LIFE INSURANCE

Life Insurance - Quincy, Illinois

LIFE INSURANCE

Basic life insurance policies have been available for several centuries, at Winters Insurance, we offer a number of variations to meet all our clients’ needs:

Term Life Insurance

The simplest life policies pay a fixed sum on the death of an individual within a specified time period.

Take out one of these policies and you will make a monthly payment during the period of the policy, which may be a fixed term of years, or may expire upon you reaching a specified age.

There is no investment element to these policies and no benefit will be payed if you live until the end of its term. The policy can of course then be renewed, but premiums may well be revised.  

Whole Life Insurance

Whole life policies offer protection for the duration of an individual’s life. Premiums are fixed and need never increase, but most importantly, these policies also offer an investment benefit.

Over time the policies will grow a cash value which may be realized in the form of dividends or as an asset which can be used as security for loans.

It’s important to understand that any money used in this way will reduce the amount of the final death benefit and may also incur a tax liability.

Universal Life Insurance

Similar to whole life policies, universal life insurance offers greater flexibility. The policy builds a cash value over time but the premiums payable and the final benefit may be altered to suit the individual’s changing circumstances and needs.

Another important advantage is that premiums are split by the insurer into the two elements of life insurance and investment. Returns on the investment element can if necessary be used to pay the premiums on the insurance element so that the policy remains live.   

Variable Universal Life Insurance

These policies are a variation of universal life insurance policies. The main difference is that they offer significantly greater options in their investment elements.

Premiums can be allocated to various sub-accounts such as stocks, bonds or money markets. If returns differ, value can be transferred between these accounts several times a year and cash can accumulate on a tax deferred basis.

It needs to be understood, however, that the insurer will always protect its position, so that low or negative investment returns may result in increased premiums becoming payable.   

Indexed Universal Life

Another variation of the universal life policy, these rely on the investment component of the policy being linked to a major financial market index such as the S&P 500.

While potentially very profitable in the long-term, there are pitfalls in the way these policies are structured and specialist impartial advice is essential before beginning.

Second to Die Life Insurance

Also known as “Survivorship” or “Dual-Life”, and generally used within families as a means of financial planning, this type of policy insures two people, usually a married couple, but means that no benefit passes to the survivor of the two insured. Instead, the insured sum is paid on the death of the survivor – normally the children of the couple. 

Winters Insurance Group

The life insurance field has become increasingly complex, and expert independent advice is imperative if you are to get the right policy for you and your family.

The Winters Insurance Group is an Independent Agency representing various major insurance companies which offer life insurance in Quincy IL.

Contact us today for detailed advice on your specific needs.

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