Life Insurance
Life Insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future. Motto Insurance offers Term, Whole Life and Indexed Universal Life Insurance.
Term Insurance- Has a time limit on the coverage period. You pick the time frame of the policy (10,20, 30, or 35 years). The premium will remain the same for the full duration of the permanent product. Term insurance offers a “conversion right” enabling you to convert your term policy into a permanent policy, without medical underwriting, so that you can continue your coverage for a lifetime.
Permanent Insurance options include Universal Life and Whole Life products. Both style products are meant to provide coverage for the entirety of someone’s life, however both work different from one another.
Universal Life is a lower cost permanent option when compared to Whole Life products. These products allocate a portion of the premium to the insurance and a portion to the cash value account. The cash value account is a separate account that appreciates dollars tax-deferred.
Many times Universal Life products are used as an additional retirement plan, since these type of products can provide lifetime tax-free income!
Whole Life is another kind of permanent insurance product. These products guarantee your death benefit for a lifetime and may or may not pay a dividend, as declared by the insurance carrier. The dividend that credits to the Whole Life contract can be used in a number of ways, but the most common method is to allocate that dividend credit to purchase additional death benefit. Thus the death benefit can increase over time.
Final Expense- This is used to cover the cost of expenses associated with death, such as funerals, cremation, etc.
Living Benefits- Not all life insurance products include Living Benefits. These benefits include additional coverage, many times at no additional cost, covering critical, chronic and terminal illness. These Living Benefits are invaluable! It turns your life insurance into living insurance!
Living Benefits cover significant health events such as:
- Heart Attack
- Stroke
- Cancer
- Kidney Disease
- Organ Transplant
- Cognitive Disorders like Alzheimer’s and Dementia And Diseases diagnosed as terminal by a physician
Having these additional benefits built-in to your life insurance policy is critical, because it enables the contract the ability to accelerate out a portion of your death benefit while you are alive, tax-free. To Claim on Living Benefits- No reimbursements or invoices required. The insurance carrier will stroke a check to you to be used how you deem fit.
For a Free Quote please call or email. lmotto@verizon.net or (813) 966-7130.