Life Insurance Quote Forms
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Life Insurance Information
Why Life Insurance and who should have it?
Life insurance should be purchased by anyone with the following:
- A spouse
- A dependent family member or loved one
- Business or estate planning needs
- Retirement savings and pension plans that are not enough for you and you family to live on due to an increase in cost of living
- anybody with debt that they have a co-signor on
Would your relatives or successors be financially secure if you were to pass away today?
- Life insurance is a necessity in order to make sure that your family will be financially secure for the rest of their lives.
- Life insurance may also be able to help with your children’s college education.
- Life insurance can help you put a down payment on a house.
- Life insurance can help ensure a smooth and secure transition if you are in business with a passing partner.
- Life Insurance can help ensure future eligibility for future life insurance on your kids.
Life Insurance Resources and Calculators:
Life Insurance Glossary How much life Insurance do I need? How long will my current Life Insurance last? How much do I need for funeral and burial?
There are many kinds of life insurance, but they generally fall into two categories: Term insurance
and Permanent insurance
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Basic types of Term Life Insurance
Level Term Insurance:
Term Insurance provides low cost protection for a pre-specified period of time, usually 1, 10 and 20 years or even longer. When the term is up, this type of policy ends unless the policy is renewed. It is the cheapest form of life insurance and is for people who need a large amount of insurance for a temporary period of time. The premium for this type of insurance stays the same for the period of time that you purchase it. Some term insurance's do not have the level term feature.
Return of Premium Term:
Return of Premium Term is a type of Term Insurance that allows you to get your premium back if the term comes up. Return of Premium term still pays your beneficiaries a lump sum upon your death, but in the event the term comes up before you die, you can collect your premium back, rather than loosing that money.
In contrast, Permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
Types of Permanent Life Insurance
Whole Life Insurance:
Whole Life Insurance provides protection as well as cash value for you and your loved ones to help you with your goals or to provide financial security for your loved ones upon your death. With Whole Life Insurance your family is covered from the day you purchase it until the day you die as long as you continue to pay the premiums. The premium that is paid is fixed and the cash value that is built up over time is tax-deferred. With Whole Life Insurance there is also the potential to collect dividends.
Universal Life Insurance:
Universal Life Insurance is a flexible plan that allows you to adjust the premium payments and death benefits depending on your needs. Universal Life Insurance also allows you to accumulate cash value, which you may withdraw or borrow against at anytime to support your needs. It is important that you understand your contract and annual statements to keep track of your annual interest and accumulated cash value.
Survivorship is typically associated with Universal Life Insurance, but can also be associated with Whole Life Insurance. Survivorship Life Insurance, also know as “second-to-die” insurance, covers you and your spouse under the same policy. The proceeds are payable after the second death to your beneficiaries. With this policy your family can be guarded from part of the estate tax liability after you die. Premiums on this policy are generally lower than paying premiums for two individual policies.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.
The Garsys Agency offers affordable life insurance in Minnesota, Wisconsin, Illinois, Iowa, Michigan, Texas, North Dakota, South Dakota, and more.
Some of the communities we serve in Minnesota for inexpensive life insurance include; Minneapolis, Saint Paul, St. Louis Park, Eden Prairie, Maple Grove and Woodbury.
Some of the communities we serve in Wisconsin for low cost life insurance include; Franklin, Green Bay, Germantown, Madison, and Milwaukee.
We offer affordable life insurance through out Iowa including; Iowa City, Urbandale, Des Moines, Davenport, Ankeny, and Bettendorf.
In Texas our low cost life insurance options are seen in; Dallas, Houston, Arlington, The Colony, Garland, Fort Worth and more.
We also offer affordable life insurance through out Illinois including in; Carol Stream, Chicago, Naperville, Aurora, and Elgin.
Some of the communities we offer low cost life insurance in Michigan include; Ann Arbor, Lansing, Warren, Grand Rapids, and Detroit.