Life Insurance

A term policy is straight insurance with no investment component. You’re buying life coverage that lasts for a set period of time provided you pay the monthly premium. For example, this temporary insurance may be purchased in 5, 10, 15, 20, 25, and 30 year terms.

Generally, if you outlive your term insurance, you need to re-apply.Because of this, 30 year term may look more attractive than a 10 year term policy because the rates are guaranteed for 30 years.Shorter term policies, although cheaper, will end sooner. When it’s time to re-apply, you will be older making the policy more expensive and there is no guarantee of your health at that time.

Indexed Universal Life is a form of permanent life insurance which combines pure insurance protection with cash value accumulation. Premiums paid in excess of the pure insurance cost accumulate at interest, tax deferred. These values can be accessed during your lifetime through withdrawals or loans. With Indexed Universal Life you have options regarding how interest is credited to your cash value. You can choose to have a fixed interest rate applied or have interest credited based on changes in the S&P 500® Index. This kind of interest crediting strategy allows you to take advantage of changes in the market index without the risk of stock market losses. Minimum interest guarantees built into your contract ensure that your cash value will not decline due to decreases in the index. It’s a concept we call “upside potential with downside protection.” For more than 10 years, properly structured and funded Indexed Universal Life has been the fastest growing vehicle for tax-free retirement planning.

Universal life is a type of permanent insurance policy that combines term insurance with a money market-type investment that pays a market rate of return. To get a higher return, these policies generally don’t guarantee a certain rate.

At Serra Benefits we mostly use whole life insurance for final expense or burial insurance. These are generally small amounts of permanent life insurance up to 25K with simplified and easy underwriting or no underwiting.

Life insurance that you don’t have to die to use. What is all of the hype that we are all hearing about “Living Benefits” in a life insurance policy? If you haven’t read, seen or heard anything about living benefits, then you will now. Living Benefits are additional benefits as part of a life insurance policy that pay a portion of the death benefit in advance if you have been diagnosed with a critical or chronic illness.