A LIFETIME OF SECURITY
Life insurance is often something people don’t think about until they are older, and rates are higher. It’s actually most cost-effective to purchase life insurance when you are young and healthy — and when you least think that you need it.
At HUNT Insurance, we believe that it is never too early to plan for the future. However, life insurance can be complex, which is why we are here to help our clients navigate the different carriers and policies to find solutions that are best for their unique needs.
Term life insurance:
Term life insurance provides financial coverage for a finite period of time. It offers a fixed death benefit that can be used to help cover healthcare and funeral costs or debt. However, unlike other life insurance policies, term does not involve a money-saving component. If the policyholder does not pass away before the term expires, they can renew their policy, usually for a higher premium. Term life insurance usually comes with the lowest premiums as compared with other types of life insurance.
Universal life insurance
As a type of permanent life insurance, universal life insurance provides financial coverage for the lifespan of the policyholder. It includes the opportunity to build savings, while also offering lower premiums as compared to whole life insurance. The premium for this type of insurance consists of both the cost of insurance (COI) and a savings portion, known as cash value. Premium payments are flexible, as the policyholder can adjust their death benefits and cash value as needed, within certain limits. The cash value will collect interest over time, and policyholders can withdraw money from the cash value as needed. In addition, if enough cash value has accumulated to cover the COI, the policyholder can skip payment.
Whole life insurance
Whole life insurance is also a permanent life insurance, providing financial protection for the duration of a policyholder’s lifetime. A policyholder can pay more than their premium amount to build cash value, which grows with tax-deferred interest over time. The policyholder can make a withdrawal or request a loan from their cash value during their lifetime, but loans must be paid back to avoid penalties on the death benefit. Unlike a universal life insurance policy, premiums are set and increase in cash value is guaranteed.
We’re with you for life.
At HUNT Insurance, we have your best interests in mind — always. We will provide you with guidance throughout the term of your life insurance to ensure you have cost-effective coverage that provides security for you and your loved ones. With access to a variety of carriers and coverages, we will guide you in creating a tailored life insurance solution that gives you peace of mind.