Life Insurance

Service Description

LIFE INSURANCE STRATEGY Our goal at Holt Family Insurance Group, LLC is to help you understand your options for life insurance, and lay out the best possible policy to meet your needs and objectives. It is also our mission to ensure current policy owners have a full understanding of their life insurance, including living and death benefits. TYPES OF LIFE INSURANCE Term Life is the simplest and usually the cheapest type of life insurance that pays the face amount of the policy in the event that the insured dies within the coverage period (term) but pays nothing if he/she outlives it. Roughly 2% of term policies actually pay out due to the policy owner outliving the coverage period. Universal Life is a type of flexible, permanent life insurance offering the low-cost protection of term life insurance, as well as a savings element which is invested to provide a cash value buildup. Premiums are adjustable and may have to be increased to reach the objective of the policy owner. Whole Life Insurance covers an individual until his/her death, unless it lapses due to non-payment of the premium or the policy is cancelled. Whole Life Insurance builds up a cash value, called cash surrender value, and pays a fixed death benefit. Unlike term life insurance, the premium amount remains constant despite the advancing age of the insured. Single-Premium Whole Life Insurance (SPWL) is a type of life insurance in which a lump sum of money is paid into the policy in return for a death benefit that is guaranteed to remain paid-up until you die. Contact us for a consultation to review your current Life Insurance Policy, or to discuss which option is best suited for you.