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Roughly defined as protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium, insurance is something a homeowner does not want to take for granted. A Laurent & Associates sales professional can assist you in understanding individual policies and selecting the right insurance for your needs.
Personal Property
Life & Health
Auto
Flood
Homeowners |
Renters
Accidental Death
Annuities
Disability
Long Term Care |
Medicare Supplement
Mortgage Life
Term Life
Universal Life
Whole Life |
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What Is Whole Life Insurance?
As its name states, whole life insurance provides protection for your whole, or entire, life. Featuring simplicity and guarantees, your policy requires no administration or management on your part, since all policy values - death benefit, premium, rate of cash value accumulation - are locked in at the time of purchase.
As long as all premiums are paid, coverage will not expire and cannot be cancelled by the insurer. Even if your health deteriorates and you become otherwise uninsurable, your policy will remain in force and accumulate cash value at the guaranteed rate regardless of changes in the economy.
What is Universal Life Insurance?
Universal life insurance is designed to offer maximum flexibility by combining some of the key features of whole life insurance with some of the advantages of term life insurance. For example:
You have an option to pay a higher or lower premium amount each time a premium is due (the amounts depend on individual policies set by the insurance company.)
A percentage of the premium paid goes toward building the cash value in the policy. So, if you pay a higher premium, more money will be applied to the cash value of the policy than if you pay a lower premium.
In times when your financial situation is tight, you can pay premiums as though your Universal Life policy were a term policy.
At times when you have more money available, you can pay as if it were a whole life policy and accumulate cash value on a tax-deferred basis.
If you need short-term life insurance protection for the lowest immediate premium outlay, term life may be the product for you.
What Is Term Life Insurance?
Term life insurance provides death-benefit-only protection for a selected period of time, or term. For millions of Americans, term life insurance enables them to "stretch" their insurance dollars during times of high protection needs - such as until children are grown or to make sure a loan can be repaid if the borrower dies prematurely.
What Is Homeowners Insurance?
This coverage helps limit your financial losses if your home or its contents are damaged, destroyed or stolen. For an affordable annual premium, if you are adequately insured, homeowners insurance shifts the bulk of the exposure to the insurance company.
So, depending on your policy, if your possessions are lost or damaged owing to fire, theft, vandalism, storm or another covered disaster, your homeowners insurance can help rebuild, repair or replace the asset. It can also pay damages if someone is hurt on your property. (Note that flood damage is not covered under homeowner's policies and must be purchased separately.)
What Is Mortgage Life Insurance?
This life insurance (sometimes called "home assurance" or "mortgage cancellation insurance") helps protect your family's financial security by paying off all or a portion of your mortgage balance (subject to individual policy coverage limits) if you die prematurely.
Who Needs Mortgage Life Insurance?
You may - if you own a home and want to make sure your family can remain in it if anything happens to you. Mortgage life insurance helps answer the question: "Could my family afford to live in our home if my income were no longer available?"
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