Life Insurance

Agency 54 is a licensed independent agency for life insurance. We work for you, the insured, not the insurance companies.

Even if you’re the healthiest person alive there’s always that chance you could fatally fall into a giant pit of human eating alligators. Statistically that scenario shouldn’t concern you but death is an unapologetic party pooper that will find a way to end the fun.

That being said, it’s time to think about having a sound, just-in-case plan so your loved ones are not stuck paying your tab.

Life insurance is a contract between you and an insurance company where you give them money, and if you were to die they would give the set amount of money to whomever you choose.

The Benefit of Life Insurance.

You don’t want to be leaving your loved ones with a pile of debt and expense. If you think about it not only would your family have to grieve your death, they would also have to figure out how they’re going to pay for everything.

Reasons for Owning Life Insurance.

– Cover burial and other final expenses
– Help replace lost wages/income of a wage
– Transfer wealth or leave an inheritance
– Help pay off the mortgage

– Supplement retirement income
– Pay for home care expenses
– Pay for estate taxes or Create estate liquidity
– Provide funds for a college education

– A tax advantaged way to save and invest
– A way to make a charitable gift
– Business purposes

The Basics About the 3 Types of Life Insurance.

  • Term Life Insurance.
    Term life insurance is more of a temporary plan that covers you for a period (term) of time; usually 10, 20 or 30 years. If you stop living within that timeframe a set amount of money would go to the people/person you choose.
  • Whole Life Insurance.
    This is a similar concept as term, but this policy is forever or until you die. It also includes additional benefits.
  • Benefit #1.
    It has a savings account that accrues money. Eventually if you continue to not die, it will hit the policies coverage amount. At that point the insurer will give in and say “you have enough cash in your savings now; as much or more than what we would pay out so you don’t need us anymore, so Good luck not dying!”
  • Benefit #2.
    Whatever cash you accrue, you can borrow, but to no surprise you’ll eventually have to pay it back to continue your coverage.
  • Universal Life Insurance.
    It’s a lot like the whole life plan but with more benefits and options. Instead of a standard savings account you also accrue interest.
    Flexible Payment Plans – You can kick in more money than your payment to take advantage of the additional interest. Not only can you borrow from this account, but you can also skip payments without penalty as long as the account has cash value (money) in it.

How Much Does Life Insurance Cost?

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