Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance… the list and combinations seem endless. Do you know which life insurance policy type is right for you? At PLATINUM RISK MANAGEMENT INSURANCE SERVICES we can help. Our dedicated team of life insurance professionals understands the market and regulations and can find the right plan or mixture of plans for your specific needs.
Term Life Insurance Basics:
- Coverage for a “term” or period of your life.
- Lower premiums for higher coverage.
- Rates can change after specific terms expire.
- No equity – cannot be used as cash value.
Whole Life Insurance Basics:
- Exactly like it says – permanent, not for a specific period.
- Protection carries with you your whole life.
- Can build equity and have cash value.
- Higher premiums than term life, but can be more valuable in the long run.
Term and Whole Life Combined:
- Build lifelong base of whole live coverage.
- Supplement specific times of your life with term insurance.
When to choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
When to choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Many times whole life policies will pay dividends – although not always.
With so many options many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right life insurance quote for you. Contact PLATINUM RISK MANAGEMENT INSURANCE SERVICES today for more information and get a free life insurance quote!
PLATINUM RISK MANAGEMENT ALSO OFFERS:
- Estate planning.
- Buy/Sell agreements.
- Family business continuation plans.
An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Plan for retirement with a wide range of investment options, professional portfolio management, tax deferral, income options, and death benefits. Variable annuities can help increase your income for retirement and guarantee it lasts a lifetime.
For more conservative investors, a safe and steady way to grow assets at a fixed rate of interest with a tax deferral.
Immediate Income Annuities:
Make one purchase payment and begin receiving annuity payments soon after. You choose the payout period, including a lifetime income.
Modified Guaranteed Annuities Products:
Provide tax-deferred earnings with long-term fixed-rate options. Also known as Market Value Adjustment (MVA) annuities.
At PLATINUM RISK MANAGEMENT we specialize in all types of annuities including:
- Fixed and equity indexed
- Tax deferred
- Income for life or set period of time
- IRA, Roth IRA, 401K transfers
- Competitive rates
- Guaranteed principal
- Market returns tied to indexes
- Guaranteed returns