Life Insurance
Finding the Right Plan for You
Life insurance plans come in many shapes and sizes. In order to select the best plan for you, you need to carefully weigh your personal and family needs. Our years of experience provide us with the expertise to give you the answers you are looking for. FHK represents a large number of top-rated carriers, and we can help with the wide variety of policies.
Life Insurance Plans and Available Options
Term provides coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is considered “pure,” where the premium buys a death benefit with no cash value or dividends. Term is useful for those who want maximum death benefits with lower premiums.
This plan provides a level premium for the life of the policy. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values and fixed premiums.
Cash values can be accessed at anytime through policy loans. Some clients will use their cash values to pay premiums in later years.
Premiums on Whole life policies are much higher than Term life policies because the premiums stay fixed as the client ages.
Universal is a plan intended to provide permanent coverage with greater payment flexibility and potential for greater growth of cash values. There are several types of universal life policies which include “interest sensitive” (also known as “traditional fixed universal life insurance”), variable universal life (VUL), and equity indexed universal plans.
Universal life plans will perform better in a higher interest rate environment and rates of return on the cash value will change on a yearly basis.
We understand that choosing a plan may be overwhelming, which is why we take the time to sit down and go over all of your options with you. We will help find the right plan for you, your family and your budget. Our office specializes in life insurance and we bring the FHK different of personalized, local service at no additional cost to you to make the decision process smoother.
If you are looking for more information on end of life planning or life insurance, please contact our office at 414-228-7555.
