Life Insurance

Seven out of 10 families would have trouble paying their bills if the primary wage earner died unexpectedly. Is your family protected?

TYPES OF LIFE INSURANCE

Although there are many benefits of life insurance, our goal to provide a basic understanding of each type and to help you decide what plan may be best for you and your family.

At Voss Insurance, we believe in the value of life insurance. Your life insurance needs change over time – especially at retirement. Don’t set it and forget it. Life insurance can be an integral piece of your financial puzzle and retirement plan. At a minimum, life insurance policies should be reviewed annually or after life-changing events.

Types of Life Insurance

Term Life Insurance

This type of life insurance covers a period of time such as 10 years, 20 years, and so on. Some term policies end at age 75 or 85. The premiums are fixed (the same) for the duration of the term. At the end of the term, you can often convert it to whole life (permanent policy) and decrease the death benefit, continue another term, or decide to stop paying entirely since premiums tend to skyrocket.

Whole Life Insurance

Just like it sounds, this type of insurance lasts your whole lifetime as long as premiums are paid. Premiums and rates are typically guaranteed regardless of how an individual dies. The policy also accrues cash value (an internal savings account in a sense) that can be used for loans, withdrawals, or to purchase a paid-up policy in the future.

Universal Life insurance

These policies are typically guaranteed for 10, 15, 20 years. How long the policy stays in force depends on cash value, interest rates, and index crediting. The premiums can be flexible, allowing you to pay minimum monthly premiums or maximum monthly premiums. These policies may need more premiums in later years, come with extra benefits like long-term care support, and accrue more interest than whole life insurance.

Benefits of Life Insurance

Pension Maximization
Family Income Loss
Estate planning
Tax burdens
Protect mortgage/real estate
Legacy giving- grandchild education
Charitable/Foundation giving
Avoids probate

Pays outstanding medical Bills
Other debts/cars/cell
Business Partnerships
Protecting future health
Family travel costs
Final Expenses
And more…

Below is an easy-to-use calculator that can help you determine your life insurance needs. After completing this calculator, you will receive a personalized report. Within 2 days, we will out to answer any questions.

The free report includes: