Life Insurance

The purpose of life insurance is to protect against financial burdens at the time of death.


Such financial burdens include:

  • Medical Bills
  • Credit Card Debt
  • Loss of Future Earnings
  • Funeral Costs & Burial Fees
  • Loans (Auto, Home & Personal)
  • Estate Tax (If you have a sizeable estate)

 

To make sure your loved ones are protected, there are three main types of life insurance available through our office, Term Life, Whole Life, and Guaranteed Universal Life (Below you will find a description of each).

If you have any questions, or would like a quote, please call our office at 716-683-4491. For more information, you can also visit the New York State Insurance Department Website.

Term Life

Term Life is pure insurance! You decide how much coverage you need and specify for how long (10, 20 or 30 yrs), thats it! Once the policy is started, you are guaranteed the death benefit as long as you continue to pay the premiums.


Term policies provide for the greatest amount of coverage for the lowest premium, as compared to other forms of life insurance. Also unlike other forms of life insurance, coverage is temporary and expires at the end of the term (unless renewed or converted).


Term policies are great for paying off mortgages, loans, and other types of decreasing debt, as well as providing relief for lost future earnings.

Whole Life

Whole Life is an insurance policy that serves two purposes:

  1. Pays the death benefit upon the insured's death
  2. Builds cash value over time

This type of policy is a permanent form of protection. As long as the premiums are paid, the coverage will remain in effect throughout the life of the insured. Both premiums and death benefit are guaranteed and will remain level for life.


Whole Life policies are unique in that they build cash value over time, which the insured can borrow against, or is entitled to, in the event the policy is surrendered.


The premiums for a Whole Life policy are much higher than a Term policy, but provide for a much longer policy term.


Whole Life policies are typically used as a tool in Estate Planning.

Guaranteed Universal Life

Universal Life policies are similar to Whole Life in that they guarantee a level premium and death benefit throughout the life of the insured. What makes this policy different is that it does not guarantee that cash value will build up over time.


Universal Life policies are more flexible than Whole Life in that the death benefit can be increased or decreased at any time, depending on the needs of the policyowner.


Premiums for Universal Life policies are much lower than Whole Life policies, but still provide the same level of protection.


Universal Life policies are used to provide peace of mind (knowing that final expenses will be paid for).