LIFE INSURANCE CAN HELP YOU FULFILL PROMISES YOU’VE MADE YOUR FAMILY WHEN YOU ARE GONE.
Don’t leave the future of you and your loved ones to chance. The Insurance Ninjas at Cordell Insurance Agency can help you find the right life insurance coverage for you, and help ensure that your policy continually meets your needs. For each of our neighbors in Nashville, Middle Tennessee and Kentucky, the right life insurance policy will be unique for you. It will also depend on your personal and financial needs. As your life changes, your coverage may need to change in order to adapt to your current needs.
Life Changes That Merit A Policy “Tune-Up”
- New child/grandchild
- Child/grandchild requires assistance or long-term care
- Planning for a child/ grandchild’s education
- Recently purchased a new home
- Refinanced your home mortgage in the past six months
- Your health or your spouse’s health has deteriorated
- You are providing care or financial assistance to a parent
- Concerned about retirement income
- You or your spouse recently received an inheritance
- You have a sizable estate
- Opened or expanded a business
Types of Life Insurance Policies
We want you to understand the type of policy that works for you. That’s why we want you to look over the similarities and differences between Term, Whole and Universal life policies below.
Term Life Insurance
- Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start.
- It’s generally less expensive than permanent (whole life) insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period.
- Furthermore, a term policy is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
Whole Life Insurance
- Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy.
- A whole life policy can be an investment opportunity, as many whole life policies also build cash value over time.
Universal Life Insurance
- This is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure.
- A universal life policy can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.
How Much Life Insurance Do I Need?
- At minimum, we recommend you have enough insurance to cover your funeral expenses.
- However, to better protection for your family, we recommend that you have 5-10 times your annual income in coverage to make sure your family is financial secure in the event of your death (see death benefits below).
- If you are not working but care for family members, we still recommend that you have life insurance. In the event of your death, what would it cost for your family to receive the care you provide?
Life Insurance Death Benefits:
- When you pass away, your policy provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need.
- Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Life Insurance Living Benefits:
- The cash value growth of a permanent (whole life) policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn.
- Loans or withdrawals can be taken against the cash value of a permanent policy to help with expenses, such as college tuition or the down payment on a home.
PROTECTION FOR YOU AND THE ONES YOU LOVE
The right life insurance coverage for each and every one of our neighbors in Nashville and Middle Tennessee is unique. Contact one of our Insurance Ninjas so that we can sit down with you and make sure you are properly covered. Because we are independent insurance agents, we work with multiple companies to compare policies. That way we can get the most competitive rate for you. When we provide coverage, we help you handle claims. You need an Insurance Ninja!