Life Insurance is a valuable asset to many people. It can be used to fund college expenses, pay off a mortgage, pay for burial expenses, help your surviving spouse pay for general living expenses, etc. At Genesis Insurance, we are independent brokers, which means we have access to hundreds of companies. Each client’s needs are unique, so we take the time to understand their exact situation and then search for the coverage that best fits their needs. Below are a few different types of Life Insurance. To discuss them in further detail or to receive a free quote, please give us a call or fill out the contact request form below.

 

 

Term Insurance
 

Term Insurance is the most simplified form of life insurance. Basically, you purchase a specific death benefit amount and a coverage “term” of a specific number of years. If you pass away during that term, the company pays your beneficiaries the death benefit. If you survive the term, the policy ends. Even though it is a simplified type of policy, there are many options to consider beyond price, death benefit amount, and the length of the term. Different companies offer different conversion options, which allows you to convert your term policy to another type of policy before it ends. There are also different guarantees built into a policy regarding what can happen to the premium amounts and when, and there are always carrier ratings to consider. We can help you determine the best fit and explain all of your options and what they mean to you and your loved ones.
 

 

Whole Life Insurance
 

Whole Life insurance offers level premiums and an accumulation of cash value. In addition to providing life insurance coverage for as long as you live, the guaranteed cash values can provide money, when you need it, to help with temporary needs or emergencies.

 
Features of Whole Life Insurance:
 

• Level premiums – Premiums stay level for the life of the policy.
•  Payable for life – Provides life insurance coverage for as long as the policy remains in force.
•  Pays dividends – Many companies pay dividends over and above the guaranteed cash values of the policy
•  Guaranteed cash value –  You may borrow against your policy at the current loan rate. Upon surrender, the cash value would be available to you
•  Cash value growth is tax deferred – The growth in cash values is tax-deferred under current federal income tax law.
•  Death benefit – Life insurance proceeds are generally income tax free to the beneficiary.

 

 

Universal Life Insurance
 

Universal life offers a great option to help your family prepare for the unexpected. It provides a flexible premium and adjustable benefit, so that as your needs change, you have the option to change your coverage.
Additionally, as premiums are paid, it can accumulate account value which grows tax deferred until you need it.
 

Some key features of Universal Life Insurance include:
 

• Flexibility – You decide the amount of life insurance, benefit, and premium payments.
•  Security – Protect your loved ones from financial hardship should the unexpected occur.
•  Death benefit – Life insurance proceeds are generally income tax free to the beneficiary.
•  Guaranteed interest rate –  Earn while you protect your family. The interest rate at which the account value grows is guaranteed never to drop below a defined level.
•  Cash value growth is tax deferred – The growth in cash values is tax-deferred under current federal income tax law.

 

 

To discuss your different coverage options and to receive a free quote, please give us a call.