What kind of plan is best for you
This is not a simple answer. One question you should always ask is – does the plan have living benefits?
Some agents believe term insurance is the best because it offers an economical insurance protection for a specific period of time. It is convertible to a universal life policy. You often hear the saying “buy term and invest the difference”.
Others are convinced universal life is the only way to go to due the fact that it is permanent coverage and offers a variety of flexibility – such as flexible premiums, death benefits and accumulates cash.
Indexed universal life plans are becoming more popular. It provides the client with the choice of having interest earned on their cash value linked to the performance of the Standard & Poor’s (S&P) 500 ® Index. Because this is a universal life policy, it has the flexibility to change both premiums and death benefits.
BOTTOM LINE: One size does not fit all! We offer all of these products and more. We feel what is most important is that your life insurance offers living benefits -- benefits you do not have to die to use AND a death benefit.
What makes our products unique is our living benefits:
Terminal Illness
Will pay a benefit if you are diagnosed with a terminal illness resulting in life expectancy of less than 12 months (24 months in some states). This can be used for experimental medicine, prepare for final expenses or any other purpose you feel necessary.
Chronic Illness
Will pay a monthly benefit should you become diagnosed as chronically ill and unable to perform two daily activities such as bathing, dressing, eating, or due to cognitive impairment. This benefit is paid monthly (up to 2% of your death benefit). Policy must be in-force for 2 years.
Critical Illness
Will pay a lump sum benefit should you suffer from a triggering illness such as cancer, heart attack, stroke, Lou Gehrig’s disease (ALS), kidney failure or major organ transplant.
How important are these benefits, let’s review some simple facts.
There are many different reasons why people buy life insurance:
- Pay off mortgage or other debt
- Final expenses
- College funding
- Income replacement
- Supplement retirement
- Immediate cash needs
- Business needs
Together, you and your Alliance agent can assess your life insurance needs to help you choose the coverage that is best for you. Contact us today.