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CareersProtect the people you love by leaving them peace of mind. We'll help you decide the right plan for you and your loved ones.
The Right Life Insurance Plan
Life insurance provides financial security for your loved ones. It might be uncomfortable to start the conversation about life insurance and it's difficult to know where to start. But if you have people who depend on you for financial support, then life insurance is really about protecting them in case something happens to you. With the right life insurance plan, your designated beneficiary would collect a financial benefit upon your passing to cover lost income and help pay for expenses such as those related to housing, raising children, or paying off debts. Life insurance can be confusing, but a North Risk Partners advisor is here to walk you through each option so that everyone can have peace of mind.
When Should I Get Life Insurance?
It's always a good time to start the conversation about life insurance, but here are some examples of life events when it makes sense to start thinking about acquiring or changing your life insurance policy:
- New Homeownership
- Home Renovations
- New Children
- Teenage Drivers
- Retirement
- Valuable Purchases
- Marriage
- Purchasing or Selling a Business
Types of Life Insurance
Term Life Insurance
This is the simplest and generally the lowest cost of life insurance plans. You buy coverage for a specific period of time. Once the term is expired, you usually have the option to renew, but premiums can increase based on age and health factors. While there is no cash value, benefits will be paid out upon your passing.
Whole Life Insurance
You purchase this policy to cover your entire life from the start of the policy until you pass, as long as you keep paying premiums. Premiums remain consistent throughout the policy, meanwhile as you pay premiums the company then invests a portion of your premiums to create cash value. These are more expensive than term policies early on, however the value of the policy builds over time as the regular payments don't change.
Universal Life Insurance
This policy is similar to whole life insurance but there is a higher potential for larger cash value returns and savings earnings. It is more flexible in terms of changing premiums and actual value throughout the term of the policy. There is typically a guaranteed return on the cash value. Disadvantages include higher fees and the possibility of increasing premiums.
Indexed Universal Life Insurance
Another variation is indexed universal life insurance (IUL). IUL policies have the most potential to grow because they tie the cash value amount to a financial index. When a premium is paid, a portion covers the cost of the fixed benefits, while another portion covers the fees associated with the policy. The remainder is added to the cash value balance, where it can accrue tax-deferred interest at the rate of the designated financial index.
Reliable Coverage You Can Count On
Each type of life insurance policy is created to meet a specific need. Our North Risk Partners life insurance team can help you learn what policy best fits your needs. When you request a life insurance quote, we'll walk you through each option to find out what is right for you and your loved ones.