- Atlanta, GA
Menu
Additional Term life insurance offers versatile, affordable solutions for various needs, including income replacement, mortgage protection, and final expenses. It supports business arrangements, covers loans, and provides benefits for executive bonuses and divorce settlements giving you additional options for guaranteed insurability, pension maximization, and stay-at-home parent coverage, it also includes riders for home healthcare, unemployment, disability income, and child term coverage.
Generally, a need during working years, this concept is ideally suited to term insurance.
Though this may be thought of as a lifetime need, many will have some remaining funds in qualified plans to cover costs after retirement and the term may cover the need before a significant qualified plan distribution.
A common life term product. While the decreasing term is no longer an option you can emulate a reducing coverage amount by laddering several term durations together (combine a 30-year and 15-year term for example)
This concept is typically a short-duration need as well. Buy-sell is typically a need during the active working-owner years. The term can be an affordable fixed-duration need.
Another business concept that is typically a fixed duration during working years. At a competitive price, a company can establish a level of death benefit protection for themselves against the loss.
Although IUL has conditioned us to think of Executive Bonus as a cash accumulation product that is certainly not always the case. Many executive bonuses simply provide the executive with a life insurance benefit for their family while they are employed by the company. A term policy can provide a valuable benefit at a low cost.
Whether it’s a business or a personal loan, it may be prudent or even required to carry life insurance to cover that loan. Match the duration of the policy to the duration of the loan.
An arrangement or resolution may be made where a defined amount of coverage is needed for a defined period. Perfect for term insurance.
Because our term is convertible to a wide range of permanent products, a term policy can lock down insurability for a new permanent policy or an increase to an existing policy. An increase to an existing policy can be a valuable benefit for both guaranteed death benefit coverage, accelerated death benefit options for terminal, chronic or critical illness rider coverage or even for a cash accumulation focus because it would allow for increasing the death benefit to make room for additional premiums within guideline and MEC limits.
Although we already mentioned loans, think of this from the parent’s point of view. Many parents co-sign for their child’s college loans. That is a significant obligation that can be protected with a term insurance policy on the child’s life.
Pension Max typically uses life insurance on a declining basis to provide value to fund an income stream for the surviving spouse. Term insurance can be a very effective tool in this plan. By covering the first 10 to 20 years of retirement with a combination of term and permanent insurance rather than permanent coverage, the costs may come down considerably and allow for a more compelling pension max solution.
It’s not just lost income that can impact a family at an untimely death. It can also be the value of the lost benefits they were providing. Again, term coverage can be an effectively priced way to meet this need.
Rather than focusing on nursing homes or assisted living facilities, the Home Healthcare Rider provides benefits if the insured requires home healthcare services. Allows individuals to receive care in the comfort of their own homes.
If the policyholder becomes involuntarily unemployed, this rider waives the premiums for a specified period. Ensures the policy doesn’t lapse during periods of financial hardship due to unemployment.
If the policyholder becomes disabled and cannot work, the Disability Income Rider provides a monthly income for a specified period. The definition of disability varies by policy but usually means the insured cannot work in their occupation or any occupation.
The child term rider provides a death benefit if a child of the insured passes away. Offering financial relief during the painful event of a child’s passing, covering funeral expenses, and allowing time off work.
Rather than focusing on nursing homes or assisted living facilities, the Home Healthcare Rider provides benefits if the insured requires home healthcare services. Allows individuals to receive care in the comfort of their own homes.
Simple to fully underwritten policies with all the extras that we can show you