Term Life Insurance

Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.

Types of Term Life Insurance:

• Decreasing Term Life Insurance: This is renewable term life insurance where the coverage decreases over the life of the policy at a predetermined rate.
• Convertible Term Life Insurance: This allows policyholders to convert a term policy to permanent insurance.
• Renewable Term Life Insurance: This is a yearly renewable term life policy that provides a quote for the year the policy is purchased. Premiums increase annually and it is usually the least expensive term insurance initially.

Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.

These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.

Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.

Whole Life Insurance

Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.

Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.

Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.

Universal Life Insurance

Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).

Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.

If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.

It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.

Indexed Universal Life Insurance (IUL)

Indexed Universal Life Insurance (IUL) is a type of permanent life insurance that combines a death benefit with a cash value component that earns interest based on the performance of a stock market index, such as the S&P 500. IULs offer flexibility, allowing policyholders to adjust their premiums and death benefits over time, while also providing the potential for cash value growth.

IUL policies are designed for people who want lifelong coverage, potential tax-advantaged growth, and access to cash value that can be used for retirement planning, emergencies, or other financial goals. Unlike traditional universal life insurance, IULs link the cash value growth to market performance without directly investing in the market, protecting you from market losses.

Key Features of IUL Insurance

Flexible Premiums

Policyholders can adjust how much they pay into the policy. If enough cash value has accumulated, it can be used to cover premium payments during times when you’d prefer not to pay out-of-pocket.

Adjustable Death Benefit

You can increase or decrease your death benefit (subject to underwriting approval), allowing the policy to adapt to changes in your life and financial needs.

Market-Linked Growth

The cash value earns interest based on the performance of a selected index. While there’s a cap on how much you can earn, there’s also a floor (often 0%), so your cash value won’t decrease due to poor market performance.

Tax-Deferred Growth

The interest earned on your cash value grows tax-deferred, meaning you won’t pay taxes on the gains as long as the money stays within the policy.

Loan and Withdrawal Options

You can borrow against the cash value or make withdrawals, providing access to funds for major expenses like college tuition, business opportunities, or retirement income. Loans are typically tax-free as long as the policy stays in force.

Who Should Consider an IUL?

IULs can be a good fit for individuals looking for lifelong coverage, with the added benefit of building cash value that can be used later in life. They are especially appealing to those who want market-linked growth without taking on direct investment risk.

It’s important to understand how IULs work, including the fees, caps, participation rates, and the impact of policy loans or withdrawals. While they offer flexibility and upside potential, they also require careful management and a long-term commitment.

Working with an experienced insurance professional can help ensure your IUL policy is properly structured and aligned with your financial goals, giving you protection, growth potential, and financial flexibility.

Health Insurance

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It can also provide access to routine checkups, preventive care, prescription medications, and emergency services. Health insurance helps protect individuals and families from the financial burden of unexpected medical costs.

Health insurance can be purchased privately, through an employer, or via government programs like Medicare and Medicaid. Plans often come with different levels of coverage, premiums, deductibles, co-pays, and networks of healthcare providers.

Health insurance is essential for managing both planned and unplanned health expenses, giving you peace of mind and access to care when you need it most.

Types of Health Insurance

Individual and Family Plans

These are plans you can buy for yourself or your family if you’re not covered through an employer. Coverage options vary widely, and plans are usually categorized as Bronze, Silver, Gold, or Platinum, based on how costs are shared between you and the insurer.

Employer-Sponsored Health Insurance

Often more affordable, these plans are offered by employers as part of a benefits package. The employer typically covers a portion of the premium, and coverage can extend to spouses and dependents.

Medicare

Medicare is a federal health insurance program for individuals aged 65 or older, or for younger people with certain disabilities. It consists of different parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage).

Medicaid

Medicaid provides health coverage for low-income individuals and families. Funded jointly by the federal and state governments, it covers a wide range of health services and varies by state.

Short-Term Health Insurance

Designed to fill temporary gaps in coverage, short-term plans offer limited benefits for a set period, usually up to a year. These plans are typically less expensive but may not cover pre-existing conditions or essential health benefits.

Catastrophic Health Insurance

This type of plan is meant for young, healthy individuals or those who want to protect themselves from worst-case medical scenarios. It has low monthly premiums and high deductibles, covering serious illness or injury after a large out-of-pocket threshold is met.

Why Health Insurance Matters

Without insurance, even minor medical procedures can be financially overwhelming. Health insurance helps you manage these costs and access preventive care that can detect issues early, before they become serious.

It’s important to evaluate your personal needs, financial situation, and health status when choosing a plan. A licensed insurance agent can guide you through the available options, helping you find the right coverage to protect yourself and your loved ones.

