LIFE INSURANCE
Everyone desires a secure financial future. Life insurance is not just about you, it’s also about the ones you love.
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Whether you’re just getting started or ready to retire, life insurance is a cornerstone to maintaining financial peace of mind. The right protection can help you and your family pay college expenses, a wedding, down payment on a home, leave a legacy and so much more ensuring your financial peace of mind.
Insurance protection from your employer can give a false sense of security. Most policies expire and cannot be transferred upon separation or retirement. Additionally, costs increase based on age or years of service.
Which type of life insurance is right for you depends on your unique circumstances and financial goals. Pryor Financial Services, LLC. has a diversified platform of insurance providers and qualified life insurance professionals to assist in determining the amount and type of life insurance that’s best for you.
TYPES OF LIFE INSURANCE: There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
TERM INSURANCE is designed to meet temporary needs. (It’s like renting a place to stay. When the term expires, you must start over; oftentimes at a higher cost.) It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term
This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
PERMANENT INSURANCE provides lifelong protection. (It’s like buying a home; you own it.) As long as you pay the premiums, and no loans, withdrawals or surrenders are outstanding, the face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced to be kept over a long period of time.
BUSINESS OWNER PROTECTION: What happens if you’re unable to work or sales are low? Life insurance can be used to cash flow business expenses, protect your company against loss of key personnel, create a guaranteed stream of retirement income, and so much more.
MORTGAGE PROTECTION: Your home may be the largest purchase you’ve ever made; it’s where you create memories and celebrate milestones. Income loss due to unexpected illness, injury or death can often send families into a financial tailspin. Without proper protection the loss of income, bankruptcy and foreclosure could become a reality. Mortgage protection can ensure you and your loved ones will always have a place to call home.
LONG TERM CARE PLANS: We’re living longer and medical costs are on the rise. Purchasing long term care insurance help offset medical costs not covered by health care policies, Medicare and Medicaid. Whether a chronic medical condition, disability, disorders like Alzheimer’s disease or other condition, long term care insurance can provide an extra financial resource.