Many individuals consider life insurance to be the cornerstone of a sound financial plan. While no one likes to think about passing on, life insurance can relieve you of the financial worry your loved ones may face in the event of your passing.
Your beneficiaries will be able to use your life insurance policy to help pay for anything from funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to make mortgage payments and pay the monthly bills so the family can stay in the home.
Horizon knows that choosing a life insurance plan is a big decision with many important factors to consider. Let us help you walk through the process and provide you with the best insurance solution to give you and your family peace of mind.
Term Life: This is typically the simplest and least expensive option. Term life provides coverage for a specified period at a fixed rate. It is a policy that is used primarily to cover financial responsibilities of the insured with a benefit to be paid only if the insured passes during the policy period.
Whole Life: Like term insurance, but you buy the policy to cover your “whole life” instead of a specified period. Whole life policies guarantee a death benefit for the lifetime of the insured as well as a cash value account for savings. Your premium remains level during the policy while payments over and above your insurance cost are credited to savings which earns interest.
Universal Life: Like whole life insurance, but with more flexibility. Universal life also can cover you for your whole life as well as build a cash value which earns interest. Due to the flexibility with your premium, you don’t get the same guaranties as a whole life policy.
Mortgage Protection: Mortgage protection is a simple and affordable way to safeguard your family against the financial burden of an outstanding mortgage in the event of your death. Paying off the balance of your mortgage keeps your family in the house that they have come to call home.
There are several variations to life insurance. Horizon can work with you to review your current situation, discuss options available to you, and continue to work with you as you progress through life to adjust your policy as needed.