Choosing the Right Life Insurance For Your Lifestyle

buying life insurance

Purchasing life insurance can be one of the biggest, most valuable investments you make. Life insurance is more than just a plan: it’s a means of stability for your loved ones in the event you pass away. However, with seemingly endless life insurance policies, how are you ever to choose the plan that best fits your wants and needs?


Heuer Insurance Agency offers six different, reliable life insurance plans in order to cater to the individual needs of people with varied lifestyles. Contact our friendly agents today to get started on a plan that works for you.

1.     Term Life Insurance


Term life insurance offers coverage at a fixed premium for a specific period of time – typically 5, 10, 15, 20, 25 and 30 years. If the client passes away during the term, the death benefits are paid to the beneficiary. On the other hand, if the term expires while the client is still living, they must either forego coverage or continue coverage at an increased premium.


Term insurance can be used for protection like mortgage protection, buy/sell situations and business partnerships, and are typically used as a means of saving money while also providing a death benefit.

2.     Return of Premium Life Insurance


Similar to term life insurance, return of premium life insurance is a policy that is carried for a fixed premium over a specific period of time – typically 10, 15, 20, 25 or 35 years. Unlike term life insurance, however, a return of premium life insurance policy will provide you with a return on your premiums if the death benefit is not paid out. This policy is ideal for individuals who are looking for affordable life insurance that will offer you a return.


If the death benefit is not paid out by the time the term expires, the premium you’ve paid over the term will be returned to you minus a small compensation percentage. Reasons to invest in a return of premium policy include:


  • It encourages disciplined savings
  • It provides affordable coverage with the chance of a return on your investment
  • It offers a high death benefit with an affordable premium


Though the policy as a whole is relatively affordable, it does carry a higher premium due to the fact that you’ll potentially get a return on your investment.

3.     Universal Life Insurance


Heuer Insurance Agency’s universal life insurance includes a unique savings element that grows on a tax-deferred basis.  This policy insures that you’ll receive a certain minimum return on your investment because a portion of your premiums are used to invest in bonds, mortgages and money market funds.


This policy also offers a no-lapse guarantee, meaning you’ll pay the same fixed premium until age 121. Some benefits of a universal life insurance policy include:


  • A flexible or structured payment system
  • Flexible death benefits
  • Permanent, never-terminating coverage
  • The policy builds cash value
  • There is no pre-payment penalty


This policy offers you the freedom to adjust the benefits as your needs and lifestyle change and you can also control the amount you pay in premiums, making this an ideal policy for individuals who might have changes or difficulties in payment availability.

4.     Key Man Life Insurance

This specific policy provides coverage to an employer or company that suffers from the death of a vital employee. Whether this is a manager, co-owner, owner or other, a key man life insurance policy can be used to pay for the costs required to find a qualified individual to fill the key position. Unfortunately, this is not a policy many companies consider until it is too late.


Key man life insurance can cover things like the loss of sales or revenue, the cost of hiring interim staff until a permanent, qualified replacement is hired, and it can cover the costs associated with hiring and training the new employee. Talk with one of our brokers today to discuss the benefits a key man life insurance policy could have for your business.

5.     Fixed Annuities


Fixed annuities pay a guaranteed interest rate for an allotted time period.  They also typically offer higher interest rates than banks, very low investment minimums and are commonly appealing to investors or individuals who are suspect of the volatility of the stock market. Some of the main factors involved in a fixed annuity plan are:


  • Fixed annuity rates are either deferred or immediate. Deferred annuities accumulate regular rates of interest while immediate annuities are payments determined by your age and the size of your annuity.
  • Convenience and predictability of the set payout makes a fixed annuity plan popular for individuals who want a steady, known income that can act as or supplement other income, like retirement.

6.     Single Premium Life Insurance


A single premium life insurance policy is essentially a modified version of a whole life insurance policy. With up front payment and one large lump sum payment, this insurance policy is beneficial for individuals who’ve accumulated a large sum of money in which they want to invest in a life insurance policy.


Your entire investment immediately begins to earn interest, leading to fast value cash accumulation. This tax-deferred plan requires no monthly payments and is considered one of the best long-term investments.


Visit Heuer Insurance Agency today to talk with a professional about the right policy for you.