Birnco Financial Group offers a range of insurance products and services to help ensure you and your family are covered. There are many uses of life insurance as well as income protection for survivors.
Key Benefits
- Preservation of standard of living for survivors (ex. wife & children)
- Estate preservation
- Mortgage protection
- Charitable giving
- Business needs (ex. buy/sell agreements)
There are several types of life insurance. A Birnco financial specialist will find a solution that fits your lifestyle and help you create it.
- Permanent life insurance
- Term life insurance
- Universal life insurance
Term Insurance
This is pure protection without investment benefits; it lasts for a stated period of time (usually between 1 and 20 years), and may expire at age 75, 85 or 100, depending on the policy. If you die when the policy is in force, the company pays the death benefit; if you die after it expires, there is no coverage, and no death benefit will be paid. Because it is simple protection, term premiums tend to be the lowest of the three kinds of insurance, but increase as you age. It may be converetible (to a permanent product later) and renewable without evidence of insurability.
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Universal Life Insurance
Universal Life insurance is a comprehensive coverage plan that meets your life insurance needs, while also providing the potential for tax-deferred growth.
Benefits:
- Premiums may be increased, decreased, or skipped so long as your account value has sufficient value
- Partial withdrawals of your money are possible provided there is sufficient cash value
- Increasing death benefit including tax-deferred cash accumulation can be paid to beneficiaries tax-free
- You select the investments which suit you
- You may be able to insure multiple people on one policy
- Some companies offer valuable investment bonuses, enchancing investment returns
Universal Life provides the life insurance coverage you need (it will pay your beneficiaries the amount of insurance you buy).
Universal Life Plus provides life insurance coverage plus the value that accumulates in your policy fund.
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Permanent Insurance
As long as you pay the premiums, the coverage stays in effect, no matter what your age. These policies tend to offer less flexibility, but some offer financial benefits through the cash value of the policy. Premiums can be level for life (they don't increase as you age, even if your health changes), or they can vary depending on the plan you choose. Premiums tend to be higher than term when you're younger, but will be lower than term when you're older and possibly uninsurable due to health.
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