We offer a wide range of Life Insurance Policies
At Phinehas LLC, we provide a wide range of life insurance policies. Types of life insurance policies you can request and insurance quote for include:
TERM LIFE POLICIES
Term Life insurance is the most basic form of life coverage. Term Life covers a policyholder for a fixed term at a fixed rate. Hence, the simplest and often the most affordable way of coverage. Term Life policy could be used to cover mortgage payments at the death of the policyholder while the mortgage is still payable or until the policyholders’ children grow up and become adults. Some Term Life policies provide a level premium for the life of the policy for a stated period of time. However, not all term policies have level premiums. Note: Term life does not have a cash savings component.
Benefits of Term Life Policy
WHOLE LIFE POLICIES
Whole life insurance provides permanent death benefit coverage for the life of the insured and the premium stays the same throughout the life of the policyholder. Whole life insurance lasts for a policyholder’s lifetime, as opposed to term life insurance, which is for a specific amount of years.
In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate on a tax-advantaged basis. Payment of premiums on whole life policy generates cash value that is guaranteed to grow over time. After the cash value has accumulated over several years, policyholders can use the tax-free money for any purpose that is right for them.
Policyholders can use the accumulated cash value to help pay their premiums. They can use it as collateral for a mortgage or other personal loan. Additionally, policyholders can use the money to pay for tuition, a down payment on a house, unexpected medical expenses — anything, really.
Benefits of Whole Life Policy
INDEXED UNIVERSAL LIFE (IUL) POLICIES
Indexed Universal Life insurance offers another option for permanent life insurance just like Whole Life. It offers a lifelong policy which also has cash value Similar to an IRA, the portion of the premium going to its cash value earns interest, making it like an investment. Whereas a whole life insurance policy is straightforward, there are many nuances with an indexed universal life insurance making it a better choice for the financially savvy individual. Indexed universal life insurance, like other permanent life insurance, is more expensive than a term policy because it will pay out eventually.
IUL is like an investment inside a safety net. With indexed universal life insurance, a lot is going on under the hood. Part of the value of this type of insurance is the potential to earn interest. With this insurance, the value of a financial index such as a stock index chosen by the insurer is the basis for the interest policyholders earn on their policies’ cash value. Insurers offer a cap and a floor on the interest rates making it safe for the policyholders to grow their money with a guarantee to never lose their money.
Benefits of Indexed Universal Life
Pay for college
The rising costs of healthcare and medical facilities make it almost impossible for people to avail high quality healthcare with a medical insurance, which is where we come in. Our affordable premiums and wide coverage networks make healthcare services accessible and affordable. We take pride in offering our clients state of the art life coverage that keeps their loved ones covered under dire circumstances.