Types of Life Insurance
We specialize in reviewing life insurance policies and keeping your coverage needs up to date. By utilizing new products offered by the top names in the life insurance business we can customize a solution for your life insurance needs. The life insurance policy audit service can assist you in monitoring the performance of your life insurance coverage. In the event that your policy is not meeting your needs, we can review alternatives, allowing you to make an informed decision based unbiased facts.
We realize nothing ever stays the same yet when it comes to life insurance needs we rarely take the time to make sure our needs are in sync with our coverage. A simple review of your life insurance can provide you with the assurance you need. This process is similar to how you regularly review your investment portfolio tracking against your objectives.eriod of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance,
Term Life Insurance
Term provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 30-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change. To properly review a term policy, the policyholder must have, the most recent statement and the original sales illustrations that showed the guaranteed premiums.
Universal Life & Whole Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.Whole life is a form of permanent life insurance that remains in force during the insured person’s lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value. To review a Universal or Whole life policy, the policyholder needs a recent policy statement and an in-force ledger illustration, which shows the polices projected future performance.
Changes in the life insurance industry has made premiums less expensive and life insurance companies underwriting more friendly. With the lowering cost of life insurance and changes in your family’s life insurance needs, it might make good financial sense to have your life insurance policy reviewed.
Most insurance policy’s death benefit can be enhanced, more targeted and appropriate coverage can be attained, cash values can be accessed while retaining the same or lower premiums. Joint coverage can be instituted for individual coverage, single premiums can be substituted for ongoing future systematic premiums, one type of policy can be substituted for another more appropriate type.
Silver Oak Insurance prides itself on reviewing each individual life Insurance coverage, and working with the client to insure they receive the best solution for their insurance needs. Our Team of life insurance policy review experts will conduct a full evaluation of your policy and provide you with a right solution. Contact us for your life insurance review and see if we can lower your premiums and enhance your life insurance coverage.