Life Insurance

Monument Financial Group - Protect Your Family With Life Insurance

Life insurance is a contract (the policy) between the policyholder and an insurance company (insurer). The policyholder pays ongoing premiums and in exchange, the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. In most cases, the policy holder is the same as the insured.

The primary purpose of life insurance is to make sure others are financially protected in case the insured dies while the policy is ‘in force’. Certain types of life insurance can also provide future income for retirement, or other financial needs, so it plays an important role in a sound financial plan.

There are 2 basic types of life insurance:

* Term Life: Provides a death benefit only and the policy will end (TERMinate) within a specified number of years. Term life insurance is usually the least expensive type of life insurance because it only provides a death benefit and for a limited time. Term life insurance is for people who don’t need life insurance for an indefinite period of time. It provides for people who depend on you, but generally ends by the time children are grown and independent, often when the policy owner is ready to retire.  However, this limits the benefits a term life contract can have in a financial plan.

* Permanent Life: Besides a death benefit, these policies also build a cash value over time. These policies  stays “in force” until the insured’s death or until the cash value is paid out at age 100 or greater. Within permanent life policies, there are 2 major types called whole life and universal life.  Whole life has fixed premiums that won’t increase during the lifetime of the insured person. A universal life policy provides flexibility by allowing the policy owner to change the death benefit at certain times, or to vary the amount or timing of premium payments.

The insurance agents at Monumental Financial Group have the training, expertise and tools to help you make the right life insurance decision to protect your family and future.   Their ‘learning-based’ approach helps clients understand the process, the available products and the options within these products.

Request your free life insurance consultation with the life insurance experts at Monument Financial Group.