Permanent Life Insurance Plans

Life insurance helps take care of your loved one’s immediate and future financial needs following your death. Immediate needs can include burial/funeral expenses, uninsured medical costs and current bills and debts. Future needs could include income replacement, education plans, ongoing family obligations, emergency funds, and retirement expenses.

TERM â€“ Term life insurance remains in force at the same rate for a specific time period, or term. The term may be for ten, twenty or thirty years, depending on the policy duration selected. All Individual Term Insurance plans are portable, meaning, if an employee changed jobs or no longer is employed, this policy could be carried with the employee at the same rates as the policy was issued.

Term insurance is the least expensive individual life insurance policy which allows more coverage on average for each dollar spent. A reason for the discounted rate is because it does not accumulate cash value over time. After the initial period or “term” the insurance will renew for another specified period of time; however, the premiums will also increase upon the renewal.

Term Life Insurance provides a low cost benefit for a specific time, with guaranteed renewals. Term life insurance is designed to give a younger family peace of mind that if the insured person died, the family could continue in the lifestyle they were accustomed. It is assumed that over time or after the specific term expires, the liabilities (such as mortgage, car payments, school tuition) will no longer be needed.

Universal (UL) â€“ Universal life insurance is another option in permanent insurance; however, it is more expensive than the most economical Term Insurance. The policy is designed to have the premiums level for the life of the contract. UL policies also build small amount cash value. Cash values are based on a percentage of premiums paid into the policy. Current Guaranteed values remain around 3-5% depending on the carrier. As the market changes, the policy can gain additional non-guaranteed cash values. Policy holders can borrow from the cash value without questions. If the policy holder wishes to terminate the contract before the death benefit is collected, the policy may be surrendered and receive any accumulated cash value. Like all Individual Life Insurance, the UL policy can be continued after an employee terminates employment or leaves a firm where the plan was purchased.

Whole Life â€“ Whole life insurance policies are the simplest yet the most expensive contracts available. Premiums, death benefit and rate on the cash value are guaranteed for life of the insured. It too, builds cash value and is portable.

Houze & Associates can shop your needed coverage to some or all of the following carriers:

American Heritage/Allstate

Humana

ING-ReliaStar Employee Benefits

Texas Life