Blended Life Insurance Coverage
The Basics:
Unlike Permanent (Whole) Life Insurance, a Term Life Insurance Policy is designed to provide temporary protection for a specified period of time. It does not build any cash value savings, thus requires a relatively low premium outlay. It is designed for families that have a need for insurance, but a limited current cash flow that prevents them from acquiring a permanent policy. It is also a useful instrument for covering mortgages or other short-term obligations.
As age increases, term insurance becomes increasingly more costly with each renewal. Cost of Permanent Insurance also gets higher with age. So it is important that families turn to permanent cash value insurance as soon as is feasible.
Call the Providence Association to find out how we can combine coverage that will satisfy your insurance needs while within your budget.
Employer Insurance Does Not Suffice.
The group coverage that and employer supplies is a series of term policies. It expires along with the job and continues in force at the whim of the employer. Nor is employer coverage ever enough to protect the family. It is imperative that every family view term and employer insurance as a temporary stop gap for eventual investment in permanent insurance. The earlier the conversion is made, the greater will be the premium savings and cash values in later years.
The value of life insurance is mainly the tax-free death benefit. Anything you leave for your loved ones after you die will get taxed. The amount varies but the more you leave the more tax you pay. There are two things that do not get taxed: money under the mattress and a life insurance death benefit.
Most term policies can be converted at any time to permanent coverage without proof of insurability
Although The Providence Association does not offer these policies for adults, we will recommend affordable term life insurance from other providers.
We offer a term policy children, ages 0-30 that can be easily converted to permanent insurance up to age 30.