HBI Insurance Services

The Importance of Life Insurance

If you have people who depend on you, having life insurance is critical. No one is comfortable at the thought of his or her own death, but it's something that you have to plan for if you have loved ones who depend on you. If you were to die, would you be 100% certain your family's financial security would be preserved? Would your children be able to go to college? Could your spouse retire in comfort? The right type and amount of life insurance can help you answer all of these questions confidently and with peace of mind. On our site, you can find the policy that's best for you by getting life insurance rates from some of the best insurers in the business.

Types of Life Insurance

Life insurance is insurance that will protect your family and/or specified dependents in the event of the policy holders death. In general, it is an essential component in planning for the future.

There are many options with coverage, depending on your situation. And there are three main categories of life insurance: term life, universal life, and whole life insurance.

Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum (or settlement) to whomever you've designated, upon a specific event, your death. Return of Premium term is still a term life plan, but at the end of the term, assuming the policy holder is still living, all premiums paid for the life of the policy are returned to the policy owner.

Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts. It may be a "participating" or "non-participating" product.

Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life. For example, you can set it up so your policy is paid off after a selected number of years ...or you can vary the premium over time. A good "no lapse" universal life plan is often a most economical way to get permanent protection.

Many times it makes sense to "ladder" term policies with varying terms.....or to combine some term with some permanent to always have adequate protection.  We work with you to determine what is best.

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