You may also want life insurance to cover any of the following:
- Final Expenses
- Outstanding Debt
- Income Replacement
- Leaving a Legacy
- Estate Planning
- Charitable Donations
We know that finding the right life insurance program can be confusing and even overwhelming. We can help you weigh the pros and cons of term vs. permanent, and tailor a plan that fits your needs and budget.
With access to over 50 of the top life insurance companies in the industry, we’re confident that we can shop the market to find you the most value. With proper planning, life insurance proceeds may be excluded from your estate and not become subject to estate and income taxes. Life insurance can also be earmarked to cover estate and inheritance taxes so your family doesn’t have to.
Term Life Insurance Plans
1, 5, 10, 20, 25, 30-year terms
Similar to leasing a vehicle, term life insurance covers you for a certain number of years. When the term is over, the deal is done and you walk away. With term life insurance, if you pass away during the term, your beneficiary receives the death benefit. If you outlive the term, the deal is done, you get no money back, and you walk away. This coverage is best for someone who needs to cover a large, temporary need and is on a strict budget.
Note: While premiums are generally guaranteed to be level for the entire term, most policies have an option to continue coverage at the end of the term.
Return of Premium Term Life Insurance
Return of Premium Term is just like traditional term life insurance except if you outlive the policy, you walk away with all of the money that you put into the plan. The caveat is that you’ll pay more in premium than you would have with a traditional term life insurance plan.
Whole Life, Single Premium Whole Life, Universal Life, and Guaranteed Issue
Permanent life insurance is designed to be there, regardless of when you pass away. Most policies build cash value, which you can borrow from, cash out, or use to pay the policy’s premium once it’s sufficient. While the premiums are initially higher than term, substantial cash value can be built in these policies. If you want to guarantee a death benefit, this is the only way to go.
Additionally, permanent life insurance is undoubtedly the best wealth transfer vehicle in the financial industry. If you have funds set aside to leave to your heirs, we should talk.
Don’t put it off any longer, contact Olde Liberty today about protecting your family’s financial future.
Contact Olde Liberty Insurance today for a comprehensive insurance review and a no-obligation, customized quote from some of the most reputable carriers in the state of Connecticut.