Life insurance is likely one of the most important purchases your client will ever make. It serves as the foundation of your clients’ financial security. In the event of an unexpected death, life insurance can provide a beneficiary with necessary income replacement, provide money to cover final expenses, fund a child’s education, create liquidity for a business, provide funds to pay off debt, and much more. A majority of families and businesses have little or no life insurance, leaving them one accident or terminal illness away from a financial catastrophe. This illustrates the importance of Oberlin Marketing, a full-service national insurance brokerage, partnering with Insurance Professionals like you to provide life insurance needs.
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Term Life Insurance is designed for temporary needs, usually 1 to 30 years. Low cost Term Insurance can be a good choice for young families with tight budgets. Term Insurance can also cover mortgage and business loans for specified time periods. Most term life insurance policies have a conversion privilege to convert the term insurance to permanent life insurance regardless of health.
Universal life insurance gives the policy owner the right to vary premium payments and the death benefit. The rate of return on the cash value fluctuates according to the insurance company’s investment performance, but will not fall below a guaranteed minimum rate of return. Most of today’s universal life plans are designed with a guaranteed death benefit to age 100 and beyond. There are variations of Universal Life Insurance plans from high cash values to no cash value with a guaranteed death benefit.
Whole Life insurance can provide lifelong protection. The death benefit will be paid as long as premiums are paid. Permanent whole life insurance accumulates guaranteed cash value on a tax-deferred basis. Participating whole life plans pay dividends. Whole Life often has lower death benefit minimum and can be used as a Final Expense plan.
Final Expense plans are designed for lower death benefits with simplified underwriting for ages 0 to 89. Most people want enough coverage for their burial and any other final expenses. Some people may have health conditions that disqualify them from the simplified plan, but guaranteed plans are available for ages 25 to 80.
Survivorship life insurance, also known as 2nd to Die life insurance, is insurance that insures the lives of two people, typically a husband and a wife, but sometimes business partners. One person can even be uninsurable. The death benefit is not paid to the beneficiary until the death of the second insured. Survivorship 2nd to Die plans are generally more affordable than two separate policies. Survivorship Life Insurance plans are often used in Estate Planning.
Accidental Death is a low-cost way to protect families from financial hardship in the event of death from an accident. It may be available even if unhealthy. Accidental Death Life Insurance is a great ancillary plan to offer people in higher risk occupations like semi-drivers, police officers, firefighters, coal miners and construction workers. Accidental Death is available from ages 18 to 69 in amounts between $50,000 and $300,000.
International Term Insurance helps ease the worries of those living or traveling abroad. Travel Term Insurance provides life insurance from one month to ten years.