Guaranteed Life Insurance can help protect your family and is an excellent way to accumulate money for college, retirement or unplanned expenses. A person should have Guaranteed life insurance that approaches six to eight times their annual gross income. Under current laws, there is generally no federal income tax on death benefits paid to a named beneficiary.
Using the strength and experience of our life insurance markets, we offer affordable term life, whole life, burial / final expense life, and universal life insurance policies. Learn more about each type of Guaranteed Life Insurance:
- Whole Life Insurance Policy
- Term Life Insurance Policy
- Universal Life Insurance Policy
- Burial & Final Expense Insurance Policy
The most popular choice for those seeking to cover permanent needs, such as contributing to a survivor's nest egg, paying off final expenses, etc. Whole life insurance provides permanent, lifelong guaranteed insurance coverage. The benefit amount remains the same and is payable to the beneficiary(s) at the time of the insured's (your) death. It also offers an opportunity to build cash value, so you can take a loan on your policy to fund major purchases or to provide for unexpected costs.
Whole life insurance has a fixed premium and a level death benefit to age 100. The premiums don't increase with age, which averages the cost of the policy over your life. The cash value increases with time until it equals the death benefit at age 100. This type of policy never has to be renewed or converted. The cash value is an amount of money that you are guaranteed to receive in the event of policy cancellation.
Variations of Whole Life Insurance include:
Modified Premium - lower fixed premium for the first 3 or 5 years, and then premiums increase. These policies work well for individuals that expect to improve their financial condition in the near future.
Graded Premium - premium increases each year for the first 5 years, and then is fixed.
Advantages of Whole Life Insurance
- guaranteed protection for life
- level death benefit that is generally tax-free
- premiums do not increase in correlation with your age
- cash may accumulate tax-deferred
Disadvantages of Whole Life Insurance
- premium costs may make it difficult to buy enough
- need to carry a whole life policy for a considerable length of time to be very beneficial
- cash value may be less than your face value
- cannot vary your monthly premium payment and the premium-paying period may be lengthy
- amount of coverage cannot be increased at a later date
Life insurance coverage for a specified length of time. A term life insurance policy is usually purchased with a particular need in mind. Beneficiaries will collect, usually tax free, the face value of the policy upon the insured (your) death. Term life is attractive for those with a limited income, high short term insurance needs, or for personal family protection.
If the insured survives the time period, the policy expires. There is no cash value at the expiration of a term life insurance policy. Some policies have a convertible feature permitting a policy owner to exchange a term policy for a cash value policy without evidence of insurability.
Level Term Life Insurance Policy Features
A constant death benefit and a level premium for a specified number of years. We offer 10, 15, 20, and 30 year terms.
Decreasing Term Life Insurance Policy Features
Has a decreasing death benefit and a level premium.
Universal Life Insurance Policy
A flexible premium policy that combines protection against premature death with a savings account that typically earns a money market rate of interest. A universal life insurance policy is a combination of term life insurance protection with the cash savings value of whole life insurance. Interest rates paid on the cash value are typically higher than with whole life insurance because they tend to follow the markets.
Premiums for universal life insurance policies can be paid in a lump sum, annually, or anywhere in between. Interest on the cash value is usually guaranteed, but will vary according to the investment performance. Each month deductions are made from the cash value fund to support the costs of the insurance protection. As long as the cash value is substantial enough to maintain the monthly costs, the policy will remain in force. Typically the death benefit reduces in proportion to the increase in cash value, thus causing a level death benefit.
Burial & Final Expense Insurance Policy
The average cost for an adult funeral ranges from $5,000 to $6,000. About one-third of that goes to the cost of the casket alone. An in-ground burial can add another $2,400 to the total $2,500.
With funeral prices continuing to rise, a $10,000 burial policy purchased today may save your estate thousands of dollars!
At O'Neal Insurance Group, we'll work with you to customize a final expense policy to fit your specific needs. Your policy will be payable upon your death, so you won't have to worry about your loved ones being saddled with your expenses. Plus, you can set aside some additional money to take care of any dependents that you might leave behind.
Funeral expenses include:
- Cemetery plot
- Casket
- Headstone
- Funeral Service
- Visitation/Viewing
- Minister
- Hearse
Additional costs are often associated with the death of an individual:
- Legal Fees
- Debts
- Doctor Bill
- Pay off debts like mortgage, car, credit cards
- Legal costs at death (probate, taxes, etc.)
If you live in any of the states listed Chicago, Illinois, Indiana, Ohio, Michigan, Texas, Louisiana or Mississippi. Feel Free to Contact us for more information and quotes about final expense, whole life, term, burial, permanent, universal life and funeral insurance Or you can speak with our Life Insurance agent specialist toll free at 877-808-2900 to discuss the features.
