Life insurance helps protect your family, income, business, and financial responsibilities when life takes an unexpected turn.
START YOUR QUOTELife insurance helps protect your family, income, business, and financial responsibilities when life takes an unexpected turn.
The death benefit may help your loved ones cover everyday expenses, mortgage payments, outstanding debts, childcare, education, and final expenses. Certain policies may also include living benefits that can provide access to a portion of the death benefit after a qualifying serious illness.
At Insurhaus, we help you understand your options and compare life insurance products from multiple carriers.
Your income supports more than your current lifestyle. It may also support your family’s home, future plans, education, and financial security.
Life insurance can help provide funds for:
Life insurance is not only for married couples or parents. It may also be important for homeowners, business owners, caregivers, single parents, and anyone whose absence would create a financial burden for another person.
Purchasing coverage while you are younger and healthier may provide more options and better pricing. Waiting until your health changes could make coverage more expensive or difficult to obtain.
Term life insurance provides coverage for a specific period, commonly 10, 15, 20, or 30 years.
If the insured dies while the policy is active, the beneficiary receives the death benefit. Traditional term insurance generally does not accumulate cash value.
Term life insurance may be a good option for:
Some term policies may include a conversion option that allows the policyholder to convert to permanent life insurance during a specified period without completing a new medical examination. Conversion rules vary by carrier and policy.
Whole life insurance is permanent coverage designed to remain active throughout the insured’s lifetime, provided all required premiums are paid.
Whole life insurance typically includes:
Some policies may also earn dividends, but dividends are not guaranteed.
Loans and withdrawals reduce the policy’s cash value and death benefit and may cause the policy to lapse if it is not properly managed.
Whole life insurance may be appropriate for someone seeking permanent protection, predictable premiums, final-expense coverage, legacy planning, or long-term cash value.
Indexed Universal Life insurance, commonly called IUL, combines permanent life insurance with cash value accumulation potential.
Interest credited to the policy’s cash value is linked, in part, to the performance of a selected market index. The policyholder’s money is not invested directly in the stock market.
IUL policies may offer:
Interest crediting is subject to participation rates, caps, spreads, floors, and other policy limitations. Policy charges continue even when little or no interest is credited.
IUL policies require appropriate funding and regular reviews. Insufficient premiums, policy loans, withdrawals, changing interest-crediting terms, and increasing insurance costs may reduce policy values or cause the policy to lapse.
Universal Life insurance is permanent coverage that may provide flexibility in premium payments and death benefit amounts.
The policy’s cash value earns interest according to the terms of the contract. The policy must maintain enough value to cover insurance costs and other charges.
Flexible premiums do not mean payments can always be skipped. Paying insufficient premiums may reduce policy values and could cause the coverage to lapse.
Guaranteed Universal Life insurance is designed primarily to provide long-term or lifetime death-benefit protection.
It generally offers:
Required premiums must be paid according to the policy’s guarantee provisions. Late, reduced, or missed payments could affect the guarantee.
Final Expense insurance is generally a smaller permanent life insurance policy intended to help cover:
Some Final Expense policies offer simplified underwriting and may not require a medical examination. Eligibility, benefit limitations, and waiting periods vary by carrier.
Life insurance is traditionally designed to provide financial protection after the insured’s death. Policies with living-benefit riders may also allow the insured to access a portion of the death benefit while still living after a qualifying illness.
Depending on the policy, living benefits may be available for:
May allow access to a portion of the death benefit when the insured is diagnosed with a qualifying terminal illness and meets the policy’s life-expectancy requirements.
May provide access to benefits when the insured is unable to perform a required number of activities of daily living or experiences qualifying severe cognitive impairment.
Activities of daily living commonly include:
Some policies may offer benefits after a qualifying condition such as:
Living benefits are subject to the definitions, limitations, exclusions, and eligibility requirements of each policy.
Using living benefits reduces the death benefit remaining for beneficiaries. Rider charges and tax consequences may apply. Living-benefit riders are not replacements for health insurance, disability-income insurance, or long-term-care insurance.
Life insurance can also protect a company from financial disruption following the death of an owner, partner, or essential employee.
Helps protect a business following the death of an important owner or employee. Benefits may help cover lost revenue, recruiting expenses, debts, and other business obligations.
Life insurance may provide funds to purchase a deceased owner’s business interest according to a properly established buy-sell agreement.
Businesses may use life insurance as part of an executive benefit, compensation, or employee-retention strategy.
Employers may offer basic group life insurance or voluntary supplemental coverage as an employee benefit.
Employer-provided coverage may be limited and may end when employment ends. An individual policy provides protection that is not tied to a particular employer.
The appropriate amount depends on your income, responsibilities, family, business, and long-term goals.
Consider:
An Insurhaus advisor can help you review these needs and compare available options.
Choose Term Life Insurance when you need affordable protection for a specific period.
Choose Whole Life Insurance when you want permanent coverage, predictable premiums, and guaranteed cash value.
Consider Indexed Universal Life Insurance when you want permanent protection with flexible features and index-linked cash value potential.
Consider Guaranteed Universal Life Insurance when your primary goal is long-term death-benefit protection rather than substantial cash value accumulation.
Consider Final Expense Insurance when your main goal is covering funeral costs and smaller final obligations.
In some situations, combining term and permanent life insurance may provide a practical balance between affordability and lifelong protection.
Not always. Some policies require a medical examination, while others offer accelerated, simplified, or guaranteed-issue underwriting.
Possibly. Eligibility and pricing depend on your medical condition, treatment, age, lifestyle, and each carrier’s underwriting requirements.
Employer coverage is valuable, but the amount may be limited and the coverage may end when you leave your job. An individual policy can provide additional protection.
Yes. A person may own multiple policies when the total amount of coverage is supported by financial need and approved by the insurance carriers.
Life insurance death benefits paid directly to beneficiaries are generally not included in their federal gross income. Exceptions may apply, and interest earned on retained or installment benefits may be taxable.
Consult a qualified tax professional regarding your individual situation.
Life insurance cannot replace a person, but it can help protect the people, plans, and financial responsibilities that person leaves behind.
The best time to explore coverage is before an unexpected health or life change limits your options.
Contact Insurhaus for a personalized life insurance review.
Life insurance products, riders, benefits, premiums, underwriting requirements, guarantees, and availability vary by carrier and state.
Guarantees are based on the claims-paying ability of the issuing insurance company. Policy loans and withdrawals reduce available cash value and death benefits and may cause a policy to lapse.
This website provides general information only and does not constitute tax, legal, investment, or financial advice. Please review the complete policy, illustration, exclusions, limitations, rider forms, and carrier disclosures before purchasing coverage.
Tell us what you need and an Insurhaus advisor will help you review available options.