Whether you’re self-employed, between jobs, or simply exploring better options, we’re here to help you find the health insurance policy that fits your life.

Liability Insurance

Auto liability insurance helps financially protect you if you’re found at fault in an auto accident. It can help cover an injured person’s medical bills or repairs to someone’s vehicle. Drivers are legally required to carry liability insurance in most states. Liability insurance comes in two forms: bodily injury liability coverage and property damage liability coverage. They break down like this:

• Bodily Injury Liability Coverage (BI): Bodily injury liability helps pay for an injured person’s medical expenses if you’re found at fault in an accident. It can also help cover legal fees if you’re sued.
• Property Damage Liability Coverage (PD): This coverage helps pay for repairs if you damage someone’s property. For example, if you rear-end another car, it can help pay for auto shop fees so you’re not stuck with the whole bill.

The amount you pay for liability insurance is based on a number of factors, including how much coverage you purchase. The higher your coverage limit, the more you’ll likely pay for liability insurance. Your insurer can tell you how much your coverage will cost if you adjust your limit. Liability coverage typically doesn’t pay to repair damage to your own car after an accident—collision coverage helps with that. It also doesn’t pay to repair damage caused by other factors, such as hail—that’s where comprehensive coverage comes in.

Medical Payments Insurance

Medical Payments Coverage (MPC) provides for the treatment of injuries sustained by you and any passengers in your vehicle at the time of an accident. MPC strictly covers medical bills resulting from auto accidents; it does not typically cover things like lost wages. Medical Payments Coverage may also cover you if you are a pedestrian hit by a motor vehicle. Your MPC has a limit, which is the maximum amount of money the insurance company will pay for medical costs. This limit is generally a per-person limit. For example, if you have $5,000 in MPC, that means you have $5,000 in coverage per person in the vehicle. If you are unsure how much Medical Payments Coverage you need, seek advice from a licensed insurance agent.

Rental Car Insurance

Contrary to popular belief, rental car insurance does not automatically cover your rental car if you are on vacation. However, if you have full coverage — comprehensive and collision — your vacation rental vehicle may be covered; check with your provider. Rental car coverage pays for the cost of a rental vehicle while your vehicle is not drivable due to a covered loss. The coverage is usually represented by two numbers separated by a slash. The first number is the daily payment limit, and the second is the total limit. For example, if you see a 30/900 limit, it means your company will pay $30 per day, up to $900 total, for a rental car. Most companies offer a variety of coverage limits so that you can choose the appropriate limit for your needs. Suppose you need a vehicle with seating for six people. In that case, you may want to increase your car rental limit so that if your vehicle is not drivable, your insurance coverage will be enough to reimburse you for a larger rental vehicle. It is important to note that many companies have a daily limit on the number of days they will cover the expenses of your rental car to encourage you to purchase a replacement vehicle within a reasonable time frame if your vehicle is totaled.

Collision Insurance

Collision insurance is the coverage that pays for fixing your car when it gets damaged in a collision. This coverage can apply to damage to your vehicle after you hit another car, a pole, a tree, or even a pothole. However, if you were not at fault for an accident that caused damage to your car, the at-fault driver’s property damage liability coverage should pay for your repairs. Collision coverage only applies to your vehicle — it does not cover damage to the other driver’s car. Additionally, collision coverage does not cover mechanical failure or the normal aging of your vehicle. For example, if your transmission fails, you cannot use your collision insurance to get it fixed. Unless you have a loan or lease on your car, this coverage is likely optional. However, you may want to consider adding this relatively inexpensive coverage to provide you with financial protection for repairing or replacing your vehicle in the event of an accident.

Gap Insurance

Vehicles, especially new ones, often decrease in value the moment you take them off the lot after purchase or lease. Due to this depreciation, your loan amount can be higher than the market value of your vehicle. In simple terms, gap insurance covers the difference between your vehicle’s depreciated value and your loan amount. Gap insurance is often available from your lender but can sometimes be purchased from your insurance company as an endorsement on your auto insurance policy. However, your insurance company may limit how old a vehicle can be to qualify for gap insurance. For example, gap coverage may be offered for a brand-new vehicle or for up to two model years old. The Triple-I warns that gap insurance offered by lenders is typically much more expensive than purchasing it from your auto insurer.

Uninsured Motorist Insurance

This coverage applies to your medical expenses if another driver hits you but does not have any liability coverage or does not have enough liability coverage to pay for your injuries. If you, another covered driver on your policy, or someone you have allowed to borrow your vehicle gets hit by an underinsured or uninsured motorist, this type of insurance pays for damages. You can think of uninsured and underinsured motorist coverage as buying a liability policy to protect yourself against drivers who drive uninsured. It functions like liability coverage but is designed to pay for your own vehicle’s damages. Uninsured and underinsured motorist coverage can also cover you while you are a pedestrian or if you are the victim of a hit-and-run where the at-fault driver leaves the scene and is unidentifiable. Uninsured and underinsured motorist coverage may be optional or mandatory, depending on the regulations in your state.

