Individual Life Insurance

Individual Life Insurance

Your family deserves to be protected and life insurance from GPS Insurance Agency, LLC can help you secure your family’s financial future should something happen to you. Life Insurance coverage can help provide the funds your family will need to do such things as: cover burial expenses, pay for uninsured medical bills, pay off your mortgage or other unpaid debts, and maintain their current standard of living.

There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:

Term Life Insurance

Term Life Insurance can provide maximum coverage for your family without a high cost. You receive protection for a limited number of years and then the insurance expires without value if the insured party lives beyond the term of the policy, which is usually 5 to 20 years. There are also other policy life periods available, such as 1 year annual renewable term.

During the guaranteed policy time period (term) that you select, term insurance premiums will not increase. Term Life Insurance benefits are paid only if you die during that term. This is the way term insurance is able to provide the greatest insurance protection for your premium dollar.

Term Life Insurance remains active as long as premium payments are current, and as long as there are no misrepresentations on the application. Once the payments are discontinued – the insurance coverage is terminated.

Universal Life Insurance

Universal Life Insurance has a greater flexibility. With Universal Life, you as the policyholder are able to determine the amount and frequency of premium payments – i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance portion as well as the savings or investment portion and the expense portion. With Universal Life, there is an investment portion in which the stated interest rate changes in flux with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.

Whole Life Insurance

Whole Life Insurance provides a more permanent insurance solution. The insured is covered for the whole of life – from the date of policy issue until the date of the insured’s death, as long as the policy premiums are paid. Premiums remain constant for the life of the policy and are set at the time of policy issue. Whole Life Insurance also has the benefit of combinging insurance protection and savings or cash value which can build up over time. This cash value may provide an extra or alternative source for financial benefits, being helpful for such things as funding a child’s education, paying off your mortgage. And if your policy is ever cancelled, their may be a cash surrender value for the policy.

The details for each of these products are continually changing so you want the latest information on the policies that are right for you. Let us help you find the right information and policy for your needs and family!