LIFE INSURANCE

John J Kovacs Insurance Can Get You Insurance for What Really Matters

When you purchase life insurance, what you’re really investing in is peace of mind. Knowing that your loved ones will be financially cared for when you’re gone can be real a weight off your mind. If you’d like to secure your family’s future, we can help.

Types of life insurance to consider:

  • Term life insurance provides protection for a specific period of time. It is most often sold in 10-, 15-, 20-, and 30-year terms, and the premium stays the same throughout the term. If the insured person dies during this period, the beneficiaries receive the proceeds income tax-free.
  • Whole life insurance increases in value based on a set schedule. You'll know the exact cash value of your policy on each policy anniversary. (If you take a loan or withdrawal from your policy, the cash value and death benefit will decrease.)
  • Universal life insurance earns a fixed interest rate on the cash value of the policy. While the interest rate may change over time, it will never dip below a guaranteed minimum rate.

Some other considerations when choosing life insurance:

  • Fees and charges − Find out how much you’ll be paying beyond the cost of the policy.
  • Access to your money − Be sure you’ll have access to your money of you anticipate needing it for future expenses.
  • Flexible payments − Some types of life insurance allow you to make flexible payments once you’ve paid enough to cover your policy charges.

Read this important information

As your personal situations change (e.g., marriage, birth of a child or job promotion), so will your life insurance needs. Take care to ensure these strategies and products are suitable for your long-term life insurance needs. Also, be aware that market volatility can lead to the possible need for additional premium in your policy. Investors should evaluate the impact of their financial ability to continue premium payments and the market risk associated with the variable product on the risk of lapse of the insurance policy.

Also, know that any loans, withdrawals, and surrenders, partial or whole, can adversely affect the death benefit, may have adverse tax consequences, and could result in the policy lapsing.

At John J. Kovacs Insurance, we want to be your trusted go-to resource for all your insurance needs. Call us today at (203) 269-2500 to see how we can help you and your family have peace of mind.

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