Home Insurance

Home insurance, also known as homeowner’s insurance, is a type of property insurance that covers your home and belongings against damage or loss. It provides financial protection in case of disasters like fire, theft, vandalism, storms, and other unexpected events. In most cases, it also includes liability coverage if someone is injured on your property.

A standard home insurance policy typically covers the structure of your home, personal belongings, liability for injuries or damages, and additional living expenses if you’re forced to live elsewhere due to a covered event. Mortgage lenders usually require homeowners insurance as a condition of the loan.

Whether you own a house, condo, or rent an apartment, having the right policy can help you recover from loss and provide peace of mind knowing your home is protected.

Types of Home Insurance Coverage

Dwelling Coverage

This covers the physical structure of your home, including the walls, roof, foundation, and attached structures like garages or decks. If your home is damaged by a covered peril (like fire or hail), this portion of your policy pays for repairs or rebuilding.

Personal Property Coverage

Covers your personal belongings inside the home—such as furniture, electronics, clothing, and appliances—if they’re stolen or damaged due to a covered event. You may also have the option to add coverage for high-value items like jewelry or artwork.

Liability Protection

This provides coverage if someone is injured on your property or if you accidentally cause damage to someone else’s property. It helps cover legal fees, medical costs, and any resulting settlements or judgments.

Additional Living Expenses (ALE)

If a covered event makes your home uninhabitable, ALE coverage helps pay for temporary housing, meals, and other living expenses while repairs are made.

Other Structures Coverage

Covers structures on your property that are not attached to your home, such as a detached garage, fence, shed, or guesthouse.

Why Home Insurance Matters

Your home is likely one of your biggest investments. Without proper coverage, a single event like a fire or natural disaster could lead to significant financial loss. Home insurance helps you recover and rebuild, protecting not only your home but also your financial well-being.

It’s important to assess the value of your home and belongings, understand potential risks in your area, and choose a policy that fits your needs. Different homes and homeowners require different types and levels of coverage.

Our team is here to help you understand your options, compare quotes, and find the right home insurance policy that gives you confidence and security—today and in the future.

Annuities

An annuity is a financial product that provides a series of payments made at regular intervals, typically used as a reliable source of income during retirement. Annuities are designed to help protect individuals from the risk of outliving their savings, making them a popular choice for retirement planning.

When you purchase an annuity, you make either a lump-sum payment or a series of payments to an insurance company. In return, the insurer agrees to make periodic payments to you, either immediately or at a future date. These payments can last for a specific number of years or for the rest of your life.

Annuities can also include features such as death benefits, inflation protection, and guaranteed income options, depending on the type of annuity and contract terms.

Types of Annuities

Fixed Annuities

Fixed annuities provide guaranteed payments at a fixed interest rate for a specified period. They are a conservative option for those seeking predictable income without market risk. Payments and interest rates are set at the beginning of the contract.

Variable Annuities

With variable annuities, your payments vary based on the performance of selected investment options. While they offer the potential for higher returns, they also come with market risk. These annuities typically include optional riders for guaranteed income or principal protection.

Indexed Annuities

Indexed annuities offer returns based on the performance of a market index, such as the S&P 500. They provide the opportunity for growth while also protecting against market losses through guaranteed minimum returns. However, returns are typically subject to caps or participation rates.

Immediate Annuities

These start providing income almost immediately after a lump-sum payment is made. Ideal for retirees needing income right away, immediate annuities offer steady, guaranteed payments for life or a set term.

Deferred Annuities

With deferred annuities, you make payments now but start receiving income at a future date. This type allows for tax-deferred growth during the accumulation phase and is commonly used to plan ahead for retirement income needs.

Benefits of Annuities

• Guaranteed income for life or a set term
• Tax-deferred growth on earnings
• Customizable features like inflation protection and death benefits
• Helps reduce the risk of outliving your savings

Who Should Consider an Annuity?

Annuities are ideal for individuals looking for financial security in retirement, especially those who want to supplement other sources of income like Social Security or a pension. They can also be helpful for people who want to protect their retirement savings from market volatility while ensuring a steady income stream.

As with any financial product, it’s important to review the terms, fees, and payout options before purchasing an annuity. Working with a knowledgeable insurance or financial advisor can help you determine if an annuity aligns with your retirement goals and income needs.