“Anyone dying without proper life insurance should come back and see the mess they created.”
Individual Whole Life
Whole Life Insurance stays in force as long as the policyholder meets the plan’s payment obligations. There is no term limit and it will remain in force regardless of changes in health.
Individual Universal Life Insurance
A Universal life policy is different from a traditional whole life policy in that it specifically identifies and separates its mortality expense from the cash value portion of the policy. A monthly charge is allocated to a death benefit and the rest is allocated to the cash value portion where the funds earn interest.
Individual Term Life Insurance
Individual term life insurance allows you to purchase coverage for a fixed amount of time, usually 10, 15, 20, or 30 years, at a fixed premium. This is an inexpensive form of life insurance but it should be noted that once the specified term ends the coverage expires and, if you wished to buy additional life insurance at that point, it would be exponentially more expensive because you would be that much older.
Joint Life Insurance
Joint life Insurance provides for whole life coverage purchased by two people, usually married couples. Also known as second to die or survivor policies, these are commonly bought to pay estate taxes at the time of the second person’s death, allowing the life insurance proceeds to pass to the beneficiary (usually children from the marriage) tax-free.
Key Person Life Insurance
A business may wish to purchase a life (or disability) policy to protect the life and ability of certain essential people in the company. In the event that certain key people in the business were to die or become disabled, it could harm the future of the company. The premise is the same regardless of the size of the business, though this form of coverage works particularly well in partnerships.
Individual Disability Income Insurance
Individual Disability Income Insurance provides income coverage during a period of an extended disability. It is important to cover as much of the policy holder’s usual compensation as possible in order to maintain his or her lifestyle and financial obligations. A policy, once triggered, might pay out up to the age of 67, although shorter periods, even as short as 24 months, can be specified.
Long Term Care
As our population ages, considering long-term care costs has become a very important part of any long-range financial plan. A Long Term Care policy helps cover the often considerable costs of living with a chronic medical condition, disability, or a disorder such as Alzheimer’s.
Life insurance is an essential tool for a family’s protection and stability.
City&Shire Insurance Agency Inc.,
An Independent GlobalGreen Insurance Agency ®️ franchise
with offices in Manhattan & Millerton, New York