Family Protection Center

There are many types of Life Insurance policies.  To keep things simple, we believe that you need to focus on just three things to find the right policy for you.

  • Death Benefit (the amount of money your family receives at your death)
  • Premium (can be paid monthly, quarterly, semi-annually or annually)
  • Term (the number of years your premiums are guaranteed not to increase)

These are the options you have for your life insurance Term.

  • 10 Years
  • 15 Years
  • 20 Years
  • 25 Years
  • 30 Years
  • Lifetime

You will select your Death Benefit and Term at the time you research prices and apply for the policy.  At the end of your initial Term, your premiums will adjust upward periodically over the years should you continue the policy.  The rule of thumb is that the shorter the Term, the lower your premium will be.  The longer the Term, the higher your premium will be.  However, you get more guaranteed years before you see an increase in premium.  Regardless of which Term you choose, all policies come with the option to maintain the policy late into your life.  Your policy will continue to renew so long as you continue to pay.

Lastly, the cost of insuring lives goes up each year because each year we get closer to death.  Therefore, younger people pay lower premiums than older people at the time they take out a policy.  Therefore the longer you wait to get started, the more it will cost you to get started.

Ready To Have Your Cake And Eat It Too?

Do you need family protection but hate the idea of throwing money away on insurance premiums?  The “Return Of Premium” policy is just what you need.  You get the insurance coverage you need at the price you want, and the insurance company returns all your premiums at the end of the policy term.

Here are your choices for “Return Of Premium” Term Insurance.

  • 15 Year ROP
  • 20 Year ROP
  • 25 Year ROP
  • 30 Year ROP

These policies are very attractive because they act like a forced savings account.  You can never pay as much money into them as your family will receive if you pass away, and you get all your money back if you don’t.  Now keep this in mind.  You have to pay for the entire term in order to get your money back.  If you take out a 20-year policy and stop paying at year 10 you will receive nothing back.  Also, you cannot continue the policy beyond the initial term.  A 20-year policy expires at the 20-year mark.  You will get your money back but you will no longer have the option to continue coverage.

Ready to shop?  You can research prices, start, stop, come back, change your mind or move forward and make your application right online.  If you need any help or advice, just pick up the phone or send us an email.  407 924-7950  mmarini@ksifa.com.

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