Life gives you lots of choices — especially when you're looking for ways to help protect the people you love, the business you've worked to build and the lifestyle you've established. Whether you're buying a home, starting a family or launching a business venture, basic life insurance protection can be the financial cornerstone for your objectives. While it is difficult to face our own mortality, planning for it can ease the burden our loved ones will face later.
Which life insurance is right for me?
Term Life Insurance : Term life insurance provides protection for a specified period of time. If the death of the insured person occurs within the time limits of the policy, the death benefit will be paid to the beneficiary. No benefits are paid if the insured person is still alive at the end of the covered term. Term insurance does not generate cash values. For this reason, term life insurance is one of the simplest types of life insurance and is usually the least expensive means of protection.
Return of Premium Term : The "NEW" term life insurance. Similar to term life insurance. However, all of your premiums (subject to policy terms) are returned if the insured person is still alive at the end of the covered term. Typical terms of coverage are 20 years or 30 years.
Whole Life Insurance : Unlike term insurance, whole life insurance is permanent (so long as premiums are paid to a specified age). It has no specified term. A whole life policy accumulates cash value. If the insured dies, the death benefit is payable (subject to policy terms). If the policy is surrendered before the insured dies, the cash value is payable minus any outstanding loans.
Universal Life Insurance : Similar to whole life insurance, but with some flexibility. This type of permanent insurance (subject to policy terms) generally allows for lower premiums from time to time and catch up the unpaid difference at any time, interest and penalty free, as long as the policy is in force.
WHat are the benefits of LIFE INSURANCE?
The benefits of life insurance are ...
Guarantees that in the event of the insured's death, a death benefit will be paid to the insured’s beneficiaries.
Permanent insurance provides a cash value component from which cash can be accessed for various financial needs such as college tuition, a down payment on a home, business opportunities and more.
CHIP: HEALTH COVERAGE FOR UNINSURED CHILDREN
Self-employed entrepreneurs often are challenged to find affordable, quality health insurance for their families. In Pennsylvania, there is a solution. A health coverage plan for children and teenagers known as Pennsylvania’s Children’s Health Insurance Program (CHIP) covers uninsured kids and teens in Pennsylvania who aren’t eligible for Medical Assistance. CHIP is supported by leading health insurance companies that offer quality, comprehensive coverage, and the program covers routine checkups, prescriptions, hospitalization, dental, eye care and more. Most kids receive CHIP for free, while others receive the same benefits at a low cost. Parents can apply any time for CHIP; there’s no enrollment timeframe or waiting period. If you are in need of health insurance for your children, please look into CHIP by visiting CHIPcoversPAkids.com or calling 800-986-KIDS.