Aprill Agency Inc
Complete Insurance Service Since 1922
Life Insurance is designed to protect your loved ones from shouldering the costs associated with your death, which can include things like funeral arrangements, cremation or burial, lost family income, etc. In exchange for regular premiums, Life Insurance policies pay a large lump-sum “death benefit” to one or more beneficiaries of your choice. There are several different forms of Life Insurance, with varying payouts, premiums and coverage periods. Life Insurance may also be purchased by an employer to protect a business from the untimely loss of an important employee.
Term Life Insurance
Term Life coverage provides a payout in the event that you pass away within a pre-defined time limit, or “term,” e.g. 5, 10 or 20 years after activation of the policy. Term Life contracts often have a renewal clause to allow for extension after the term has expired, usually at an increased premium rate. These policies do not accumulate cash value, and tend to be less expensive than other forms of Life Insurance, especially for younger applicants.
Whole Life Insurance
Whole Life coverage provides a fixed death benefit with a level premium and does not expire as long as you make the required payments. Whole Life policies accumulate a cash value that you can borrow against- a so-called “policy loan”- which you can repay or have deducted from your death benefit payout. These policies tend to be substantially more expensive than Term Life, especially for younger applicants.
Universal Life Insurance
Universal Life Insurance is a relatively new invention and is designed to provide the uninterrupted lifetime coverage of Whole Life with an added component of flexibility. As with Whole Life, Universal Life coverage accumulates a cash value, which may increase or decrease as a result of premium payments and/or expenses assessed by the insurance provider. Universal Life policies typically have variable premiums and death benefits, which you can choose to modify in a variety of ways.
Ask us about Annuities - Annuities are primarily used as a means of securing a steady cash flow for an individual during their retirement years.