Life insurance coverage is one of the most important policies the independent agents of O’Connor Insurance you should have. The emotional toll of a loss after an illness or accident is compounded by sudden financial strain if life insurance is not adequate. Losing the income of a head of household or even the additional income of a spouse can be devastating. Life insurance protects the family from losing assets, covers debts and can provide for future needs, such as education.
Term Insurance
Term life insurance can provide affordable coverage where premiums are paid for a specific amount of coverage for a specific amount of time.
Whole Life, or Universal Life Insurance
Whole life, or universal life insurance is typically more expensive than term life, but has added financial benefits and can provide coverage in perpetuity once the lifetime premium has been paid.
Annuities
An annuity is a financial contract between the insured and an insurance company where a lump sum is paid and the insurance company agrees to return a fixed amount on a regular basis. Annuities are a good choice to secure an income for you and your loved ones.
Annuities are also used in lieu of Certificates of Deposit (CDs) to save money at a higher rate of return and enjoying tax-deferred growth. Like CDs, there can be a substantial cost for an annuity that is surrendered early. Surrender charges can vary from policy to policy.
Accidental Death & Dismemberment
Accidental death and dismemberment (AD&D) policies only provide death benefits when you die from an accident – usually providing the death benefit up to one year after the accident if caused by the accident. AD&D policies also provide dismemberment benefits occurring from an accident. Many life insurance policies have AD&D coverage available as an added benefit option. Most deaths are caused by illness. For this reason accidental death and dismemberment policies are NOT a substitute for life insurance.
The type of policy you need will vary depending on age, family status, health, your work, your budget and other factors. A great package of coverage for one insured person may not be very good for another. The independent agents at O’Connor Insurance are skilled at crafting life insurance plans that fit your life, lifestyle and budget. Please contact us and let us help you find the protection you and your family need at a cost you can manage.
