Affordable Life Insurance
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5 Star Insurance Group offers affordable Life Insurance policies for families throughout the Appleton / Oshkosh area. Our life insurance agents will meet with you to discuss your needs on how best to provide your family. Call us today for a free quote.
Why Purchase Life Insurance?
Life Insurance is purchased for several reasons.
- Wealth Transfer: To cover estate and probate costs.
- Family Protection: To cover loss of income, debt, and assist with long term planning of child’s education upon death of the insured.
- Tax Benefit: The death benefit is income tax free to the beneficiary, and the cash value grows tax deferred.
- Avoid Probate: The death benefit avoids probate by going directly to your beneficiary.
Types of Life Insurance
A term policy is straight insurance with no cash value. The insured purchases coverage that lasts for a set period of time provided the monthly premium is paid. When you are young, premiums for term insurance are inexpensive -- as low as a few hundred dollars per year for $250,000 worth of coverage. Usually purchased in terms of five to thirty years, the premium does not change during the term. Once the term ends, the policy ends and you have the option to renew at a premium based on your current age.
A Whole Life policy is permanent insurance that pays a fixed amount upon death of the insured. A secondary feature of whole life is growth of cash value. Cash value builds tax-deferred each year the policy is kept, and you may borrow against the cash value income tax free. The premium remains constant throughout the life of the policy.
Final Expense plans are Whole Life policies that have simplified underwriting and the main purpose of the plan is to provide a death benefit to pay for funeral expenses. Simplified underwriting has limited health questions making it easier to obtain a policy. Final Expense plans typically have a minimum age requirement, such as 40 to 45.
A type of flexible premium permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The premiums can be reviewed and altered as a policyholder's circumstances change, which could change the cash value and possibly the death benefit.
Long Term Care and Life Insurance
Long Term Care riders may be added to some Life insurance policies. These policies would pay a certain amount each month up to the total death benefit if the insured needs to move to a Long Term Care Facility. This is a great option for people who cannot afford the premium on a conventional Long Term Care Policy.
Life insurance needs vary by individual. One of our Licensed and Certified Life Insurance Consultants are available to help you determine what Life product best suits your needs. Contact us at 920-831-3210 today to set up a one-on-one appointment today.