Life Insurance

Life insurance provides financial security to the people you love by paying a tax-free cash “death benefit” to those whom you name as your beneficiaries.  Death is a risk to which everyone is exposed to, and there are many different ways one may be affected when someone close to them dies (E.g.: loss of income or a loss of a caregiver).  The death benefit aims to counteract this loss.  The amount of coverage you choose and the type of life insurance you buy should reflect your circumstances and needs.

The cost of life insurance typically depends on your age, gender, health, medical history, and lifestyle.  At Robert J. Morris Insurance & Consulting Ltd., we can provide you with the life insurance coverage that best suits your needs.

Benefits:

Since we work with several different insurance providers, we offer many different options in order to help suit your specific needs and make your plan as personalized as possible.  Some of the options available include:

Do you understand the different types of life insurance?

• Universal life insurance is a form of permanent life insurance whereby coverage is provided for the duration of one’s life.  It provides a combination of protection and savings, and thus allows for more flexibility.  A guaranteed death benefit is available, and any payments made above the cost of insurance can be invested to earn tax-deferred growth.  It also has a lower monthly rate, meaning it is more affordable.
• Whole life insurance is another form of permanent life insurance.  This form has a higher premium that never fluctuates, but the death benefits grow simply by paying the monthly rate of insurance.  This allows for cash values down the road.  This option is recommended if you seek to cover long-term financial liabilities and have cash accumulation.
• Term life insurance provides a specific amount of insurance for a specific period of time.  Upon the death of the insured during the term, a cash benefit is paid to the beneficiary tax-free.  It is typically available for terms of 5, 10, 15, 20, 25, and 30 years.  The temporary nature of this option makes it simple and affordable, yet it still provides for a large face value.  This option is recommended if you seek to cover short-term financial liabilities, such as education or child care.
• Participating life insurance is a form of permanent life insurance coverage whereby your policy is eligible to receive dividends.  These dividends can be used in various ways: to buy more coverage, earn interest, or as extra cash.  The amount of coverage and the annual cost are guaranteed for life.

For more information, contact our office by clicking here, or call 519-283-6608.