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Life Insurance

New to life insurance? At Árachas Group, our experienced staff will answer any questions you have about this essential insurance product.

To help get you started, here’s some useful information about how to select the coverage that will be best for you:

Basically, life insurance is a contract. In return for premium payments, the insurer then makes a lump-sum payment to the insured’s beneficiaries when the insured dies. This payment is known as a death benefit. Generally, life insurance is selected according to the goals of the policy owner. Term life insurance gives protection for a set period of time. Whole or universal policies provide lifetime coverage. Note that death benefits, regardless of the type of insurance, are usually free of income tax

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The most common varieties of life insurance are:

Term life insurance: financial protection for a period of time, such as 20 years. With traditional term, the premium payment amount remains the same throughout the coverage period. At the end of the coverage period, continued coverage may be offered but usually at a higher premium. Generally less expensive than permanent life insurance, the payment from term life is intended to income lost from your working years. It provides your beneficiaries with a valuable safety net that helps families continue to pay major expenses like mortgages or school tuition.

Universal life insurance: a form of permanent life insurance created to give lifetime coverage. Unlike whole life, universal policies can be flexible, allowing you to lower or increase your premium amounts as needed during your lifetime. Because it gives lifetime coverage, universal life insurance usually requires higher premiums than term life insurance. Universal life insurance is frequently used as part of estate planning to help preserve funds so they can transferred to your beneficiaries. Some universal life insurance products provide both death benefit coverage and cash value. Others provide guaranteed death benefits.

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Whole life insurance: a variety of permanent life insurance for lifetime coverage whole life generally has higher premium payments when compared to term life policies. The premium payments are usually fixed. Unlike term, whole life policies have a cash value that may accumulate on a tax deferred basis over time. Whole life is a valuable tool for estate planning and will help you preserve the savings you plan to give your beneficiaries.

Give the Arachas Group a call today at 630-289-4410 for more information on our outstanding life insurance products.

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