Life Insurance
Life insurance provides financial protection for your loved ones in the event of your passing. It ensures they have access to necessary funds to cover expenses, maintain their lifestyle, and avoid financial hardship, offering peace of mind that your family’s security is taken care of.
Protecting Your Family’s Future with On Point Insurance Brokers
At On Point Insurance Brokers, we understand that life can be unpredictable. The best way to ensure your family’s financial security in the event of your passing is with a life insurance policy. Without it, your loved ones could face serious financial difficulties, be unable to access necessary funds, or lose the support of a key provider.
There are two main types of life insurance: term life and whole life. Each has its benefits, and we’re here to help you choose the one that suits your needs.
- Term Life Insurance: This is the most affordable option, offering coverage for a specific period of time (or term), such as 10, 20, or 30 years. While it’s a budget-friendly choice, term life does not build cash value. However, it does offer the peace of mind knowing your family is protected for a set period of time.
- Permanent Insurance: This is a type of life insurance that provides coverage for the entire lifetime of the insured, as long as premiums are paid. Unlike term life insurance, which only covers a specific period, permanent insurance offers lifelong protection and usually builds a cash value over time. This cash value grows on a tax-deferred basis and can be borrowed against or withdrawn under certain conditions. Permanent life insurance policies typically include whole life, universal life, and final expense insurance, each offering different features and flexibility. While premiums for permanent insurance are usually higher than for term policies, the added benefits of lifelong coverage and the potential for cash accumulation make it a popular choice for those seeking long-term financial security.
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Protecting Your Family’s Future with On Point Insurance Brokers
At On Point Insurance Brokers, we understand that life can be unpredictable. The best way to ensure your family’s financial security in the event of your passing is with a life insurance policy. Without it, your loved ones could face serious financial difficulties, be unable to access necessary funds, or lose the support of a key provider.
There are two main types of life insurance: term life and whole life. Each has its benefits, and we’re here to help you choose the one that suits your needs.
- Term Life Insurance: This is the most affordable option, offering coverage for a specific period of time (or term), such as 10, 20, or 30 years. While it’s a budget-friendly choice, term life does not build cash value. However, it does offer the peace of mind knowing your family is protected for a set period of time.
- Permanent Insurance: This is a type of life insurance that provides coverage for the entire lifetime of the insured, as long as premiums are paid. Unlike term life insurance, which only covers a specific period, permanent insurance offers lifelong protection and usually builds a cash value over time. This cash value grows on a tax-deferred basis and can be borrowed against or withdrawn under certain conditions. Permanent life insurance policies typically include whole life, universal life, and final expense insurance, each offering different features and flexibility. While premiums for permanent insurance are usually higher than for term policies, the added benefits of lifelong coverage and the potential for cash accumulation make it a popular choice for those seeking long-term financial security.
Protecting Your Family with Life Insurance
When planning for the future, life insurance should be a key component of your financial strategy. No one expects to pass away unexpectedly, but it happens. Whether due to an accident, illness, or natural causes, the sudden loss of a loved one can lead to immense emotional and financial strain. Life insurance provides a safety net, ensuring that your loved ones won’t have to worry about their financial well-being during such a difficult time.
Even if you have assets to leave behind, the probate process can take time to complete. In most cases, however, the death benefit from a life insurance policy is paid out quickly, providing your family with immediate access to the funds they need.
Final Expense Life Insurance
End-of-life expenses can be a heavy financial burden. Final expense insurance is designed to cover the costs associated with a funeral, burial, cremation, memorial services, and even medical bills incurred before death. This type of policy ensures that your family won’t have to bear the weight of these significant costs. Premiums for final expense insurance vary based on the death benefit, the insured’s age, and health, but it’s a manageable and compassionate way to plan ahead.
Fixed Annuities
A fixed annuity is a type of insurance product that provides a guaranteed income stream for a specified period or for the lifetime of the annuitant. With a fixed annuity, the insurer promises to pay a set amount of income, typically on a monthly, quarterly, or annual basis, depending on the terms of the contract. The amount of income is predetermined and remains stable, regardless of market fluctuations or changes in interest rates, offering a sense of security and predictability. Fixed annuities are often used as a tool for retirement planning, as they help provide steady income during retirement years. They can also offer tax-deferred growth, meaning the annuity’s value grows without being taxed until withdrawals are made. However, they tend to have lower returns compared to variable annuities or other investment vehicles, as the trade-off is the security of a fixed payout.
At On Point Insurance Brokers, we’re here to guide you through every step of the process, helping you find the right life insurance solutions for you and your family. We understand how important it is to make sure your loved ones are taken care of after you’re gone, and we’re committed to providing you with the best options to ensure that happens.
Contact us today to learn more about your life insurance options and take the first step toward securing your family’s future.