Peace of Mind for You and Your Loved Ones.
Many individuals consider Life Insurance to be the cornerstone of a sound financial plan. And while no one likes to think about passing on, Life Insurance can relieve you of the financial worry your loved ones may face in the event of your passing.
Your beneficiaries will be able to use your Life Insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage to ensure that the family home stays in the family.
At Insurance Services Group, we know that choosing a Life Insurance plan is a big decision with many important factors to consider. Our knowledgeable team of insurance professionals is committed to walking you through the process and providing you with the best insurance solution to give you and your family the peace of mind you deserve.
Types of Individual Life Insurance
Insurance Services Group offers several different coverage options for your consideration: Term Life, Whole Life, Universal Life, and Variable Life Insurance.
Term Life—This is typically the simplest and least expensive insurance option. Term Life Insurance provides coverage at a fixed rate for a specified period of time. It’s a benefit policy that’s used primarily to cover financial responsibilities of the insured, with the benefit to be paid only if the insured were to die during the specified term. Most Term Life policies can be converted to a more permanent insurance solution such as Whole Life, Variable Life, or Universal Life Insurance.
There are two types of Term Life Insurance:
- Annual Renewable Term is purchased for a period of one year, with the death benefit to be paid only if the insured were to die during that one-year term, along with the option to renew after the term period.
- Level Term Life guarantees a fixed premium for a given period of time, usually in terms of 10, 15, 20, or 30 years. Your premium is based on your age and coverage options, with longer terms being more expensive.
Whole Life—As the most common type of permanent insurance, a Whole Life policy guarantees a death benefit for the lifetime of the insured as well as a cash value account for savings. Your premium remains constant throughout the duration of policy while payments over and above your premium are credited to your savings, which earn a fixed rate of interest.
Universal Life—Universal Life policies are designed to be more flexible than other permanent Life Insurance. You are still guaranteed a death benefit for the duration of the policy as well as savings that accumulate cash value, but the flexibility of a Universal Life plan allows you to change certain aspects of your plan to accommodate life changes.
Depending on your options, you have the flexibility to change the overall value of the death benefit as well as the time and amount in which you pay your premium. This gives you the option to focus on building your policy’s cash value, or pay a lower premium and focus on guaranteed protection. It’s important to note that changes to your Universal Life policy can affect its guarantees and limits.
Insurance Services Group is Here For You
There are many things to take into account when purchasing Life Insurance, and changes in your life situation can reflect changes in your insurance requirements. That’s why it’s important to carefully consider the different policy options and ensure that you have the right solution to meet your long-Term Life Insurance needs.
An insurance specialist at Insurance Services Group will review your current Life Insurance situation and help you design a policy to plan for the future.
At the end of the day, one of the biggest investments you can make is an investment in yourself.
Your Employees are the Backbone of Your Business.
Having an impressive benefit package is essential for maintaining a happy and productive workforce. Since Life Insurance is the foundation of every health package, employees look to their employer to provide that valuable coverage not only for themselves, but also for their families.
At Insurance Services Group, we offer a variety of flexible Group Life Insurance solutions that benefit both you and your employees. As an employer, you can enjoy financial advantages such as income-tax deductible premiums and Life Insurance protection at a low group rate. Group Life insurance also can contribute positively to the productivity of your business by reducing employee turnover and strengthening employee morale and loyalty.
To learn more about the Group Life Insurance options available to your business, speak to a specialist at Insurance Services Group. Our professional staff will gather information about your business and help design a plan that fits your needs and objectives for a desirable Group Life plan.
Your Biggest Asset is You.
When it comes to protecting your assets, one of the most important things you can insure isn’t a material object like your car or home – it’s your ability to work and earn a living. At Insurance Services Group, we know that like most people, you depend on your income to pay bills, put food on the table, and provide for your family. But if you get sick or injured and can’t work, you’ll need to be protected in order to maintain your standard of living.
With Disability Income Insurance from Insurance Services Group, you can continue to pay your bills and keep you and your family from going into serious debt. If you can’t work as a result of injury or other illness, a Disability Insurance policy will pay a portion of your income, usually between 50 and 70 percent.
Policies can vary greatly depending on the individual, and the duration and amount for which you are reimbursed are determined by the nature of the disabling accident. Like Life Insurance, Disability is purchased for a period of time, such as a two or five-year term, and benefits will only be paid if you become disabled during the term of the policy.
Choosing the right Disability coverage is important. In the event you become disabled, you’ll want to ensure that you and your family have enough coverage. A representative at Insurance Services Group will look at the individual factors in your life and work situation, and help design the best policy that meets your personal insurance needs.
Ensure the Future of Your Estate.
Between physical assets and financial successes, there are many things that married couples share. Insurance Services Group knows that couples today can easily accumulate wealth in the millions, which means hefty estate taxes in the event of either spouse’s passing. A Second-to-Die policy, also known as Survivorship Insurance, is a type of joint insurance that covers the lives of two people, usually married couples, where the death benefit is not paid until the death of the second insured person.
Under federal tax law, you are permitted to leave an unlimited amount of personal assets to the surviving spouse, allowing you to postpone estate taxes until the death of the second spouse. While this lets you keep personal assets, such as home or business, within the family, it also means that your beneficiaries may be faced with paying a large estate tax after your passing.
A Second-to-Die policy from Insurance Services Group gives your beneficiaries the means to pay off your estate taxes without having to liquidate the personal assets you’ve worked hard to attain. And because the policy insures more than one person, you’ll also enjoy a lower premium, and the total cost of the insurance will be cheaper than the estate taxes your beneficiaries will be liable to pay.
Due to the specialized nature of Second-to-Die insurance, some limitations may apply. It’s important to discuss your options with a specialist at Insurance Services Group to determine the right coverage amount for you and your family.
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