Life Insurance
Life Insurance provides critical financial protection for you and your family, and helps cover the economic loss in the event of the insured individual’s untimely death. More than anything, a Life Insurance policy from the Hill & Stone Insurance Agency gives you peace of mind in knowing that you've protected your loved ones.
What Does a Life Insurance Policy Do for You?
In the event of your passing, life insurance provides money directly to your beneficiaries. This money can be used to:
- Make up for your lost income
- Fund your children’s education
- Reduce or eliminate household debt
- Pay for your funeral and other related expenses
There are many types of Life Insurance policies to choose from, and we can help you decide which type is right for you. Life Insurance commonly falls into 2 categories: Whole Life Insurance and Term Life Insurance.
Whole Life Insurance
Our Whole Life Insurance has helped provide financial security to families for generations. Our Whole Life insurance policies are customizable, and can be adapted to meet your family’s unique needs.
In addition to a death benefit, Whole Life Insurance offers a cash value component that can be put to good use during your lifetime. The cash value that accumulates in your policy can be used during your lifetime to fund various needs, such as a new home, mortgage protection on your current home, or your child’s education. It can also be used to supplement your retirement income, or even be used for charitable giving.
Features of Whole Life Insurance
- A guaranteed death benefit
- A premium that is guaranteed not to increase
- Tax-deferred cash value accumulation and the potential to earn dividends
- The ability to borrow from your policy’s cash value -- usually, on a tax-free basis
Whole life insurance is a good choice when:
- You need protection for your family or a business in the event of your death
- You have unique needs -- the policy can be customized through policy riders
- You want to accumulate cash value for use during your lifetime
Term Life Insurance
Term life insurance provides death protection for a specific period of time, and was developed to provide temporary life insurance protection on a limited budget. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is ideal for short-term goals such as paying off a loan.
We offer term insurance policies providing level premiums for 5, 10, 20, and 30 year periods. In most states, these policies can be renewed or continued at higher premiums up to ages 85 or 95.
Features of Term Life Insurance
- Affordable: Term Life insurance is well-suited for limited budgets or needs
- Adjustable: Term Life policies have adjustable premiums, meaning that the premiums can be raised or lowered. These adjustments are made as stated in your policy, and the premium can never exceed the maximum amount your policy specifies. Premium adjustments are based on projected changes in investment earnings, mortality experience, and other factors.
- Renewable: Our Term Life policies allow you to continue coverage past the policy’s original coverage period. Each time the policy is renewed, the premium is adjusted, based on your age at the time of renewal. The option for renewal is usually offered for a specific period, which varies depending on the type of policy.
- Conversion: Our term policies are convertible to age 75 in most states. This means that you can exchange your current policy for a permanent life insurance policy if your needs change.
Whether you need Whole Life or Term Life Insurance, we can work with you to develop just the right Life Insurance protection for you. For more information, please call us at 847-295-3030 or send us an email.