Life Insurance
Major life events have an impact on your requirement for life insurance. When specific situations arise, such as while you have children at home or when beginning a business, you could consider layering insurance to have greater coverage. Life insurance is an agreement with an insurance provider to buy a lump sum payment (death benefit) given to the beneficiary after the insured person passes away. Whole life insurance (permanent lifetime coverage) and term life insurance are the primary forms (coverage for a certain number of years).
If the insured passes away while the policy is in effect, the life insurance company pays out a death benefit. Term insurance only covers a specific period of time; permanent life insurance offers lifetime coverage. The value of the death benefit is always intended to be more than the insurance price.
Prices for life insurance policies range widely, from a few hundred to many thousands of dollars, depending on various circumstances. For example, the cost is affected by the type of insurance purchased, the death benefit amount, the insured’s age and health, and any options or riders.
Life insurance is bought to cover debts and give surviving family members financial security. It’s frequently used to pay off a mortgage, replace lost income, or cover funeral expenses. A life insurance policy can be helpful if your assets at death won’t be enough to meet your costs and you want to take care of others or leave a legacy – any health qualifies! We offer five specific Life Insurance options for our clients:
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
- Final Expense Insurance
- Mortgage Protection
Whole Life Insurance
Whole life insurance policies offer instant, guaranteed death benefit coverage for the insured’s entire life. Cash value accrues in Whole Life policies at a predetermined rate and can be utilized to cover future expenses. The quantity of coverage and the insured’s age and health are some factors that affect how much whole life insurance premiums cost.
Whole life can be more expensive than temporary insurance because it delivers a guaranteed lifetime death benefit (assuming required premiums are maintained) and cash value increase. However, as long as the necessary premiums are paid, whole life insurance provides an instant, guaranteed, and permanent death benefit. Furthermore, exclusive life insurance plans accrue cash value at a specified rate that can be used as collateral for loans for upcoming expenses.
Term Life Insurance
The Term Life Insurance from TLC Signature Solutions is made to provide you with an affordable life insurance plan that looks upon benefiting from opportunities from the future.
- Periods range from 10 to 40 years.
- Coverage ranges between $100,000 and $50,000,000.
- Convert to a permanent policy without undergoing a medical checkup if needs change.
- Guaranteed premiums.
- A death benefit to your beneficiaries that is income tax-free.
- Terminal illness rider – hastened death benefits.
Although buying a term life policy from us will save you a lot of money, there are other benefits to doing business with TLC. We were established to serve the people and the places where we operate. Our people are the soul of the firm, and our financial ratings attest to our strength and stability. Find out now what other companies think about doing business with us.
Universal Life Insurance
To support long-term financial goals, universal life insurance offers lifetime guaranteed coverage (as long as the necessary premiums are paid). In addition, these insurance contracts often have adjustable death benefits and premium payments.
When the necessary premiums are paid, universal life insurance works by establishing a permanent, lifetime death benefit and might even allow for cash value increase. Because the cash value can be utilized to reduce future premium payments, these policies frequently have adjustable premiums.
Final Expense Insurance
Final expense insurance, often known as burial insurance, pays for funeral costs and any outstanding medical or legal bills your beneficiary must pay after passing. Given that the average funeral might cost $10,000 or more, this coverage can help to ensure that your loved ones are not left with a financial burden.
The expenses associated with a loved one’s death are covered by burial insurance coverage. Final expense coverage is crucial since many expenses are related to death. Among the necessities discussed are:
- Preparations for a funeral include embalming, a casket, flowers, and services.
- Funeral expenses, including cremation, gravestone, burial ground, and interment.
- Unpaid credit card, medical, or legal costs.
Mortgage Protection
Life insurance aims to shield your loved ones from financial ruin in the unfortunate event of your untimely demise. For example, it’s standard practice to use term life insurance to protect your family from the pain of having to default on a mortgage payment. Financial planners and bankers like to refer to this life insurance as “mortgage protection insurance” since the proceeds from the policy might (or would) be used to pay off a mortgage.
This term of life insurance differs from a policy that your bank would try to sell you with your mortgage in that it follows you regardless of where you reside or how much of your mortgage you still owe as long as you pay your premiums on time. Therefore, even if you apply for life insurance and the financial screening procedure includes requesting copies of your mortgage documents, it becomes yours if you accept the insurance policy.
In conclusion, mortgage protection can be defined as a term life insurance policy taken to pay off the mortgage should an unexpected death of a substantial wage earner occur. Let TLC Signature Solutions help you select the best life insurance policy that guarantees full-proof mortgage protection.