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"YOU'LL BE GLAD YOU WENT TO SCHOOL"
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LIFE INSURANCE
You want your family to be taken care of so look into getting life insurance. Already have it? Maybe you need more coverage or you're paying too much for your current policy. See what other options you have. In the last few years, the cost of life insurance has gone down. So paying even $20.00 a month extra in premiums can mean thousands of dollars over the life of your policy. WHOLE LIFE
Whole Life Insurance is a form of permanent insurance, and is designed to remain in effect throughout one's lifetime. It is well suited to needs that do not diminish over time, such as paying estate settlement costs and taxes. Generally, the premiums for this type of policy remain the same throughout the life of the insured. During the early years of the policy, premiums are much higher than those of term insurance policies. As a result, and by design, these policies develop cash values which can be accessed by the owner of the policy through surrenders or policy loans. Cash values in whole life policies typically include two components. Each policy has a guaranteed cash value, which typically grows based on a pre-determined schedule during the life of the policy and which "endows" or equals the death benefit upon maturity of the policy (typically at age 100). In addition, most whole life policies have a non-guaranteed cash value element, typically made up of "dividends" or "excess interest" which can enhance the value of the policy over time. 
SURVIVORSHIP OR 2ND-TO-DIE
This type of coverage is generally offered either as Universal Life or Whole Life and pays a death benefit at the later death of two insured individuals, usually a husband and wife. It has become extremely popular with wealthy individuals since the mid-1980's as a method of discounting their inevitable future estate tax liabilities which can, in effect, confiscate an amount to over half of a family's entire net worth! Congress instituted an unlimited marital deduction in 1981. As a result, most individuals arrange their affairs in a manner such that they delay the payment of any estate taxes until the second insured's death. These "2nd-to-die" contracts allow the insurance company to delay the payment of the death benefit until the second insured's death, thereby creating the necessary dollars to pay the taxes exactly when they are needed! This coverage is widely used because it is generally much less expensive than individual coverage on either spouse.
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TERM LIFE
Term insurance is, by definition, temporary insurance. Each year, a premium is paid to cover the risk of death during that year. Term insurance has no cash value. The only way to collect anything is to die during the term. If death occurs, the beneficiary generally collects the face amount (death benefit) of the policy, free of income tax. Many insurance companies now also offer level premium term. This type of coverage has premiums that are designed to remain level for a period of 5, 10, 15, 20, 25 or even 30 years. These policies have become extremely popular because they are very inexpensive and can provide relatively long term coverage. But, be careful! Most level premium term policies contain a guarantee of level premiums, however some policies don't provide such guarantees. Without a guarantee, the insurance company can surprise you by raising your premiums, even during the time in which you expected your premiums to remain level. Our company only offers guaranteed level term.
UNIVERSAL LIFE INSURANCE
Universal Life Insurance differs from Whole Life in that these policies distinguish and itemize the protection element, the expense element, and the cash value element. By separating the three elements, the insurance company can build more flexibility into the policy. This flexibility allows (within certain guidelines) the policy owner to modify the face amount or the premium in response to changing needs and circumstances. Here's how these policies work: Premiums are credited to the policy as they are paid. Most plans deduct certain administrative charges from the premium before crediting the balance to the policy value as net premiums. Each month, the insurance company deducts certain amounts from the policy value to cover the costs of mortality (death benefits), as well as for any riders and/or supplemental benefits. Also, each month, interest is credited to the policy based upon the cash value in the policy and based on a current declared interest rate as determined by the insurance company. This rate can and will change periodically. Most policies also have a decreasing surrender charge which is deducted from the cash value if the policy is surrendered. This feature allows the insurance company to recover certain expenses which are associated with the issue of the policy. The surrender value is the cash value less any applicable surrender charge.
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