If someone you love depends on you or your income; YOU NEED LIFE INSURANCE!

Life Insurance 
Life insurance pays a "face amount" to the beneficiary of the policy upon the death of the insured person. The purpose of life insurance is to fund the needs of anyone who would suffer from the loss of your income resulting from your death. Life insurance is used to satisfy both business and personal needs. 

Business Needs:

  • Collateral for business loans

  • Funding for buy/sell agreements

  • Funding lost profits while seeking a replacement for a key executive

  • Providing benefits to key employees and general employees


Personal Needs:

  • Funds to raise and educate children

  • Funds to cover funeral expenses and unpaid medical bills

  • Buffer to allow survivor time to adjust

  • Funds to pay estate taxes and allow retention of certain non-liquid assets or a family owned business

  • Funds to care for a disabled child or elderly parent

  • Funds to provide for a charitable bequest

  • Funds to liquidate a significant debt


Life insurance comes in many flavors

  • Term Insurance

  • Variable term

  • Level premium term

  • Permanent Insurance

  • Whole life

  • Universal life

  • Variable life

  • Variable universal 


Understanding the advantages and disadvantages of each type of policy and applying that information to your own personal situation is no easy task. It is a necessary task, however, since all too many insurance agents will push the product that suits their purpose rather than yours.

Term Insurance
Term insurance provides a specified death benefit for a specified period of time. At the end of the term, which may be a set number of years or may be at a certain age, the policy will lapse. Variable term policies will change during the term of the policy, either decreasing the amount of coverage as the insured gets older, increasing the cost as the insured gets older, or both. Level premium term policies lock in the cost of the coverage for a specified number of years (typically ten to twenty) before the premiums can be increased or coverage reduced. Some term insurance policies can be converted to permanent insurance with no additional medical requirements and some policies can be automatically renewed upon the expiration of the original term. 

The primary advantage of term insurance is that the purchaser can get more coverage for less money than with permanent insurance. This makes term insurance especially attractive to young families with needs for housing, education and costs of raising a family. Term policies become less attractive with age because premiums for older persons can be very expensive. There is also no cash value build-up in a term insurance policy, so that the only benefit is the death benefit, which is only collected if the insured person dies while the policy is in force.

Permanent Insurance
Permanent insurance continues to provide coverage for as long as you continue to pay premiums. The premiums are based on your age at the time the policy is purchased, and typically do not increase with age. Because the premiums do not increase with age, the cost of coverage is initially more expensive than term insurance. The cost of a typical policy is significantly more than term insurance because the policies accumulate cash value, which may be refundable upon surrender of the policy. While the policy is in place, the cash value can be used as a source for an inexpensive loan or it can be used to pay premiums. 

Whole Life insurance has a fixed guaranteed interest rate and results in guaranteed cash values.

Universal Life insurance is an "interest driven" type of policy. There is a low guaranteed interest rate, but the policy is generally purchased with an expectation of higher returns. If returns are low on a continual basis, the policy may require supplements to the premiums. Universal life policies allow limited changes in the death benefit and the amount and frequency of premium payments. 

Variable Life insurance has no guarantees on either interest rate or cash value, with perhaps a minimum guaranteed death benefit. The death benefit and the cash value fluctuate with the performance of an underlying portfolio of investments selected by the purchaser. 

Variable Universal insurance combines the flexible premium and death benefit of a universal life policy with the investment flexibility and risk of a variable life policy.

Office Hours: Mon - Sat: 8:00am - 6:00 PM

The views and opinions expressed on this website are those of the agent and do not necessarily reflect the official policy or position of any agency, carrier, US Government or any other entity or person(s).  It's always a good idea to conduct your own research before forming an opinion and before making a purchase. 
 
This website is operated by SafetyNet Insurance Group and is not the Health Insurance Marketplace℠ website.  In offering this website, SafetyNet Insurance Group is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220(c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans(QHPs) being offered in your state through the Health Insurance Marketplace℠ website. To see all available data on QHP options in your state, go to the Health Insurance Marketplace℠ website at HealthCare.gov.  Also, you should visit the Health Insurance Marketplace℠ website at HealthCare.gov if:
1.) You want to select a catastrophic health plan.
2.) You want to enroll members of your household in separate QHPs.​
3.) The plans offered here don’t offer pediatric dental coverage and you want to choose a QHP that covers pediatric dental services or a separate dental plan with pediatric coverage. Pediatric dental services are an essential health benefit.
SafetyNet Insurance Group offers the opportunity to enroll in either QHPs and off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.
Copyright 2019 SafetyNet Insurance Group, all rights reserved