When a family loses a loved one, loss takes many forms. Emotionally, those left behind struggle with the grieving process and the weight of going forward without that cherished person in their lives. Your day-to-day may now look drastically different with the routine activities needing to be taken on by others. Financially, there may be remaining medical expenses, funeral costs, or ensuring that monthly expenses get paid to keep a sense of normalcy in a time of loss. Life insurance is an option to protect those who remain by providing resources to transition into the new normal.
You can't control everything life throws at you but these options can help guarantee your family receives the security you planned for. Here's how a life insurance policy can assist your family:
-Provide guaranteed monthly income
-Maintain standard of living, keeping your family together at home
-Pay for children's education
-Cover end of life & funeral expenses
The Federal Benefit Network team will ensure you and your family have the best protection in place!
The main two categories of life insurance are term life insurance (which lasts for a set term) and permanent life insurance (which never expires). Whole, universal, and final expense are all types of permanent life insurance. Permanent life insurance typically comes with a cash value.
Term Life Insurance - Term life insurance provides temporary protection for the term of the policy. If the insured dies within the term period, the insurance company pays the death benefit. If the insured survives the term period, the coverage terminates.
Return of Premium Feature - When you purchase a term policy with a Return of Premium feature, your family receives the death benefit if you die during the term period. If you outlive the term period, the insurance company will then return to you all of the premiums you’ve paid for the term insurance protection.
Whole Life Insurance - Whole life insurance has guaranteed* lifetime insurance protection, so long as the policy is kept in force. It's fixed premiums can help create the “savings habit.” This type of policy has guaranteed* cash values, so long as the policy is kept in force.
Universal Life Insurance - Universal life insurance premiums can be adjusted upward or downward, with a choice of level or increasing death benefit. It can have cash value growth based on a stated fixed interest rate, which may vary over time, but which will never be less than a guaranteed* minimum interest rate. It is best suited to satisfy the longer-term needs of policy owners who want premium flexibility and cash value accumulations that reflect current fixed interest rate returns, with a guaranteed* minimum interest rate.
Indexed Universal Life Insurance - Indexed universal premiums can be adjusted upward or downward with a choice of level or increasing death benefit. Cash value is credited with interest based on the performance of a stock market index, most frequently the Standard and Poor's 500 Composite Stock Index (S&P 500 Index). It is best suited to satisfy the longer-term needs of policy owners who want the opportunity to earn higher interest rates based on equity market performance, while retaining the other advantages of universal life insurance, including a guaranteed* minimum interest rate.
Final Expense Insurance - Final expense insurance is designed to cover the costs associated with end of life, such as funeral services, burial, or cremation. This type of policy is designed for people between the ages of 50 and 85.
* Guarantees are subject to the claims-paying ability of the issuing insurance company.
The right life insurance policy for you depends on your needs, goals, and budget. One of our life consultants can help you determine the plan that best suits your needs, and budget.
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