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Dawson James Financial
Services, Inc.
can assist you in determining your personal, family and business life
insurance needs. Already have life insurance? Did you know that one
of the few costs that have been decreasing every year is the cost of
life insurance! Why? People are living longer. If your policy was purchased
prior to the year 2000, rates may be based on the 1980 or 1956 mortality
tables. In other words, the same policy may cost less today; perhaps
reducing future premiums for many years to come.
It’s easy to find out how much money
you could be saving. Just send an email
and one of our professional licensed associates will help you design
an insurance solution. To assist you in your needs, we would like you
to examine:
•
Term Insurance
•
Permanent Insurance
Term Insurance is
life insurance for a period of time. For example, if you purchased
$250,000.00 of 20 year renewable term, your initial rate remains the
same for 20 years. At year 21, the policy would “renew” at
a higher rate and increase each future year. Variation include 10,15
and 30 year renewal term and decreasing term (for a mortgage or amortized
debt). On the plus side, term insurance initially costs less than permanent.
The negative is that term (over time) will cost more and does not accumulate
cash value.
Permanent insurance has many names, but most plans have
a level premium and accumulate cash values. Marketing names include
whole life, limited pay life, universal life and endowment. Why would
you buy a permanent plan? Some needs are permanent, such as funding
final expenses. Lower net cost can be achieved (over time) utilizing
a permanent plan instead of term. Interest, cash accumulation and dividends
can also enhance this type of coverage, along with the ability to skip
premiums, change insured, access cash value, etc. In certain divorce
proceedings, permanent plan premiums are tax deductible.
Is term or
permanent the better choice? It doesn’t matter to the beneficiary;
who will only ask “how much?” Therefore, it is our approach
to make sure your needs are documented and properly insured.
Dawson
James Financial Services, Inc. searches the marketplace for you, seeking
multiple price and benefit options. The final choice is yours; with
the knowledge you cannot buy the same plan anywhere else for less.
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