Life Insurance

Term Life Insurance

If you’re looking for a basic Life Insurance Policy from some of the most reliable life insurance agents in PA, you’re probably interested in Term Life. This is the least expensive type of Life Insurance. It provides a death benefit for a specified period of time (term) in 5, 10, 15, 20, and 30 year increments. Premiums, in most cases are level for the term chosen. Term Life Insurance in Philadelphia can be used solely for family protection while your family grows, to replace an income in the event of an untimely death, to protect your assets, college needs and mortgage. Term Life Insurance in Philadelphia can also be used for business purposes such as key man, buy sell and loan protection.

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Universal Life Insurance (U.L.)

Universal Life Insurance in PA is another form of permanent insurance (whole life is another). It can provide a more affordable option for Guaranteed Death Benefit Protection for life as well as cash value accumulation. Universal Life provides a flexibility option that allows you to change (within specified limits), the premium or the Death Benefit to adjust to changing times. Policy cash values grow on a Tax Deferred basis and you can use the cash value as Living Benefits down the road. Cash value grows at a specified interest rate declared by the Insurance Company. Other forms of Universal Life Insurance in Bucks County are Variable and Indexed. Variable U.L. allows the insured to choose an investment option for their cash accumulation account. And Index U.L. allows the insured to choose one of the popular Indexes IE: S&P 500, NASDAQ 100, Euro Stoxx 50, and the Hang Seng Index to name a few. Traditionally there are more fees/charges associated with these types of U.L. policies, but while there is a potential for better growth opportunity, there is also a greater risk associated.

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Whole Life Insurance

If you’re looking for Life Insurance in PA that builds cash value and will provide death benefit coverage for your “whole life” this may be the policy for you. Whole life, in some cases is a vital part of someone’s financial plan. It provides a tax free cash accumulation account. Key features in a whole life policy and guaranteed death benefit, guaranteed premiums, and guaranteed cash value that grows on a tax deferred basis. Often used in estate tax planning and business continuation, whole Life Insurance in Montgomery County is more expensive than term insurance but provides many more benefits. Creditor protection is another key feature in permanent life insurance policies, in some states permanent life insurance policies enjoy protection from the claims of creditors, including judgments made against you from frivolous lawsuits. Whole Life Insurance in Delaware County is traditionally more expensive than term and U.L. Cash value is based on a declared interest rate and the ability of insurance company to pay a dividend. Dividends are not guaranteed.

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Common Uses for Permanent Life Insurance

  • Final expenses, such as a funeral, burial, and unpaid medical bills
  • Income replacement, to provide for surviving spouses and dependent children
  • Debt coverage, to pay off personal and business debts, such as home mortgage or business operating loan
  • Estate liquidity, when an estate has an immediate need for cash to settle federal estate taxes, state inheritance, or unpaid income in respect to decedent (IRD) taxes.
  • Estate replacement, when an insured has donated assets to charity and wants to replace the value with cash death benefits
  • Business succession & continuity, for example to fund a cross-purchase or stock redemption buy/sell agreement
  • Key person insurance, to protect a company from the economic loss incurred when a key employee or manager dies.
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