Individual Life Insurance and Term Life Insurance
Life Insurance Products
Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents will not have to sell assets to pay outstanding bills or taxes.
An important feature of life insurance is that no income tax is payable on proceeds paid to beneficiaries. The death benefit of a life policy owned by a C corporation may be included in the calculation of the alternative minimum tax.
Permanent insurance provides lifelong protection and is known by a variety of names. These policies are designed and priced for you to keep over a long period of time. If you don't intend to keep the policy for the long term, it could be the wrong type of insurance for you. Horowitz and Associates offers a variety of Permanent Life Insurance, including the following most popular types:
- Whole Life or Ordinary Life
- Universal Life or Adjustable Life
- Variable Life
Term Life Insurance:Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Level term products are the most popular plans purchased today. The level term can be from 5 years to 30 years. The premium and death benefit are designed to stay level during the term of the contract. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 30 years. The premium rates increase at each renewal date. Most policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.
Please fill out our quote request form on our Contact Page, or give us a call today so that we can assist you in finding the RIGHT policy for your unique needs.
Final Expense Insurance:
Final expense insurance provides cash when needed to cover funeral and burial expenses of a loved one. The standard benefits range from $5,000-$25,000 and oftentimes, final expense insurance can provide funds to your family within a day or two of passing, because the grieving period is no time to be making complicated financial decisions.
As opposed to traditional life insurance, there is either simplified underwriting and/or no medical exam required. As with most permanent insurance options, premiums are guaranteed not to increase over time. As with all of our products, the agents at Horowitz Insurance Agency have access to several A-rated carriers to customize a program that fits your budget and needs.