Service Insurance Agency - Life Insurance

Life Insurance

Service Insurance Agency recognizes that Personal Insurance needs to be "personalized" and customized to your unique situation. We take the time to compare multiple companies and combinations of selected coverages to protect not only your assets but the people who use them.

Insurance can be confusing, but it doesn't need to be that way. We take the time to educate our customers, to truly evaluate their needs. As an independent agent, we provide a custom blend of options and prices from multiple insurance companies. This requires us to take more time up front truly shopping around for your best fit. Anyone can put a quote form on the internet and tell you this is the best price, but that's not service - that's not making sure you have the appropriate coverages - that's a machine. Our personal approach means we take the time to understand your priorities, your health concerns and your budget.

So who needs life insurance? Financial analysts suggest you consider your life insurance coverage as part of your financial planning process. Life insurance protects you from life's uncertainties, for example:

  • Correctly planned life insurance can protect your family from the uncertainties of living expenses, monies due and mortgages.
  • Life insurance provides tax free cash to pay estate and death taxes and to help support your business and personal expenses.
  • Some policies have savings or pension components to help with retirement expenses.
  • If your income supports your family's life style, life insurance helps them maintain that standard of living should you suddenly die.
  • As a business partner, life insurance protects the business from financial loss and liability should a partner die.
  • Want life insurance and money back at strategic points in your life? Have your agent look into term-life insurance.
  • Life insurance policies are exempt from creditors in bankruptcy cases.
  • Life insurance can pay for your funeral expenses and some coverages have options for critical illness or term insurance.

Term Life

Term life is the easiest to understand and the least expensive to buy. You pay the premiums and the insurance company pays a specific lump sum amount to your beneficiaries upon your death. Term life insurance has no cash value.

Whole Life

Whole Life coverage is designed to stay with you your "whole life"ťat a fixed premium. The premiums are more expensive than term life when you are younger, and because you pay more in the beginning, you build up a cash value in the policy. You determine a payment amount over the insurance premium and that money is invested for you by the insurance company.

Like term life insurance, your beneficiaries will receive a lump sum payment upon your death; however, this insurance also has a cash value, so you can receive dividends from your policy or apply them to reduce payments. It offers you the right to withdraw from the policy during your lifetime.

Variable Life

Variable life insurance is similar to whole life, except it gives you a wider selection of investment products. This allows you to invest in risk-oriented options. It pays a death benefit to the beneficiary you name and offers you low-risk, tax-free cash accumulation. It allows you to borrow from the policy during your lifetime.

Universal Life

Universal life insurance is similar to whole life, except that it separates out the premium payments into three different accounts. This allows you more flexibility, because you can change the face amount or the premium should your circumstances change.

Universal Variable Life

Universal Variable life gives you more control of cash value account policy features than any other insurance type. It pays a death benefit to the beneficiary you name and offers you low risk tax deferred cash value options. It offers separate accounts for you to invest in such as money market, stock, and bond funds. It offers premium flexibility. It allows you to make withdrawals or to borrow from the policy during your lifetime.

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