Life

LIFE


WHY DO I NEED LIFE INSURANCE?

Those who buy life insurance generally do so to help ensure their loved ones are taken care of financially.  Life insurance is a promise by an insurance company to pay those who depend on you a sum of money upon your death. In return, you make periodic payments called premiums. Premiums can be based on factors such as age, gender, medical history and the dollar amount of the life insurance you purchase.

In the event of your passing, life insurance provides money directly to the individuals you select, your beneficiaries, who can use the money as they see fit, including:

  • Replacing lost income
  • Covering basic living expenses
  • Paying household debts, estate taxes and funeral expenses
  • Funding a child’s education
  • Supplementing retirement savings

TYPES OF LIFE INSURANCE:

PERMANENT OR WHOLE LIFE INSURANCE

Permanent life insurance is protection for your entire life, as long as sufficient premiums are paid. Properly structured and maintained permanent life insurance can build cash value which you can use as you see fit.

TEMPORARY OR TERM LIFE INSURANCE

Term life insurance is usually the most affordable type of life insurance. It provides temporary financial protection for your loved ones during your working years. The death benefit pays money directly to your beneficiaries to help with funeral costs and ongoing financial obligations such as daily living expenses, child education and mortgage payments.

POLICIES OFFERED BY PRUDENT PLAN:

PERMA LIFE

Our Perma Life policy has been our most popular life insurance product for years. It is a whole life policy that allows for customizable terms with low payments and overall great value.

Prudent Plan’s Perma Life insurance has a host of unique benefits:

  • The policy can be surrendered and cashed out at any time.
  • You can take out low-interest loans against the policy’s cash value — for those who need one-time loans or even reoccurring loans, this benefit often offers better rates than traditional bank loans.
  • Premiums never increase.
  • Coverage purchased for children can be doubled at no additional cost once they turn 25.
  • Customizable terms allow you to pay for a set period of years or stop paying when you reach a certain age.