A life insurance policy works similarly to any other type of insurance policy. You determine how much coverage you need, how long you need it – then make your premium payments. With life insurance you can choose to pay monthly, annually or quarterly for 10, 20, 30 years or over your lifetime to maintain coverage.
In the event of your death during your coverage period, the people listed on your policy (called your beneficiaries) are paid a lump sum, known as a death benefit. This payment is generally tax-free.
Jonas-Meeke Insurance will help set you up with the policy that’s right for you to make sure your family is in good hands no matter what.
Term Life Insurance
Term life insurance provides life insurance for a specific period of time, such as 10 to 20 years. You may consider a term life insurance policy for coverage when your family’s financial needs are greatest – like when you’re paying for children’s college tuition or a mortgage. With term life insurance, your premium payment should remain the same throughout the entire period you select. After that, you can purchase continued coverage (usually at a much higher rate).
Ask your agent about specific term life insurance provisions such as:
Accelerated death benefits: Allows a terminally ill person to collect a significant portion of his or her policy’s death benefit while still alive.
Disability waiver of premium: Waives premiums when a policy owner suffers a long-term disability, typically one lasting six months or longer.
Accidental death benefits: Doubles or triples the benefit in the case of death by accidental means.
Whole Life Insurance
As the name implies, a “whole life” policy from JMI West lasts your entire lifetime. Once whole life coverage has been issued, it cannot be revoked, reduced or cancelled except in cases of non-payment or fraud. Your rates and the payout amount your beneficiaries will receive upon your death remain the same throughout the life of your policy.
The Whole Life Advantage:
Protection for life: Your policy won’t expire or decrease in value.
Flat-rate premiums: The rate you pay for your policy will never increase.
Cash value: A portion of your premium builds cash value which can be borrowed against.
Guaranteed death benefit: The amount your loved ones receive is guaranteed.