Life Insurance

Life Insurance

When you say Life Insurance, please note the term Life insurance includes many different types of products and various options. A common mistake by consumers is that all life policies and companies are all the same, and it’s all about cost. We have listed the 11 most common types of Life Insurance Policies. The key to Life Insurance is what type will work best for your needs. At Pickett Insurance & Financial Services, we pride ourselves on ascertaining what will work for your specific needs. Most people do not know how much they actually need and end up obtaining the wrong kind of policy or obtain too much, or not enough for their situation. Here, we focus on what you actually need it for and what is the best type of coverage for your family’s needs. There are many questions to be considered when choosing Life Insurance; what is the best way to disperse it? What are your options down the road should your needs change? Obtaining the wrong type of Life Insurance can be costly. Let us have a simple discussion and create the right policy, that you and your family or business partners can be comfortable with.

One of the most fundamental and important needs is to providing for your loved ones financial needs should something occur to you. Life insurance is a key part in ensuring that your family is cared for in the future. For business-owners it protects the company from loss of key personal (loss of income) or partnership from the loss of a valued business partner and possible breakup of the company assets.

If you are concerned about your family or your businesses financial security then selecting the correct Life Insurance policy is critical for you. As your Life Insurance Agent my role is to assist and advise you on your options. Determining the correct amount of the life policy, the correct  beneficiaries, the correct type of policy. As your advisor I provide you valuable information on the various types of Life Insurance policies,  and how they  are designed . Some policies differ in how they work or how they are designed to function from other policies. What would fit your application  now might not fit you  down the road. 


As your life changes  so does your needs. I am here to assist you in making those changes for you.. 

Here are a few examples of Life events that might require you to make some changes to your Life Insurance.:


  • Are You newly Married or Divorced?
  • Did you just have a Child or a Grandchild?
  • Are you concerned about your Estate, or Taxes?
  • Did you or your wife receive an inheritance?
  • Have you purchased a new home or refinanced an existing home.?
  • Are you concerned that you will not qualify for Life Insurance as you get older?
  • Are you concerned about retirement income?
  • Do you need to provide for an elderly family member?
  • Are you wanting to save for your  Child or Grandchild’s College? 

Here are a few things you might want to know about Life Insurance. Here are some various types of Life Insurance and general descriptions of what they are called and  important  features:


Term Life Insurance 

Term Life Insurance is buying the Life coverage for a specific time frame. These policies are designed for 10 year 20 years or 30 Years lengths. Your will need to have a Medical Exam to Qualify and  the results will be Underwritten by the Life Insurance company. Typically they are considered to be the most inexpensive. They do not accumulate case value over time. There are some companies policies you can convert at a later time to a Permanent policy. Additionally some offer riders to provide you additional benefits, Return of Premium or Waiver of Premium.


Whole Life Insurance


Whole Life Insurance is considered a Permanent Life Policy. This means it is designed to provide your life insurance protection for your lifetime, provided you continue  make your required premium payments for the  Life policy. Whole Life can have many uses and applications. It can develop a cash value balance over time.  It tends to be more expensive than other policies like Term Life Policies.


Universal Life Policies


This also is considered a Permanent Life Policy. This is determined on how it is initially designed. It acts like a Term Insurance Life Policy but over a longer time period. When compared to a Term it is more expensive and when compared to a Whole Life it is generally less in cost.


Indexed Universal Life


It is commonly referred to as a IUL. This product has many application and uses. It can be used to accumulate wealth over a long period and  depending on how it is designed and how much money is applied  it can be used for retirement programs, tax favored positions. It has many benefits as it has many uses for the client.

It grows based on your Premium  applied into it and typically reflects the growth of a selected Indexed fund. Note, the money is not actually in that Indexed fund, but is reflectant of the growth in the selected indexed fund or indexed funds. There are many parameters, like a defined earning ceiling and a defined floor. This policy cannot lose your money should the market go down, and should the market go up, it has growth limited by the stated ceiling cap. Please consult me at Pickett Insurance & Financial Services to show you how this program works and assist you in determining if this program is a good fit for your needs.


Final note on choosing the right Life Insurance for your personal needs. Unlike years past the Life Insurance market today offers multiple options and determining the best program and features need to be determined with a Trusted Life Insurance Agent representing a Top Insurance Company that has all the options and  proper illustrations for review and discussion. Each type of Life Insurance will perform differently. Because of this it is critical to consult with your Trusted Advisor.

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