Term Life Insurance
With this coverage, your insurance costs remain the same for a specific period of time, or a term. You choose the coverage amount and term length. At the end of the term, you can end your coverage, renew it, or you may be able to convert it to longer-term or permanent life insurance.
Permanent Life Insurance
As opposed to term life, this coverage remains in effect for the duration of one’s lifetime. Premiums can be fixed or variable and some types of permanent insurance accrue cash value. These policies can be used as an investment vehicle that is a very effective means of estate and tax planning.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that builds cash value and increasing benefits over time. A portion of the premiums paid by all policyholders is pooled. Those funds, which are professionally managed and invested, are used to pay for expenses, taxes and claims. If the account performs well, policyholders receive a dividend, which can be taken as cash, used to add cash value to the policy or pay for existing coverage. Over time, the dividends and interest earned on the policy's cash value will often provide a positive return to investors, making whole life insurance a source of equity.
Mortgage Life Insurance
Mortgage Life insurance pays the outstanding amount of one’s mortgage on death so that the insured’s family can stay in the home without having to worry about the outstanding debt. Mortgage life insurance offered by insurance companies has numerous advantages over the insurance is sold by lenders such as banks. These include fixed coverage amounts and the ability to designate beneficiaries.
Disability Income Replacement
If you become disabled and are unable to earn an income, this replaces a portion of your income. According to the policy, a disability can result from a number of causes, including an injury, a serious illness or a mental health issue.
Critical Illness Insurance
In the event that someone contracts a critical illness (including, cancer, heart attack and stroke), this coverage provides a lump sum payment that can be used for any purpose including covering medical expenses and replacing lost income.
Long Term Care Insurance
This plan provides a monthly benefit if you become unable to care for yourself due to aging, an accident, illness or deteriorated mental abilities. It’s an effective way to protect against the erosion of personal assets and retirement savings.
Al G. Brown & Associates
