Life Insurance

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through the challenges of selecting life insurance that meets your needs. Call us today to take the first steps toward improving your financial confidence.

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What do you mean, life insurance?

Life insurance is an agreement, or contract, between an insurance company and a customer. In the contract, the customer agrees to submit a specific amount, called a “premium,” in a series of payments in exchange for the insurance company agreeing to pay a lump sum to the designated beneficiary at the end of the insurance policy’s term, usually at the original policy owner’s time of death. This is, of course, the most basic definition of life insurance. There are two different kinds of policies: term and whole.

What are the differences between term and whole life insurance?

Term life insurance is when the policy owner pays for only a specific period of time, and the benefits to the heirs of the policy also only last for a fixed time period. In contrast, a whole life insurance policy, sometimes called “universal” life, is guaranteed for the duration of the policy owner’s life, as long as premiums continue to be paid. Whole life insurance plans can also provide quick access to funds, while also providing for tax-advantaged growth of wealth.

While both kinds of life insurance have their own benefits or disadvantages, you will want to speak to one of the licensed insurance professionals at The Lloyd Group, Inc. to determine which kind is right for you and your situation.

Why consider insurance as opposed to investing in other ways?

Depending on your financial circumstances, every kind of asset allocation strategy will pose a different set of pros and cons. The most important thing to consider is how to select an experienced financial professional who is ready to help you with your unique background, family circumstances and goals. Your financial professional might recommend insurance because the policies are guaranteed by the claims-paying ability of the insurance company, while investing in the market puts your assets at greater risk. Our experienced financial professionals at The Lloyd Group, Inc. may be able to help you determine what is in your best interests.

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The most important thing to consider is how to select an experienced financial professional who is ready to help you with your unique background, family circumstances and goals.

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Who Needs Life Insurance?

The answer is short and simple: Everyone. Everyone should have a life insurance policy, whether they are 26 or 76.

Why should everyone have insurance?

  • Funerals cost thousands of dollars, even for a simple cremation. Why place that burden on your family when you can provide the means for them to pay for funeral expenses?
  • Life insurance can cover the expenses of children who still live at home, utility bills, groceries or other costs of living.
  • Families are often left paying on outstanding debts, such as mortgages, jointly accrued credit cards or other loans. Insurance can cover that.

These are only a few of the reasons you should consider buying a life insurance policy. Contact one of the experienced financial professionals at The Lloyd Group, Inc. to learn more.

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This helpful retirement kit includes three separate guides that address several topics you should consider when planning your retirement.