Maria Giacalone-Mozo

Life Insurance

Protection For Your Loved Ones

There are two basic types of life insurance that you should know about: term and permanent. Term life insurance is typically the most cost-effective type of life insurance. If the insured dies during the term, the death benefit will be paid to the beneficiary. If the term ends and the insured person is still alive, the insurance coverage ends. Coverage may be continued however it can be at a higher rate based on the insured’s current age and health status so it’s important to understand the policy in its entirety. Permanent life insurance includes whole life, universal life, and variable life policies. Permanent insurance provides coverage for the duration of the insured’s lifetime, provided premiums are paid to keep the policy in force, with the benefit paid upon the insured’s death. Unlike term life, permanent insurance offers the potential to build cash value in the policy.
Life insurance can fill a wide variety of needs, from providing funds for high net worth individual’s heirs to pay estate or inheritance taxes to ensuring financial support for a child with special needs should a parent die. Working with a trusted financial or other professional can help you understand how life insurance works and which type, if any, is right for your situation. As an independent office with no insurance company affiliation, we have access to over a hundred different life insurance carriers to help our clients with their protection planning.

*The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.