Individual Life Insurance and Term Life Insurance

Life Insurance Products

Term Life Insurance PoliciesLife insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents will not have to sell assets to pay outstanding bills or taxes. 

An important feature of life insurance is that no income tax is payable on proceeds paid to beneficiaries. The death benefit of a life policy owned by a C corporation may be included in the calculation of the alternative minimum tax.

Permanent Insurance:
Permanent insurance provides lifelong protection and is known by a variety of names. These policies are designed and priced for you to keep over a long period of time. If you don't intend to keep the policy for the long term, it could be the wrong type of insurance for you. Horowitz and Associates offers a variety of Permanent Life Insurance, including the following most popular types:

Term Life Insurance:

Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Level term products are the most popular plans purchased today. The level term can be from 5 years to 30 years. The premium and death benefit are designed to stay level during the term of the contract. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 30 years. The premium rates increase at each renewal date. Most policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.

Please fill out our quote request form on our Contact Page, or give us a call today so that we can assist you in finding the RIGHT policy for your unique needs.

Term Life Coverage:

The type of coverage that lasts for only a specified period of time (the “term”) and has a defined ending date. The face amount would be paid to the designated beneficiary if the Insured dies while the policy is in force.

Whole Life Coverage:

The type of coverage that can last for as long as the Insured is alive, provided that all of the premiums are paid. This type of coverage usually keeps the same premium rate throughout the life of the policy.

Universal Life:

A type of cash value life insurance where under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.

Indexed Universal Life:

A type of permanent life insurance, which means it has a cash value component in addition to a death benefit. The money in your cash-value account can earn interest based on a stock market index chosen by your insurer, such as the S&P 500 or the Nasdaq Composite.

Convertible Term Life Policies:

Some term life policies also can be convertible. This means that before the end of the term, and during the specified conversion period, you may choose to convert the term life policy to a whole life policy — even if your health has changed. Premiums for the new policy will be higher than for the term policy since you would pay based on your age at the time of the conversion and because whole life insurance costs more than term life.

Final Expense:

Insurance designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance.

Final Expense Insurance:

Final expense insurance provides cash when needed to cover funeral and burial expenses of a loved one. The standard benefits range from $5,000-$25,000 and oftentimes, final expense insurance can provide funds to your family within a day or two of passing, because the grieving period is no time to be making complicated financial decisions.

As opposed to traditional life insurance, there is either simplified underwriting and/or no medical exam required. As with most permanent insurance options, premiums are guaranteed not to increase over time. As with all of our products, the agents at Horowitz Insurance Agency have access to several A-rated carriers to customize a program that fits your budget and needs.


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Please fill out our quote request form on our Contact Page, or give us a call today so that we can assist you in finding the RIGHT policy for your unique needs.