Life Insurance

life-insurance

Life insurance can help protect your family. The recommended amount of life insurance a person should have approaches six to eight times their annual gross income. Under current laws, there is generally no federal income tax on death benefits paid to a named beneficiary. Please consult with your tax adviser.

We offer affordable term life and universal life insurance policies from many reputable companies.

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Term Life Insurance Policy Information

A term life insurance policy is life insurance coverage for a specified length of time – usually 5, 10, 20 or 30 years. It is usually purchased with a particular need in mind, such as mortgage protection. Beneficiaries will receive the face value of the policy upon the insured’s death. Term life will have the lowest premium, but there is no cash value, and if the insured survives the time period, the policy expires.  Most policies will have a conversion feature permitting the policy owner to exchange a term policy for a cash-value policy without evidence of insurability. You can speak with one of our life insurance agents at (608) 884-3304 to discuss the policy features and options in more detail.

Universal Life Insurance Policy Information

Universal life is a flexible premium policy that combines protection against death with a cash accumulation account that earns a market rate of interest with a guaranteed minimum rate of interest. The interest rate paid on the cash value typically is higher than whole life insurance because they trend with the markets. Premium payments for universal life insurance policies are very flexible.  They can be paid monthly with EFT, quarterly, semi-annually or annually. Deductions are taken each month from the cash value and interest and premium payments are added to the cash value.  As long as there is sufficient cash value to maintain the monthly costs, the policy will remain in force.