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Life Insurance

This type of coverage does not build cash or investment value.  It pays a lump sum benefit upon death of the insured.  See below for more details.

This type of life insurance policy builds up a cash value that has many benefits to the insured, such as borrowing against the policy or building a tax deferred investment income.  See below for more details.

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The death benefits for this type of life insurance policy are based upon how well the investment account it is tied to is performing (stock, bond or mutual funds).   Higher performance yields higher benefits, wherein poor performance will yield lower or no benefits at all.  Some policies offer a separate or extra premium for a set amount to be paid upon death of the insured.  

Whole-life policies combine term life coverage with an investment fund, and as long as you pay your premiums you are covered for life.  Part of your premium goes towards the term part that pays a fixed benefit upon your death, and part of your premium goes toward building taxed deferred cash value that you can borrow against. Some whole life policies offer plans in which you can pay a higher premium for a shorter, fixed period of time, such as 20 years, vs. your whole life.  

 

This type of policy combines term insurance with an interest earning money market account.  It has flexible terms that let you adjust your payment or coverage amount.  Because this account incurs expense charges, you will need to adjust accordingly to make sure your coverage stays active, in the event that the amount in your account becomes insufficient to meet premium payments.  You also have the option of building more cash value by paying premiums even when your account has ample funds to cover them.  

This type of coverage does not build cash or investment value.  Term life insurance covers you for a set period of time provided you pay the monthly premium, or in some instances, a lump sum in advance. The policy will pay to the named beneficiary the face amount of the policy (set benefit and/or lump sum) upon death of the insured within the stated term.  Depending on the policy, it may also make payments upon terminal or critical illness, in addition funeral expenses.  Annual-renewable term is purchased year-by-year, although you don't have to re-qualify by showing evidence of good health each year.  

Basic Types of Life Insurance  

Protect the people you love the most.

When you can’t be there, life Insurance helps pay for final expenses, your mortgage and taxes, it can also cover your children’s education and more. The professionals at Eichberg Associates have an expert level understanding of simple term life insurance, as well as the more complex cash value life insurance policies available through the various financial institutions and insurance carriers.  We'll ensure that you secure the right life insurance that fits your needs and circumstances, and we'll explain your options in terms you can understand.  

 

Please take some time to explore the information we've provided to the right and below on life insurance or call an Eichberg Associate to get started.

What type of life insurance should I purchase?

 

How much life insurance should an individual own?

 

Can I purchase life insurance for a spouse or my children?

 

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