Life Insurance

These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs.  We will then shop the price to ensure the best fit for you, within those companies. 

Whole Life Insurance

Whole life insurance is a life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against. As the most basic form of cash-value life insurance, whole life insurance is a way to accumulate wealth as regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred.

Universal Life Insurance

Universal life insurance is a type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums. 

Universal life insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings, allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a low return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.

Term Life Insurance

Term life insurance is the most affordable way to protect your family’s financial security if something happens to you. It replaces your income in the event of your death, and ensures that the ones who depend on you can support themselves financially in your absence. Healthy men and women in their mid-30’s and 40’s can buy hundreds of thousands of dollars coverage for under a dollar a day.

Term life insurance provides coverage for a specific period of time. You can generally buy term life insurance for periods of five years or more, and your policy is active until that period passes. Because you only pay for it as long as you need it, term life insurance is considerably more affordable than whole or permanent life insurance.

Most people between the ages of 18 and 75 can buy term life insurance, although the younger you are and the better your health, the more affordable it is. While people with terminal conditions may have trouble getting approved for a policy, it’s possible for cancer survivors, diabetics, and people who take medications for cholesterol, blood pressure and other conditions to obtain coverage.

You can buy term life insurance for 5, 10, 20 or 30 years-however long you need it. So long as you pay your premiums on time, your policy will remain active until the end of the term period you’ve selected. If something happens to you while the policy is active, your beneficiaries will receive a death benefit for the amount of the policy. In most cases, term life insurance proceeds are tax free. Consult your tax advisor if you have any questions.

Heritage offers several different types of term such as return of premium, convertible, and traditional. Call one of our agents today to make an appointment for your family’s future.