LIFE INSURANCE

Selecting a life insurance product is an important decision. As with any important purchase, you should choose the product that best meets your needs and the needs of your family without it costing more than is necessary.

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Life Insurance for Individuals & Families

A simple review of your financial status and future requirements can help determine how much life insurance you need to protect your family properly. The following are commonly used to determine how much Insurance is needed.

  1. Final Expenses including Funeral
  2. Emergency Fund of up to six months salary for any household or personal emergency that may arise
  3. To cover a mortgage balance
  4. Outstanding loans such as auto loans, personal loans, credit card balances and so forth
  5. Education costs for your children
  6. Monthly income requirements your family would need to supplement income

 

  • Download our Life Insurance Needs Analysis Worksheet

 

Term Life Insurance

Term Life Insurance provides protection for a specific length of time (term) 10, 15, 20 or 30 years and is often referred to as temporary insurance or pure insurance. The face amount of the policy is paid to the beneficiary if the insured dies during the specified term and while the policy is in force. If the insured outlives the specified term, the coverage simply expires, unless the policy provides that the coverage can be renewed after the term expires. Term insurance is appropriate when there is a high need for insurance but a limited budget. Term insurance is well suited to cover limited term needs, such as coverage during your working years or for the duration of a loan or mortgage.

Most people have a limited term need for large amounts of life insurance, often no more than 20 or 30 years. We want to provide for our families, in the event of our death, but once the nest is empty, there could be a reduced need for life insurance.

Please note that not all term insurance products are the same. Some offer level prices but are not guaranteed.

At Nelson Insurance & Financial Services we offer term products with price guarantees.

 

Return of Premium Term Life Insurance

Term Life that pays you back

 

Policy Benefits

Return of Premium: Your cumulative premiums paid will be returned to you at the end of the policy’s level premium period.

Choice of Terms: With ROP Term, you can select a level-premium period to suit your financial needs and goals-15, 20 or 30 years.

Level Premiums: Your policy premiums are guaranteed to remain level throughout the level-premium period. At the end of the level-premium period, you can extend the policy on an annual renewable term basis without evidence of insurability, until age 95. After the level term period premiums will increase annually.

Full Convertibility: You have the option of converting you ROP Term policy to a permanent life insurance policy, up to the earlier of the end of the level-premium period or age 75.

Terminal Illness Endorsement: In case of a terminal illness diagnosis, you would be eligible to receive an accelerated death benefit equaling the lesser of $250,000 or 50% of your policy death benefit.

 

Available Riders

Waiver of Premium: Waives policy premiums while the insured is disabled.

Child rider: Provides level term insurance on all eligible children of the insured.

 

Universal Life

A permanent form of life insurance that provides:

  1. Flexible Death Benefit: Increase or decrease your death benefit to fit your changing needs.
  2. Premium Payment Option: With Universal Life Insurance, you can select a premium payment plan that fits your financial needs and goals.
  3. Premium Payment Option: With Universal Life Insurance, your cash value accumulates on a tax-deferred basis. Use these funds in the future to pay the policy’s premiums, let them offset interest rate fluctuations-or take them out in cash for your personal goals.*
  4. * Consult with your tax professional to determine if these transactions trigger a taxable event.
  5. Education costs for your children
  6. Monthly income requirements your family would need to supplement income

 

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