There are two basic types of life insurance: permanent and term. Although there are many variations on these two basic types, if you have term life insurance, your policy has no cash value. In fact, as the name implies, you only have coverage for a certain window of time before your policy ends and you have to renew.
Permanent life insurance has a cash value that builds up over time…the internal cash value has many uses…it can be used to offset premium payments, can be borrowed, or can increase the death benefit of the policy. In reality, although permanent life insurance has higher premiums than term, over the normal lifespan of an individual, permanent life insurance ends up being less expensive.
Regardless of the type of life insurance you have, it’s important to review the coverage annually to make sure it still fits what you need. If you no longer need the policy, we can assist you in liquidating it.
We feel it is our responsibility to assist your survivors after your death. To be able to do this, we need to understand your policies, ensure they are what you need, and know where they are located. We will help your survivors file for the death benefits, handle whatever administrative requirements are needed, and will work diligently to make sure your loved ones incur no additional stress (financial or otherwise) at the time of your death.