Life is precious and should be valued, but it can unexpected and bad things can happen. For these times, being prepared is necessary and life insurance can make the difference between a tragedy and a catastrophe. The insurance agents at The Ephraim Group can help you take the precautions to help you or a loved one be prepared and covered in your time of need.
Life Insurance Is A Safety Net For Your Family
Let’s talk about life insurance and what it does for you. Everyone is clear that life insurance is the way of ensuring that your family is not put into financial ruin after your loss. There is an investment of the premiums over time, but the ways insurance can protect your family gives everyone peace of mind. We protect your family’s future.
Not long ago we had a thirty-year-old male with a $500,000 policy paying $25 per month. He had a family, and unfortunately, he passed away due to an unforeseen incident. The beneficiary of his policy received the $500,000 benefit on a tax-free basis upon his death. With life insurance, it doesn’t matter if the person had paid only one premium of $25 dollars or had been paying for years (depending on contract). Upon his death, the benefit is paid out, if the policy was kept in good standing, (premiums paid on time).
A little insurance can go a long way, and there are different types of life insurance that can make this happen.
Types of Life Insurance
Term Life insurance
Term insurance covers a specific length or ‘term’ of time: 5 years, 10 years, 20 years, etc. These insurance policies typically do end around the age of 80. The main attribute to term insurance policies is that they have a low cost for coverage. If an accident happens within your policies term, then your beneficiaries, those listed on your policy, will receive the death benefit and be left financially secure.
The cost of a term life insurance policy is determined by factors such as age, sex, health, benefit amount and length of the contract.
Permanent life insurance covers your entire lifetime as long as you continue to make your payments. The price for a permanent policy is higher than term but there are other advantages
The biggest advantage of a permanent insurance policy is that with this policy, you build up tax-deferred money that can be used at a later date for various events. This money can be retrieved through various means such as withdrawals and/or loans.
The permanent policy also has the advantage of acquiring enough cash value in the policy so that the insured can allow the policy to be self-sufficient. This means you reach a point eventually where you do not have to pay any additional premiums out of pocket but allow the policy to pay for itself.
Many refer to this as a “paid-up policy”, but these insurance policies with most companies- that type statement would not be exactly correct, even though as stated earlier, the policy has reached a point where it pays for itself. It is a great benefit for you to have a “self-sufficient policy” when you retire. The future funeral expenses are provided for, but no additional out of pocket expenses are needed during this time when their income has reduced due to their retirement.
There are many nuances to the different life insurance policies that can serve a wide variety of different needs- whether for personal family or business needs. Life insurance has an advantage over investments because of the life insurance’s ability to pay out large sums of money even though the insured may have only paid in one or a few premiums when the death occurred.
The life insurance policy is a greater guarantee of needed future monies than a savings account or any other investment because its payout is not dependent on the stock market or any other market; it is a contract that you can count on as long as you keep it in good standing on your
Our Service Area
For more than 16 years, we’ve worked with business and homeowners all around our little house in Lawrenceville. We’re located right next to Brewster’s on Lawrenceville Suwanee Road. We have helped hundreds of customers enjoy boating on Lake Lanier and Hartwell who live around us in Lawrenceville, Dacula, Duluth, Suwanee, and Buford. But, if you live outside our service area, that’s no problem. We’re happy to help you with all your life insurance needs.