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Planning - Living Benefits Life Insurance Specialist - Return of Premium Term Life - Long Term Care / Hybrid LTC - Dental & Vision - Disability Income Protection

Life

Term life insurance is a type of life insurance that provides coverage for a specific period, typically ranging from one to thirty years. It provides financial protection for the policyholder's beneficiaries in the event of the policyholder's death during the policy term.

 You can typically renew term life insurance policies or convert to permanent life insurance at the end of the term. However, the premiums for a renewed or converted policy may be higher than the original due to the policyholder's age and health status.

Term Life

Whole life insurance is a type of life insurance policy that covers the insured's entire lifetime. Whole life insurance remains in force until the insured dies or reaches a certain age, usually 100 years old.

 One of the benefits of whole-life insurance is that it provides both a death benefit and a savings component.

Whole Life

Universal life insurance is permanent life insurance that provides beneficiaries a death benefit while building cash value over time.

 Unlike whole life insurance, which typically has fixed premiums, universal life insurance offers flexibility in premium payments and death benefits. The policyholder can increase or decrease the premium costs and adjust the death benefit.

 Universal life insurance can be a good option for individuals who want life insurance coverage that can adapt to their changing needs. However, it's important to carefully consider the costs and potential risks involved before purchasing a policy.

Universal Life

Burial and funeral insurance policies cover the costs of a person's funeral and burial expenses. These policies allow individuals to plan and ensure that their loved ones can cover final expenses without facing a financial burden.

 Burial insurance typically provides a lump sum payment to cover the funeral, burial, or cremation costs, including expenses such as caskets, urns, cemetery plots, and memorial services. Funeral insurance, however, may provide more comprehensive coverage, including funeral costs, medical bills, legal fees, and other related expenses.

Burial and Funeral

Credit insurance is a type of insurance that helps protect businesses from financial losses due to non-payment of outstanding debts by their customers.
 Credit insurance helps businesses mitigate this credit risk by providing coverage against non-payment due to insolvency, bankruptcy, or other factors beyond their control.
 The coverage typically includes the insured amount of the outstanding debt plus interest and collection costs.

Credit

Mortgage insurance is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. The purpose of mortgage insurance is to reduce the risk for lenders, making it possible for borrowers to qualify for a mortgage with a lower down payment.

 The cost of mortgage insurance varies depending on the down payment size, the loan amount, and the type of mortgage insurance required. In general, borrowers can expect to pay an annual premium of around 0.3% to 1.5% of the loan amount for private mortgage insurance. Typically, mortgage insurance is required when a borrower puts down less than 20% of the home's purchase price as a down payment.

Mortgage

Supplemental insurance is a type of insurance policy that covers expenses not covered by a primary insurance policy. 
 You can purchase supplemental insurance as a standalone or rider to an existing policy. Some common types of supplemental insurance include dental insurance, vision insurance, disability insurance, and long-term care insurance.

Supplemental

Survivorship insurance is a type of life insurance policy that covers two people and pays out a death benefit only after both individuals have passed away. It's also known as second-to-die insurance or joint survivor life insurance.

 Usually, couples use survivorship insurance policies who want to provide for their children or heirs after they both pass away. It can be a cost-effective way to ensure that funds are available to pay estate taxes, provide an inheritance, or cover other expenses after the second spouse dies.

Howard Shanley

Howard Shanley

Insurance agent in South Carolina

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