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LIFE

Its YOUR life! Protect it! Get a quote now from our trained professionals! 

Nothing matters more than your life and the loved ones you surround yourself with. Empire Insurance Netwrok is here to help you navigate your life insurance needs.

What is Life Insurance?

Life insurance is surely not a one size fit all. There are many options to choose from and vary by person. What are the different types of life insurance? We are glad you asked!

 

Term Life Insurance

Term life covers you financially for a set amount of years (like 10, 20, 50, etc.). After you select the amount of time you want to be covered, your premium stays the same the duration of your coverage. Term life insurance can be considerably less than permanent life insurance.

 

  • Income replacement during the years you work

  • Specific period of time of coverage

  • Less expensive than permanent

  • (Normally) fixed premiums

  • No investment options

  • Does not help build equity

 

Universal Life Insurance

This is a form of permanent life insurance. This means that you will have lifetime coverage. Universal Life Insurance is flexible and allows you to raise or lower your premium payment throughout your lifetime.

 

  • Wealth transfer

  • Protects income

  • Tax-deferred wealth accumulation

  • Flexible protection, but most use it for lifetime

  • (Normally) More expensive than term

  • Flexible premiums

  • No investment options

  • Could help build equity

 

Whole Life Insurance

This is a form of permanent life insurance. This means you will have lifetime coverage. Payment are normally fixed and you accumulate a cash value (tax-deferred) over time.

 

  • Wealth transfer

  • Preservation of income

  • Tax-deferred wealth accumulation

  • Lifetime protection

  • (Normally) More expensive than term

  • (Normally) Fixed premiums

  • No investment option

  • Could help build equity

 

How are rates determined?

 

Insurance companies normally assess the amount of risk you pose – health related – to determine the premium you pay. Your health standings do not affect your time duration of coverage or how much coverage you can take out. Normally, assessors look at your health, your family medical history, and the type of lifestyle you live. Someone who smokes tobacco would be higher risk than someone who poses no medical threat at all, thus, the tobacco smoker will have the higher premium.

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(860) 283-0278