Life Insurance

Life InsuranceWhat would happen to your family if you were gone tomorrow? 

Like most families it’s important to have to incomes in order to pay the bills, maintain a standard of living, pay for your kids to go to college, and even keep a roof over your head. If you or your significant other passed away tomorrow your families financial health may be in jeopardy and that’s the last thing anyone wants to think about after such a tragedy.  Though money may be tight it’s important to consider making a small investment to ensure that your family doesn’t suffer any more than they already are.

Whether you choose whole life, term life, or guaranteed universal life, CityScape Insurance can service all of your insurance needs. Contact our office to speak with one of our trusted and experienced professionals.

Term Life

Living a full and vibrant life is the goal of most people. But as we know, the salty events of life occur along with the savory. Life does not hand you lemons all the time, but you must be prepared to be able to make them into lemonade. That is when having term life insurance can be beneficial to you and your family.Why choose term life insurance instead of whole life? Term life may be for those individuals who require temporary insurance with a lower premium as opposed to a policy that may weigh one down for life. An example of this situation would be the college student who is involved in sports. Most institutions of higher learning require insurance for that player in case of an injury or fatality. Since playing for the university is a short-term position, a provisional plan may be more feasible.

Whole Life Insurance

A whole life insurance policy can secure one obvious objective and have a certain hidden value along with it. On the death of the insured, it will pay a benefit to the policy’s beneficiary, but it can also be used for retirement planning. With a whole life policy comes a tax-deferred cash account that builds up value without tax liability on each year’s gain. Taxes are only paid when you actually withdraw money from the cash account. Premiums charged include both components of the policy, and they usually don’t change.

If an emergency arises, you can borrow against the accumulated cash fund without any tax consequences. It operates much like an annuity. Even if your company has a qualified retirement plan, purchasing a whole life insurance policy will give you some of the benefits of that qualified retirement plan. Premiums won’t be taxable and investment gains won’t be taxed either during the growth years.

Guarantee Universal Life Insurance

If guaranteed premiums and a guaranteed death benefit are more important to you than the investment component of a life insurance policy, a guarantee universal life insurance policy might be the best alternative. Almost all guarantee universal life insurance coverage offers premiums that are less expensive than whole life policies. Every premium paid covers all components of the policy.

The beauty of this life insurance choice is its flexibility, and it has a cash accumulation component too. The length of protection and the amount of the premium are guaranteed if premiums are paid in accordance with how you choose them. After sufficient cash has accumulated, you can change your cash accumulation and death benefit. There are also certain tax-deferred options for long term considerations. Some of these universal policies even permit the insured person to have input on how the cash accumulation portion of their policy is invested. Guaranteed universal life insurance is usually a more affordable option than whole life insurance.