Life Insurance

Life Insurance

Life insurance replaces your income for the people who depend on it, so a mortgage still gets paid and a family still has options if something happens to you. As an independent broker, we compare carriers to find the right fit, rather than selling one company’s product.

Term vs Permanent Life Insurance

Term life covers you for a set number of years, often 10, 20, or 30, and costs less. It is a good match for the years you are raising a family or paying down a mortgage. Permanent life lasts your whole life and can build cash value, which fits longer-term needs. We will walk through both and help you choose based on your budget and your goals.

Many clients add life insurance when we review their home and auto coverage. It is an easy conversation to have once your other policies are in place. If your needs are focused on covering final costs, ask us about burial insurance, a smaller whole life policy built for those expenses.

Advantages of Living Benefits fro life insurance

Because the cash value growth of a permanent life insurance policy is tax-deferred¹, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn. However, make sure to talk with your tax representative.

Loans² or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home. As a result, you can use them for your financial gain.

Accumulated growth may be taxable upon withdrawal. If the policy is a Modified Endowment Contract (MEC), tax penalties may apply prior to age 59½. Consult a tax advisor on your specific situation.

Policy loans and withdrawals reduce cash value and the death benefit, and may be subject to other charges outlined in the contract. However, you can consult with your tax advisor.

Assessing Your Life Insurance Needs

The amount of insurance you select should be dependent on your personal and financial needs. So, we can assist you in determining an appropriate coverage amount and help you decide on which type of life insurance is right for you. Generally, you should consider life insurance if you have:

  • A spouse
  • Dependent children
  • Aging parents or a physically challenged relative who depends on you for support
  • Retirement savings that aren’t sufficient to ensure your spouse’s future financial well-being
  • A sizable estate
  • A business

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Life Changes — So Should Your Policy

As events happen in your life, your life insurance coverage may need to change to adapt to your current needs. So, some life changes that may require you to re-evaluate your coverage include marriage, divorce, a new baby, purchase of a new home, and/or retirement.

Types of Life Insurance

Because there are several different types of life insurance products available, you need to choose wisely. So, knowing all of your options is important. The most common include:

  • Term Life Insurance
    This insurance provides insurance protection for a specified period of time. If you don’t currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Term insurance can sometimes be converted to permanent coverage, providing you with flexibility as your needs change.
  • Whole Life Insurance
    This insurance is a form of permanent insurance that remains in force during the insured person’s lifetime, provided the premiums are paid as specified in the policy. This insurance can build cash value.
  • Universal Life Insurance
    This insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

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CUSTOMER REVIEWS

  • I have both my auto and home owner insurance with them. They provide exceptional customer service and are committed to making sure you are getting the best coverage while still finding ways to save you money. They are professional and easy to work with. I highly recommend Peterson & Grantham Insurance Brokers.

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  • Great company all around. Super easy to deal with, easy access, and they cover pretty much all you will need for both personal and commercial service. 10 stars all around. I highly recommend contacting them to review your polices and/or to look into additional coverage.

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  • Peterson and Grantham are highly professional! They shopped around to get me the best deal with the most coverage and as a business owner that’s important in case I ever had an issue. Very responsive with any questions I had and based on their answers very knowledgeable about insurance regulations! I highly recommend them for your insurance needs!

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