Life Insurance

Whole Life Insurance

Helping loved ones when you are gone.

Whole life insurance, sometimes called “straight life” or “ordinary life,” is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.

As a life insurance policy, it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy’s beneficiaries when the insured dies. Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term.

Whole life premiums are fixed based on the age of issue and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid-up in 10 years, 20 years, or at age 65.

Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.

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Term Life Insurance

Help cover financial responsibilities.

Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.

If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.

Final Expense Insurance

A foundation for financial protection.

Final expense insurance is an insurance policy used to pay for burial expenses and funeral services when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.

However, you can usually get a policy with a death benefit value as low as $5,000 (best for basic funeral expenses) and as high as $50,000. In 2012, the average funeral exceeded $8,000.

Juvenile Life Insurance

A lifetime of benefits.

Juvenile life insurance is permanent life insurance that insures the life of a minor. It is a financial planning tool that provides a tax advantaged savings vehicle with potential for a lifetime of benefits.

Juvenile life insurance, or child life insurance, is usually purchased to protect a family against the sudden and unexpected costs of a funeral and burial with much lower face values. Should the juvenile survive to their college years it can then take on the form of a financial planning tool.

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Phone : + 1 (716) 633.1331

Email : info@thefinancialguys.com

Location

305 Spindrift Drive.,
Williamsville, NY 14221

345 Winton Place,
Suite 119
Rochester, NY 14623

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HAVE QUESTIONS?
Contact Us

Phone : + 1 (716) 633.1331

Email : info@thefinancialguys.com

Location

305 Spindrift Drive.,
Williamsville, NY 14221

345 Winton Place,
Suite 119
Rochester, NY 14623