Individual Life Insurance
Marriage, mortgage, children are all reasons to have a financial security plan. Hubbard Insurance Group help individuals and families like you plan for this security.
We pride ourselves on developing a relationship with you so we know what you need and can anticipate some areas of planning you may not have thought of. We have the expertise, experience and the resources to make this a simple process. We can offer a wide variety of insurance and investment products for you.
Life Insurance benefits will vary depending on the type of coverage and protection you are looking for. There are a variety of options to select based on your individual needs. A life insurance policy can provide the benefits of protecting your family in the event of your death, to pay off mortgages, debts, or other related expenses.
The two most important attributes of life insurance you need to understand are the premium and the death benefit.
The death benefit is the amount that will be paid be paid out to your beneficiaries when you die.
The premium how much are you paying monthly for the insurance. This is the ‘cost’ of the insurance and the attribute that varies the most in life insurance policies. Insurance premiums are based on the concept of risk, the higher the risk means the higher the claim amount and that dictates a higher premiums. With life insurance the primary risk factors are age and health status. Therefore the younger and healthier you are when you sign up for life insurance the less costly it will be.
Types of Life Insurance
Term Life Insurance
Term life insurance is an affordable option for those looking for temporary insurance for specific concerns, such as providing income to survivors so that they may maintain their standard of living, cover mortgage payments or stay home with young children. Insurance companies smooth out the premium costs (and increases as you age) over periods of time or ‘terms’. Terms can be 10 year term, 20 year term, 30 year term. Rather than increase your premium each year as you age, they charge you the average premium over the term.
Permanent Life Insurance
Permanent life insurance levels your premiums over your life. There are two types of Permanent Life Insurance.
1. Whole Life Insurance
As the premium is level over your life, in the early years your premiums are actually far higher than the company’s costs. This additional premium is saved up and placed on “reserve” inside your policy. These “reserved” premiums build up and are then used to manage the additional cost of life insurance at the later ages. This is a “pay more now to pay less later” concept.
If you cancel your policy, the insurance company will actually refund you a percentage of that reserve as they will no longer need it to pay the later costs since you just cancelled. This refund of your overpayment of premium is called a cash surrender value or cash value.
Whole life insurance policies build equity similarly to purchasing a home with a monthly mortgage. It can be used as part of estate planning. Most whole life policies have fixed rates, which make them a great choice for those who like to plan their budgets with fixed costs.
2. Universal Life Insurance
For maximum flexibility and lifelong financial protection, Universal Life insurance gives you all the benefits of permanent life insurance with added investment options. Any premiums paid above the insurance costs are placed into an investment account. The amounts are variable and defined by you. This allows you to decide how much over the total premiums you wish to make as contributions into the investment component of the policy.
Those investments should increase and grow over time, however they are not guaranteed as they follow the trends of any investment. For example a stock market crash can cause a decrease in your investments of your universal life insurance policies.
What is the best type of life insurance? Well that depends on you! We at Hubbard Insurance Group are able to review all these areas of your insurance portfolio. We build a relationship with you to learn your needs, wants and goals so we can work with you in protecting the areas of your life and lifestyle.
Contact one of our Benefits Specialists today and let’s get working with you! Email us at better@hubbardinsurance.com or call 905.696.9090 where you’ll be “Well Advised. Well ProtectedTM.”
Alternatively fill out the Get a Quote form and we will contact you as soon as possible.
Other Insurance Coverage to Consider
Health & Dental Insurance
Significant unexpected healthcare and dental care expenses can be covered relieving the burden from you and your family.
Call Toll Free 1-800-900-2009