Individual Life Insurance
Barrett Hill Insurance can help you secure your family’s financial future. Life Insurance is deigned to cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living. One often overlooked use of life insurance is to provide an income stream for the surviving family members so that you can live the life to which you have become accustomed.
Term Life Insurance
Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a specific number of years. The insurance expires if the insured lives beyond the policy period, usually 10 to 30 years. Generally speaking, the longer term that you chose the more the policy will cost annually. However, you would not have to worry about writing a policy after the end of the term if you needed additional years.
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your lowest premium dollar. Your term policy will remain active and cannot be cancelled unless you discontinue the payments.
Universal Life Insurance
Universal Life is a great choice if you like a flexible policy. You get to chose your coverage level, your payment level within a set defined limit and the policy can grow a cash value based upon a predetermined schedule provided to you by the carrier. Universal life is generally considered as a hybrid of the more inexpensive term product with the cash benefit of a whole life policy. You cash value growth is dependent upon the term and frequency of the payments you choose to make.
Whole Life Insurance
Whole Life Insurance is usually the most expensive coverage. It provides permanent protection for the whole of life – from the date of policy issue to the date of the insured’s death, provided that premiums are paid. Premiums are locked for the life of the policy. We use whole life often for smaller policies for children or older adults that are looking to guarantee a death benefit or insurability. Whole life policies give you a death benefit with a savings or cash value which builds over time.
Life insurance is personal. We would be happy to tailor a life insurance program for your entire family. Our goal is to make sure that no spouse calls our office to find out that there family did not have any life insurance.