Life Insurance

Mark A. Lamb offers a wide range of life insurance options to ensure you and your loved ones are protected in the of the unexpected. With his comprehensive coverage options, you can have peace of mind knowing that your family's financial future is secure. Contact Mark Lamb today to learn more about his life insurance.

An important investment you can make for your family.

Individual life insurance is arguably one of the biggest investments you can make for safeguarding the future of your loved ones.  It can be complicated, but don’t let that put you off.  Discussing and understanding the different types of life insurance coverage will help you make the right decision for you and your family.

What you need to consider before getting life insurance?

The premiums you pay depend mostly on your age and medical history, along with the amount you want the policy to payout.  Many policies require a medical examination to qualify, so if you’re healthy you’ll likely find the lowest premium for better coverage. Your situation is unique, and the life insurance policy you choose should fit your specific needs.

What are the types of life insurance coverage?

There are two primary types of life insurance.  Term life and Permanent life. 

Term Life Insurance

In addition to being the most affordable type of life insurance, it’s generally the most popular type of life insurance sold.

Term life insurance provides coverage for a certain amount of time and the premium payments stay the same amount for the duration of the policy. Typical choices are policy lengths are 10, 15, 20, 25 or 30 years.

If you pass away within the term of your policy, your beneficiaries can make a claim and receive the death benefit money, tax-free.

Permanent Life Insurance

Intended to provide lifelong coverage. The premiums are higher than term life because it:

• Can last for the duration of your life.

• Usually builds cash value.

• Has internal policy costs, which could potentially be high.

The cash value component accumulates on a tax-deferred basis over the life of the policy. It acts as a savings portion of the policy. Typically, you can borrow against the policy’s cash value or make a withdrawal. If you decide to end the policy, you can get the cash value minus any surrender charge.

In most policies the cash value builds slowly over the years, so don’t count on having access to a lot of cash value right away.

There are two main types of permanent life insurance:

• Whole life insurance offers a fixed death benefit and cash value component that grows at a guaranteed rate of return. Many whole life insurance policies pay out dividends that can be used to reduce premium payments or can add to your cash value.

• Universal life insurance often offers more flexibility than a whole life insurance policy. You may be able to alter your premium payments and death benefit, within certain limits. With a universal life insurance policy, the cash value will build depending on the policy type. For example, an indexed universal life insurance policy will have cash value tied to an index such as the S&P 500. A variable universal life policy will typically have investment subaccounts that you can choose and manage.

Are you interested in life insurance to protect the future of your family and loved ones?  Contact us today.