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LIFE INSURANCE
Aymond Agency is a life insurance brokerage which means we write all types of life insurance from many different companies. While many other agencies focus on property and casualty and provide some life insurance on the side, we focus primarily on life insurance. The value this brings to you is usually lower premiums and more benefits. We can also provide you quotes from comparable companies so you know you are getting the best deal. Below is a primer on the different types of life insurance we offer. There is never one size fits all. It always requires a conversation and education to help you decide which plan is best for
you. However, there is an estimator tool at the bottom of this page that will give you an idea of what life insurance may cost you.
There are two main classes of life insurance: temporary (term) and permanent (perm)
TERM LIFE
Term life is the simplest kind of life insurance. It is available in 10, 15, 20, 25 and 30 year periods. Think of it like renting an apartment. Apartments are usually cheaper than owning a home, but when you leave the apartment, you don’t get any rent money back and you have no equity.
PROS: Inexpensive. Easy to understand
CONS: Expires. Does not build equity
Term life is best suited for individuals on a limited budget or those who have a definite plan on being self-insured in the future.
All term life policies with Aymond Agency also come with living benefits for terminal, critical, or chronic illness at no additional charge. They also come with conversion privileges to a permanent policy without having to go through the underwriting process at the time of conversion. What this means to you is if you get a term policy and during the policy you come down with a serious illness, you can’t be denied in converting to a permanent policy. You can convert all or a portion of the death benefit.
PERM LIFE
You may have heard of whole life. That is one type of permanent insurance. Whole life is the original form of permanent life insurance. There have been a few generations of permanent insurance since then. Think of permanent insurance as owning a house. It usually costs more than renting an apartment, but the policy builds equity in the form of cash value. Also, since it’s permanent, it is guaranteed to be in force when you need it.
There are two main types of perm life: Whole Life and Universal Life. A Final Expense policy is a type of whole life designed for seniors to cover burial costs. There are several types of Universal Life policies. We can design Index Universal Life policies to earn significant cash value for supplemental retirement, college savings, real estate investment, etc.
PROS: Does not expire. Builds equity
CONS: More expensive
Permanent life insurance is best suited for those who want a guarantee that they will have life insurance coverage for the rest of their life. It is also for those who are interested in having long term care protection. Financial savvy individuals who are looking for tax diversification can use a permanent life policy to limit their tax exposure. Finally, permanent life insurance is one of the best vehicles for those folks who want to pass inheritance to the next generation(s),
SPECIALTY LIFE INSURANCE
MORTGAGE PROTECTION
Many homeowners are surprised to learn that Mortgage Protection Insurance (MPI) is simply a type of life insurance designed to help pay off a mortgage if the homeowner passes away.
What many people don't realize is that traditional lender-based mortgage protection policies are often more expensive and may provide fewer benefits than policies available through an independent insurance agency. Unlike some lender-sponsored plans that pay the mortgage company directly, many life insurance-based mortgage protection policies pay the benefit to your family, allowing them to decide how the funds are used.
At Aymond Agency, we work with multiple insurance companies to help families find coverage that can:
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Help pay off the mortgage
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Provide financial protection for loved ones
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Offer level death benefits that do not decrease over time
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Include living benefits for qualifying critical, chronic, or terminal illnesses
Shop for Mortgage Protection Insurance by clicking the button below.
FINAL EXPENSE
A Final Expense Policy is a type of Whole Life for folks 45 and older to cover burial expenses and provide a small amount of funds to allow loved ones to take care of any remaining funeral costs.
There is no traditional underwriting and most folks are approved by going through a checklist.
Coverage amounts from $5,000 to $50,000 are available.
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