At Frontier insurance Agency we design a life insurance product that is ideal for your age, goals, needs, health situation and of course your budget. below we highlight features of each type of life insurance. As Insurance brokers, we will work with many Life insurance carriers to get you the least costly life insurance rate while maintaining or enhancing your existing family insurance protection needs.
At Frontier, we have many carriers offering term insurance for just about any budget or term. Term insurance is primarily for individuals that are dealing with a limited budget, or only need insurance for a specific term, such as 10, 20 or 30 years. Unlike "Permanent" or "Whole Life" insurance which covers you for your whole life (hence the term), once a term insurance policy reaches the last year of its term, your coverage ends. As a result Term insurance costs significantly less than Whole Life, but at the end of the term, if you are "fortunately" still alive, you lose the bet and all of the premiums stay with the Insurance carrier.
ROP TERM (Return of Premium) INSURANCE:
ROP Term is term insurance with a twist. At the end of the term of the insurance policy you will receive back 100% of the premiums that you paid throughout the term of the policy. This hybrid, has recently become popular, and costs more than pure term, but less than whole life. At Frontier, we offer the most competitively priced ROP Term policies in the marketplace.
WHOLE LIFE or PERMANENT INSURANCE:
As mentioned above, Whole life policies protect you for your entire life, so obviously it is going to cost more, because eventually we will die, so the insurance company will eventually have to pay out! However Whole Life policies offer an advantage over Term life, in that whole life also accumulates cash value so that the longer you have the policy, the more cash value that the policy accumulates. Some Whole life policies also pay Dividends (primarily through Mutual Life Issuers), and this allows the cash value to grow at an accelerated rate, making the life policy a great vehicle to accumulate cash in a favorably taxed manner (the cash value grows tax free, and you can borrow from your policy at a very low rate and it is not taxable income). These added advantages makes Whole life insurance more advantageous to those who can afford the higher premiums, and who are interested in growing their cash value for their retirement years.
Another advantage of certain whole life policies is that before you purchase the policy, you will know what your cash value accumulation will be, at a specific time in the future. This is called Guaranteed Whole life, and it is a great advantage for those who want, or need a specific accumulation at a specific time in the future. This makes Whole life insurance a great financial planning and estate planning vehicle
OTHER TYPES of LIFE INSURANCE
Related types of insurance that we offer at frontier Insurance Agency include, Variable Life, Universal Life, key-man insurance, buy-sell insurance, ROP or return of premium insurance, insurance to protect your estate, mortgage insurance, permanent insurance, second to die insurance, and related family protection insurance.
Feel free to call us at the number below for a rapid quote or a free consultation to determine which life insurance product is best for you based on your particular needs and situation. Contact Robert of Frontier Insurance Agency at (201) 868-2828.
For a free consultation, call Frontier Insurance Agency at (201) 868-2828, or email us with any question at firstname.lastname@example.org and we will respond to you the same day.