Permanent Life Insurance

 

 

 

 

When agents in the insurance industry refer to permanent life insurance that means life insurance that builds cash value.  There are different types of permanent life insurance policies.  All of the policies build cash value at the current rate of interest with a minimum guaranteed interest.  The different types of permanent insurance are:

 

1. Universal Life
2. Whole Life
3. Variable Life     

There are different product designs to meet different individual needs.  Permanent life insurance is designed to offer a level premium from the star to the end of the policy.  In addition to the level premium availability there is flexibility with some of the permanent products that allow you to borrow, make a partial withdrawal of cash value or adjust the premium. 

Stop by and see me so we can find the life product that best meets your needs.   

 
 

LEVEL TERM LIFE INSURANCE  

 

 

 

Level term life insurance is a death benefit that remains level as well as the premium remaining level for the desired term.  Level term policies do not build cash value.  There are different terms you can purchase level term life insurance.  Level term insurance is great product to protect a debt load for a specified number of years.  The length of time available for you to lock in the term of coverage depends on your age.  Generally if you are healthy you will be able to purchase life insurance through an insurance agent than by purchasing at the bank or dealership.  The different terms you can lock in death benefits and premiums are listed below:

 

 

•   5 year level term
• 10 year level term
• 15 year level term
• 20 year level term
• 25 year level term
• 30 year level term

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Anniversary 

 

 

Thirty years ago today I began work for Hocker Insurance.  It is hard to believe I have been an insurance agent for 30 years.  I think one of the greatest joys in my profession is I get the opportunity to help people.  I want to say thank you to each of you that have placed your confidence and trust in me to protect you from financial destruction.  If you haven't given me the opportunity to help you with your insurance needs I hope you will in the future.  

Annual Renewal Term and Decreasing Term

Life Insurance 

 

 

 

Annual Renewal Term insurance is life insurance where the death benefit purchased remains level for the life of the policy while the premium increases each year as you get older.  Decreasing term insurance is a death benefit that decreases each year yet the premium remains level for the life of the policy.  The policy cancels if premiums are not paid and neither of these type policies build cash value.  In my opinion, with the development of level term products the annual renewal term
(ART) and decreasing term products are not the best buy any longer. 

 

 

 

TERM INSURANCE

 

 

 

Term insurance is a specified amount of insurance for a specified period of time.  There are different types of term insurance.  Below I will list the different types of term insurance and then will explain similarities and differences in future blogs.

 

• Annual Renewal Term (ART)
• Decreasing Term Insurance
• Level Term Insurance
• Level Term Insurance with Return of Premium Rider (ROP)



 

ART and decreasing term insurance have significantly decreased in availability with the development of the level term products.