Insurance can protect you and your loved ones in case something goes wrong, but premiums can add considerably to everyday expenses. Don’t get caught with high costs or inadequate insurance. The Financial Wellness Center offers these unbiased resources to help you find the right insurance coverage for your situation and needs. Access these resources at any time and with no obligation.

 

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LIFE INSURANCE

In its simplest form, life insurance is a promise between an insurance company and you, the policy owner. If you pay a certain amount of money (premium) to the insurance company, the insurance company will pay a certain amount of money (death benefit) to the person (beneficiary) you tell us to when the person whose life is being insured dies

 

Whole Life Insurance policies are designed for individuals who want guarantees and who are focused on providing death benefit protection over cash value accumulation.

Whole Life Insurance offers a guaranteed death benefit, cash value and a potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.

Level premiums that are guaranteed to never change.

 

Universal Life Insurance may be ideal for the consumer who has a need for life insurance, is somewhat conservative, and wants the guarantees of a fixed, minimum interest rate with the potential for additional interest credits.

Increasing the death benefit may be subject to additional underwriting approval.

 

Universal Life Insurance offers a flexible death benefit, flexible premium, and the policy cash values are credited a current interest rate that is set by the insurance company, which is subject to change, but will never be lower than a guaranteed minimum interest rate.

Indexed Universal Life Insurance may be ideal for those who need death benefit protection but are focused on cash value accumulation for lifetime needs such as supplementing retirement income.

Increasing the death benefit may be subject to additional underwriting approval.

Indexed Universal Life Insurance offers a flexible death benefit, flexible premium, cash value grows based on an interest crediting strategy that is tied to changes in a market index such as the S&P 500.4, and a downside protection through minimum guarantees to ensure that your cash value will not decline due to decreases in the Index.

 

Variable Universal Life Insurance

This policy design is for the customer who needs life insurance but would like to have the ability to choose how their cash value is invested.

Increasing the death benefit may be subject to additional underwriting approval.

Guarantees are dependent upon the claims-paying ability of the insurer and do not protect the value of the variable product portfolios, which may fluctuate. Variable policy holders are subject to investment risks, including the possible loss of principal invested.

Variable Universal Life Insurance offers a flexible death benefit, flexible premium, and the cash value grows based on the performance of the professionally managed stock, bond and money market sub-accounts that you choose. You can design a portfolio to match your comfort level and risk tolerance. Policy cash values fluctuate based on the sub accounts in which you are invested and may lose value, including principal.

 

Term Insurance may make sense for those who have budget limitations, large protection needs or temporary need.

Term Insurance offers a guaranteed death benefit for a fixed period, fixed premium with no cash value. Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.  Initial premiums tend to be lower but will eventually increase.

 

Long-Term Care Insurance helps cover the costs of the care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as: Your home. A nursing home.

Coverage may include the cost of staying in a nursing home or assisted living facility, adult day care or in-home care. A long-term care insurance policy pays for the cost of care due to a chronic illness, a disability, or injury.

Long-term care insurance can provide some security, but it is not an investment. Long-term care insurance money will be gone if you don’t use it, unlike life insurance which is guaranteed to pay.

 

Disability Insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary’s earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work.

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If you are interested in learning more about any of these services, or would like to see how they may benefit you, please send us a message!