Life Insurance

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Life Insurance is a type of insurance coverage that provides a financial safety net for individuals and their loved ones in the event of the insured person’s death. It offers a lump sum payment, known as the death benefit, to the designated beneficiaries upon the policyholder’s passing. This coverage helps provide financial protection, income replacement, and peace of mind for the policyholder’s family and dependents. Sanford, Bruker & Banks believes in the importance of protecting loved ones and securing their financial future. We are a trusted partner in helping our client’s make informed decisions about their individual families’ life insurance coverage needs. When the unthinkable happens, make sure your family’s needs are covered by taking advantage of your life insurance needs now.

Types of Life Insurance

Term Life: is a straightforward type of life insurance that provides coverage for a specific period or “term,” usually ranging from 10 to 30 years. It offers a death benefit to the beneficiaries if the insured person passes away during the term, but it does not accumulate cash value like permanent life insurance policies.

Whole Life: is a form of permanent life insurance that provides coverage for the entire lifetime of the insured, as long as premiums are paid. It offers a guaranteed death benefit to beneficiaries and builds cash value over time, which can be accessed through loans or withdrawals and may even be eligible for dividends, making it a long-term financial planning tool.

Children’s Life: is a type of life insurance policy designed to provide coverage for a child’s life. It offers financial protection for parents or guardians in the event of the child’s death and may also accumulate cash value over time, which can be used for future educational expenses or other financial needs.

Universal Life Insurance: is a type of permanent life insurance that combines a death benefit with a savings or investment component. It offers policyholders flexibility in adjusting premium payments and death benefits, while also allowing the potential for cash value accumulation, which can be used to cover premiums or withdrawn for various financial needs during the policyholder’s lifetime.

Disability Insurance: is a type of insurance that provides income replacement to individuals in the event they become unable to work due to a disabling injury or illness. It offers financial support during the period of disability, helping individuals maintain their standard of living and meet essential expenses while they are unable to earn income from their occupation.

Long-Term Care Insurance: is a policy that provides coverage for the costs associated with long-term care services, such as assistance with activities of daily living (ADLs) and medical care, typically required due to aging, chronic illness, or disability. It helps individuals manage the expenses of nursing home care, assisted living facilities, home health care, and other long-term care options, easing the financial burden and ensuring they receive the necessary care and support in their later years.