Get the peace of mind, knowing you've helped protect your loved ones.
Life insurance can help provide for the people who depend on you financially if you can't be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child's education, and more.
Life Insurance is an area of expertise for Carolina Benefits Group and we can custom-tailor a plan that meets all your goals and objectives. We look forward to assisting you in leaving a legacy that you can be proud of.
TERM LIFE INSURANCE
Many consumers wonder, what is term life insurance and how does term life insurance work? For many, finding term life insurance information to answer these and other questions is a challenge.
Term life insurance provides coverage for a pre-defined period of time, or "term." The amount of the premiums can be fixed and remain unchanged for the duration of the term. While the length of the term and other specifics vary, the death benefit in a term life policy can stay the same for as long as 30 years. Term life coverage tends to be less expensive than whole or universal life coverage and is favored by consumers who know they want life insurance only for a specified period of time.
There are five main types of term life insurance:
Return of Premium
WHOLE LIFE INSURANCE
What Is Whole Life Insurance?
Whole life insurance is a life insurance policy that is also a way to invest money. It is referred to as a permanent life insurance policy because, as long as you pay your premiums, the policy is yours for life, providing your loved ones with a guaranteed benefit upon your death.
When you purchase a whole life policy, you decide what amount you want the face value of the policy to be: this can range from as little as $1,000 to the millions of dollars, depending on your needs and what you can afford. Once your premiums, which are based on your health, the policy's face value and, often, your credit score, are determined, they will remain constant throughout the life of the policy. Some of the money you pay as premiums is invested for you and is yours to keep should you decide to cancel your policy.
Who Should Consider Buying Whole Life Insurance?
Since whole life insurance premiums are relatively expensive, it is wise to consider it only if you have enough money to buy a policy with an adequate face value.
The younger you are when you buy your policy, the lower your premiums will be, so it may be a good choice if you are very young and healthy.
Whole life insurance can also be a good estate-planning tool for older people and a good choice for individuals who want the security of knowing that their policy will not expire and that they will never have to reapply for life insurance. This can be important if you are concerned that your health may make you uninsurable in the future.
Features & Benefits
Protection for life
Payments that stay the same each year
To be able to put additional money into the policy on a tax-favored basis
Cash value you can use while you are living
GUARANTEED ISSUE LIFE
If If you’re looking for an affordable way to help your loved ones pay your final expenses such as funerals, medical bills, or other consumer debts, guaranteed acceptance life insurance may be a good option for you. Coverage is guaranteed throughout the life of the policy and your premium will never increase. The guaranteed acceptance whole life insurance policy provides a limited benefit in the first two policy years. This protection helps provide you and your loved ones with peace of mind, knowing you’ve taken the right steps to address your final expense needs.
Features & Benefits
You can feel comfort in knowing you’ve helped to cover or close the gap on remaining final expenses with guaranteed acceptance life insurance. This affordable protection can help your loved ones meet the final financial obligations they might have when you’re gone. The death benefit is guaranteed for the life of your policy as long as you continue to pay the premiums.
UNIVERSAL LIFE INSURANCE
By definition, a UL policy is a form of permanent insurance that offers extreme flexibility in premiums. While it's similar to a whole life policy, it's better described as a flexible premium adjustable life policy.
With a UL, policyholders have a choice between paying just a minimum premium to cover the cost of insurance or paying extra funds toward cash value accumulation, which creates a fund that can later be used to pay premiums.
Universal life insurance policies provide the flexibility to build your policy's cash value or focus more on guaranteed protection.
Features & Benefits
Guaranteed Protection lets you choose, within limits, the length of the protection guarantee and the premium payment schedule up front both are then guaranteed not to change so long as the premiums are paid as planned.
Cash Value Accumulation grows through crediting interest rates. The cash value will grow tax-deferred and can be withdrawn or borrowed from the policy. It also allows you to change, within limits, your premium payments, and death benefit.
What Is Final Expense Insurance?
Final expense insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.
Burial expense insurance is an ideal investment for the aging population. If you are getting into the later years of your life and you are worried about providing enough financial protection for your family at the time of your death, this type of life insurance policy may be a tool to use. Although there are many forms of life insurance today, this particular type offers several key benefits you cannot find otherwise. Plus, it can be one of the most affordable insurance policies available to you.
The goal in purchasing this form of life insurance is that the people you list as beneficiaries of the policy will use the proceeds from a death benefit to pay for your burial, final medical costs and funeral costs. It is not a policy that has a design to provide your family with thousands and thousands of dollars to live off. This is why it is so important for those that are older. Seniors will benefit from these policies because of the lower face value of them. They are just enough to pay immediate costs.
With this reduced face value comes an additional benefit that most seniors will appreciate. That is a lower cost. Most policies require much smaller premiums, which means that you can make affordable monthly payments to obtain and keep this insurance. This is considerably different from larger, traditional life insurance policies where the premiums are expensive.
Although the policy is called "final expense insurance," it is no different than a traditional life insurance policy with a small monetary value.
Final expense insurance allows the named insured to feel safe knowing that funeral-related expenses are covered regardless of the statutes of their estate at the time of death.
106 LANGTREE VILLAGE DRIVE SUITE 301
MOORESVILLE NC 28117
MATTHEWS NC 28105
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