Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living. Contact Modab Insurance for help deciding which Life Insurance policies are right for you and your loved ones.
Life Insurance policies to help make sure you and your loved ones are taken care of.
Term Life Insurance provides life insurance protection for a specified period of time. If you don’t currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Term insurance can sometimes be converted to permanent coverage, providing you with flexibility as your needs change.
Whole Life Insurance is a form of permanent life insurance that remains in force during the insured person’s lifetime, provided the premiums are paid as specified in the policy. Whole life insurance can build cash value.
Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically but is usually guaranteed not to fall below a certain percentage.
A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short Term Disability (STD) protection is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible STD plan can provide needed benefits to both the employer and employee.
Dual Life Insurance, also known as 'Second-to-Die Insurance' or 'Survivorship Insurance,' is a type of insurance that pays out after both partners, usually spouses, have passed away. This is a useful tool for estate planning as there are often unexpected costs that arise in a family after the second insured passes away. These costs can include estate taxes, legal fees, etc. Dual Life insurance helps pass on assets such as a homes, businesses, or other investments to heirs without having to sell them in a fire sale to cover the immediate tax burden. While Dual Life insurance is especially recommended for people with a high net worth, it can also be a good investment for young families to make sure that in the unfortunate event that both parents pass away their young children will be taken care of for the foreseeable future.