Life Insurance

A "fine-tune" Life Insurance Policy means:

  • Paid off Mortgage
  • Funds for Children's Education
  • Financially Safe Retirement
  • Funds for Final Expenses

Free Life Insurance Benefit

Some of the insurance companies which SafePol represents, offer a free addition to life insurance policy, known as an “Accelerated Death Benefit Rider.”  This Rider allows you to take out a part of the insurance death benefit, when you become terminally ill.

The portion of death benefit taken from the policy can be used for any purpose, such as to pay your monthly bills, e.g. mortgage, car loan or anything else. The freedom of the money usage is especially important because as we all know it is difficult to keep up with your bills when you can’t work due to a terminal illness.

If you don't have a health insurance plan you could also use the money to cover medical expenses.

Please call us for further information about the rider availability and conditions as it differs between states and insurance companies.

Which type of life insurance is the best?

Life Insurance, just like any other type of insurance, should be chosen based on your individual needs and your financial situation.

The most common mistake made when purchasing life insurance is choosing an inappropriate type and amount of death benefit.

EXAMPLE: Parents of three young children, with low income, no savings or investments, purchased $100,000 whole life policy, each. The mistake made here by the parents is the insufficient amount of death benefit, which is substantially below their needs to secure financial stability and collage funds for their 3 children.

For the same amount of money, the parents could have purchased a term life policy, with much higher amount of death benefit, which would have better met their needs.

Life Insurance Types and Rates

  • Term Life Insurance - this is the cheapest and most popular type of life insurance. You can purchase a policy for a period of 10, 15, 20, 25, and 30 years. The premium doesn't change during the policy period.
  • Term Life with Return of Premium Rider - this policy type is approximately 2 to 3 times more expensive than regular Term Life Insurance.  Its advantage is that all premium payments are returned to the policy holder once the given policy term comes to an end.  Further, the premium is also “frozen” during the its term.  You can buy the policy for a period of 15, 20, 25, or 30 years. 
  • Whole Life and Universal Life - this policy is the most expensive, for two reasons: 1. You may continue this type of insurance without the time limit, if the policy is manged appropriately. 2. The policy accumulates cash value that can taken for the policy in the future.