Life Insurance

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Term Life Insurance:

Term Life Insurance provides insurance for a set period of time, such as ten years, twenty years, 30 years, or up to age 65. At the end of that time period, a renewal may be available, but at a higher premium due to higher age. Because premiums escalate rapidly as you get into your sixties and seventies, these policies are most appropriate for clients who want coverage during their income producing years, and plan to let it expire after that. A $1,000,000 policy on a healthy 30n year old male might cost less than $23 per month.

Ideal for:

• Family Protection during working years
• Short term needs to cover a loan

Universal Life Insurance:

Universal Life is ideal for clients who want coverage that remains available and affordable not matter how long they live. The rates are set at inception, and never go up (although they start out several times higher than term policies). The policies build a cash value. Many Universal life policies sold by our competitors years ago failed to deliver on their promises, because the interest rates fell, and the cash values failed to build up as planned. This resulted in lapsing policies. To prevent this, where possible we sell policies with a no lapse guarantee. Under this provision, as long as you pay the premium indicated, the policy will never lapse, even if the cash value runs out. If you have a universal life policy, and the annual statement is telling you that it may lapse in the future, and you are still in good health, contact us about switching it over to a no lapse guarantee policy.

Ideal for:

• Clients who want coverage that will be there at any age
• Funding for a business buy and sell agreement
• Preparing to pay estate taxes

Indexed Universal Life Insurance:

Indexed Universal Life Insurance is like ordinary universal life insurance, in that the cash value earns interest. But it also has traits similar to an indexed annuity in that you get a portion of the gain when the stock market goes up, but don't lose cash value in years when the stock market goes down.

Ideal for:

• Using life insurance to build tax deferred savings, from which tax free loans can be taken in later years.
• Using life insurance as a golden handcuffs strategy to reward the loyalty of valued employees who remain loyal.

Survivorship Universal Life:

Also known as a second to die policy, survivorship universal life policies are used almost exclusively for clients who want life insurance to pay off estate taxes. There is no estate tax due when you leave things to your spouse. But when the second spouse dies and leaves the estate to the kids, the estate tax is triggered. And the IRS wants the money in cash a few months after the death. For 2017, the first $5,490,000 of the estate is exempt for single individuals, and $10,980,000 for couples if they do the paperwork right. Everything after that is taxed, and the rate ramps up to 40% pretty quickly. So a couple with an estate consisting primarily of real estate worth $20,000,000 are likely to owe around $3,600,000 in estate taxes when the second one dies. A second to die policy pays off the life insurance amount when the second spouse dies. As with ordinary universal life policies, we prefer to sell policies with a no lapse guarantee provision. If you have a second to die policy, and the illustration is telling you that the policy may lapse, talk to us about replacing it with a no lapse guarantee second ton die policy.

Child Life policies:

These policies are designed to provide limited amounts of coverage, and guarantee availability for life. A $10,000 policy on a one year old would cost about $65 per year. The rate is faxed for life. At age 18, the coverage increase to $15,000 (but the premium does not go up). At age 25, the coverage increases to $20,000. Higher coverage amounts are available. There are also options to buy policies that are paid up in ten years, or are paid up with a single premium.

Ideal for:

• Parents wanting to have burial expense coverage if needed.
• Grandparents wanting to give a meaningful gift that will be of value to the child well into adulthood.

Graded Death Benefit whole life:

This policy is ideal for individuals who have health problems that may make them ineligible for most other policies. Clients with cancer, heart attack, stroke, and many other serious health problems are eligible. If the insured dies within the first two years of the policy, the beneficiary receives only the premium paid, plus a little bit of interest. After two years,. The full death benefit is available. This policy is available for clients age 50 to 80, and offers coverage amounts up to $25,000.

Do you have questions about Individual Life Insurance?

Contact an insurance agent at Brown's Insurance Agency, Inc. today to answer any questions about Individual Life Insurance or for a free review and insurance quote for Individual Life Insurance. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.