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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.

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3 Reasons To Invest In Life Insurance

life insurance

Life Insurance may not seem like a necessity or a priority, but here are three reasons you should invest in a life insurance policy as soon as possible.

1. Provide Yourself With Peace Of Mind

Life insurance benefits your loved ones after you’re gone, but it also benefits you while you’re living. Instead of spending your time and energy worrying about your family’s welfare, you’ll know that they are safe and protected if anything unfortunate happens to you.

2. Provide For Your Loved Ones In The Future

If your loved ones rely on you for financial support, or if you want to provide extra security for them in the future, life insurance is one of the best ways to protect them. It gives your family a sizable amount of money that they know they can rely on if necessary.

3. Start Saving

Many life insurance policies provide you with benefits while you’re still living. For example, a policy holder can borrow against the cash value of a policy or withdraw money. This allows you to save for an emergency while providing protection for your family.

How Much Life Insurance Do You Need?

The amount of life insurance you need will depend on your assets, your financial obligations, your health, the health of your family members, and your goals for the future. For example, someone with a young family, few assets, and many debts should carry a life insurance policy that provides a substantial amount of protection, while someone who owns their home, has grown children, and no debts, may need less. Contact an insurance agent if you need help determining how much life insurance is best for you.

 

How Will My Child Be Taken Care of When I Pass?

Parenting, child care

Planning for your family after your death is a difficult task, and when you are parenting a child (or adult) with autism, it can be even more difficult. Many parents assume that their children will simply know what to do after their death, but it is often difficult for adult children to care for their siblings and to understand their parents’ wishes.

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How Will My Child Be Taken Care of When I Pass?

Life Insurance Reno, NV

Planning for your family after your death is a difficult task, and when you are parenting a child (or adult) with autism, it can be even more difficult. Many parents assume that their children will simply know what to do after their death, but it is often difficult for adult children to care for their siblings and to understand their parents’ wishes.

Read more