When it comes to protecting your loved ones Life Insurance is essential in securing their future, Meyer Insurance Agency has got your back. Our Insurance services provide peace of mind by offering a range of coverage options tailored to your needs. Whether you’re looking for Term Life, Whole Life, Universal Life, or Variable Universal Life insurance, our experienced team is here to guide you every step of the way.
As a Wisconsin-based Independent Insurance Agency specializing in seniors, we understand the unique challenges and concerns you may have. Trust us to find the perfect insurance plan that not only meets your requirements but also fits your budget. Contact us today to learn more and ensure a brighter future for your loved ones.
What is Life Insurance?
Life Insurance pays out a sum of money either on the insured person’s death or after a set time.
Common Types of Life Insurance
Term life insurance or term assurance is Insurance that provides coverage at a fixed rate of payments for a limited time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed. The client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the beneficiary would get paid the death benefit. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific time. To learn more about term insurance or set up a meeting.
Whole life insurance, is a Insurance policy that remains in force for the insured’s whole life and requires (in most cases) premiums to be paid every year into the policy.
It is a type of permanent insurance. Under the terms of the policy, the excess premium payments above the current cost of insurance is credited to the policy’s cash value. The cash value is credited each month with interest. The policy is debited each month by a cost of insurance (Col) charge and any other policy charges drawn from the cash value, even if no premium payment is made that month. The insurer determines interest credited to the account but has a contractual minimum rate of 2%. When an earnings rate is pegged to a financial index such as a stock, bond, or other interest rate index, the policy is an “Equity Indexed Universal Life” contract.
Variable Universal Life
Variable Universal Insurance is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds. The choice of which of the available separate accounts to use is entirely up to the contract owner. The ‘variable’ component in the name refers to this ability to invest in separate accounts whose values vary-they vary because they are invested in stock or bond markets. The ‘universal’ component in the name refers to the owner’s flexibility in making premium payments. The premiums can vary from nothing in a given month up to maximums defined by the Internal Revenue Code for life insurance.