you pay only for the cost of insurance associated with the death benefit, and you do not build cash value.
Term life insurance covers you for a specified term (from 5 to 30 years, in most cases). If you die within the term, your beneficiary receives the stated death benefit of the policy. For example, say you purchased a $250,000 term life policy for a 20-year period. Whether you die in year two or year nineteen, your beneficiary receives the same amount (i.e., $250,000).
If you die within the term period, your beneficiary(s) receive a death benefit. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no “accumulation” element, or cash value with term insurance. Some term insurance policies do offer a return of premiums (see below).
Permanent Life Insurance
Permanent life insurance provides life-long protection. As long as you pay the premiums, the death benefit will be paid. These policies are designed and priced for you to keep over a long period of time. If you don’t intend to keep the policy for the long term, this may be the wrong type of insurance for you.
Permanent life policies are known by a variety of names: whole, ordinary, universal, adjustable, and variable life. Unlike term insurance, most permanent policies have a feature known as cash value or cash-surrender value.
Whole Life
Whole life (or ordinary life) is the most common type of permanent insurance. The premiums generally remain constant over the life of the policy and must be paid periodically in the amount indicated in the policy.
Whole life insurance policies are valuable because they provide permanent protection and accumulate cash values that can be used for emergencies or to meet specific objectives.
- Premiums are guaranteed not to increase over the life of the policy.
- The policy can be surrendered for the cash surrender value.
- Policy loans and withdrawals provide access to your cash value.
- Earnings, and certain withdrawals and loans, may qualify for tax-favored treatment.
- The policy can be changed to a reduced death benefit amount that is paid up.
- The policy can be changed to a reduced amount paid-up whole life policy.
- The cash values may be used to pay premiums for a certain period of time.
- The cash surrender value can be used to supplement retirement income.
Universal Life
Universal life allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional whole life policy. (To increase your death benefit, the insurance company usually requires you to furnish satisfactory evidence of your continued good health.)
There is no set schedule for premium payments after the first policy year, so as your needs and goals change you may be able to increase, decrease, or stop premium payments.
A minimum death benefit is guaranteed regardless of funding option performance if you maintain Guaranteed Minimum Death Benefit premium payments at specified levels.
- The policy can be surrendered for the cash surrender value.
- Policy loans and withdrawals provide access to your cash value.
- Earnings, and certain withdrawals and loans, may qualify for tax-favored treatment.
- The policy can be changed to a reduced death benefit amount that is paid up.
- The cash values may be used to pay premiums for a certain period of time.
- The cash surrender value can be used to supplement retirement income.
You can elect a Disability Waiver of Specified Premium Amount rider. In the event that the insured becomes disabled, this rider applies a predetermined amount of premium to the policy, within limits so that you can maintain coverage and continue to accumulate cash value.
Variable Life
Variable life provides death benefits and cash values that vary with the performance of a portfolio of investments. You can allocate your premiums among a variety of investments offering different degrees of risk and reward: stocks, bonds, combinations of both, or accounts that guarantee interest and principal. You will receive a prospectus in conjunction with the sale of this product.
There is no set schedule for premium payments after the first policy year, so as your needs and goals change you may be able to increase, decrease, or stop premium payments.
A minimum death benefit is guaranteed regardless of funding option performance if you maintain Guaranteed Minimum Death Benefit premium payments at specified levels.
- The policy can be surrendered for the cash surrender value.
- Policy loans and withdrawals provide access to your cash value.
- Earnings, and certain withdrawals and loans, may qualify for tax-favored treatment.
- The policy can be changed to a reduced death benefit amount that is paid up.
- The cash values may be used to pay premiums for a certain period of time.
- The cash surrender value can be used to supplement retirement income.
You can elect a Disability Waiver of Specified Premium Amount rider. In the event that the insured becomes disabled, this rider applies a predetermined amount of premium to the policy, within limits so that you can maintain coverage and continue to accumulate cash value.
Joint Survivorship Life
A Joint Survivorship or second-to-die life insurance policy insures the lives of two people, typically two spouses. The death benefit is not paid to the beneficiary until the death of the second insured. These life insurance policies are generally available as either whole life insurance or universal life insurance policies, and premiums are often less expensive than buying two life insurance policies.
Joint Survivorship insurance policies are effective tools often used by wealthy individuals in estate planning. They can be used to pay for estate taxes. By removing the proceeds of a life insurance policy through the use of gifting policies and third party ownership, a life insurance policy can be used to pay for estate taxes. Careful planning by your tax and legal counsel, coupled with a properly structured second-to-die life insurance policy, can help you preserve your net worth.
Return-of-Premium (ROP Term Life)
What is ROP Term? ROP stands for Return-Of-Premium
ROP Term is a term life insurance product that provides death benefit protection and a return of premium feature. This product is revolutionary because it bridges the gap between low-cost term insurance and permanent insurance.
Return-Of-Premium (ROP Term) is aimed right at one of the greatest consumer objections to regular term life insurance: “I am probably not going to die, and my money will have been wasted.” With ROP Term you do not have to waste your money. Unlike regular term, ROP Term rewards you for living by offering a guaranteed return of your total cumulative premium paid on the policy during the level term period, not including substandard and rider charges, if the policy owner is still living at the end of the level term period if the policy is then in force.
Example: Male, 35 preferred plus, 500K 30 year term:
Annual premium = $810, Return of Premium after 30 years = $24,300
($810 x 30yr = $24,300) Income Tax Free, because the premiums you paid is after tax dollars.
We will be happy to help you choose the right plan for your needs.
