Let Olsen-Sottile provide you and the ones you love with the life insurance policies and plans that meet your needs now and in the future.
Life insurance is a great method of providing for loved ones in the event of an untimely death, or to ensure one's estate goes to their beneficiaries. Policies paid out to the beneficiary are tax free.
There are two primary types of life insurance.
Term (or Temporary) Insurance
Term Insurance is a great product for protecting families with young children. The cost is reasonable, locked in for the specified period of time, and after the term, the price increases.
Term Life Insurance vs Bank Mortgage Insurance
With A Life Insurance Company:
- You purchase an individual policy.
- You own the policy and have complete control over it.
- You may purchase any amount of coverage and may add it to an existing plan.
- You cancel the policy, and it cannot be cancelled by the insurance company.
- Your individual policy may be continued as long as you wish. It is fully portable.
- You can convert this policy, regardless of health.
- You can make a beneficiary designation.
You and your spouse may own an individual policy. Should you both die the proceeds are paid on both policies. If one dies then the coverage on the survivor will continue.
You are buying from a licensed professional that can help you in making your decision.
With a Bank or Trust Company Group Policy:
- The bank owns the policy - you have no control over it.
- The face amount of your policy can only be for the exact amount of your mortgage.
- The coverage will terminate upon mortgage repayment, assumption, or sale of the house.
- The group policy is not convertible.
- The group policy does not allow you to make beneficiary designations. In the event of death the bank is repaid automatically - not your family.
- The group policy covering the husband and wife pays on the first death not both. The coverage on the survivor can not be continued.
- The group policy may not offer the benefit of a professional counselor. The bank loans officer is not a licensed life insurance agent. They may or may not be well informed on various types of coverage available.
Permanent Life Insurance
This type of policy has a guaranteed premium, and coverage will remain in force for life. These policies are great for young people, as the rate is low due to age.
There are several philosophies as to whether or not people require any permanent life insurance.
At Olsen-Sottile we don’t believe that any one philosophy will pertain to any one individual or family. Everyone is different and has specific needs when it comes to purchasing life insurance.
Having some permanent life insurance does not have to be expensive and can prove to be very valuable later on in life.
Let the dedicated team at Olsen-Sottile help you find the best option!
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