Life Insurance

A&A Insurance Brokers Ltd offers an array of life insurance products to fit your needs:

Term Life Insurance

Term Life Insurance is life insurance for a specified period of time in your life. It is meant to be paid out to your beneficiary should you pass away unexpectedly during the period of time that you are covered. Term Life Insurance is one of the more economical forms of life insurance in the marketplace. Unlike Universal Life Insurance, there are no savings attached, just pure coverage.

If you need long-term life insurance, Term Life Insurance probably is not for you, although it can be added as a rider to a permanent insurance plan. Common types of term insurance include 10, 20, and 30-year terms as well as “term to age 100” coverage.

Universal Life Insurance

Universal Life Insurance is a two-part policy: The first part is a life insurance component that offers various types of coverage. The second part is an investment component that can be used for tax-deferred growth, usually used in retirement planning.

In order to get the most from your Universal Life policy, contribute more than the minimum payments – ideally a large lump sum – during the first years of the policy. By doing this, you will be able to maximize the growth of your investments by delaying payment of taxes on your investment earnings.

As one of the more popular life insurance offerings, your Universal Life policy allows you to choose your risk tolerance. If required, it also provides the flexibility of allowing withdrawals from the amount you have accumulated for a variety of different reasons including illness or disability, or to supplement your income after retirement.

Whole Life Insurance

Whole Life Insurance policies are designed to last your entire life. Because of this, the premium is lower than life insurance policies with a predetermined end-of-coverage date. The premium payments are fixed and will not increase as you age and, after the policy is in effect, no additional medical exams are required unless you request a change in coverage.

Unlike a Universal Life Insurance policy, there is no choice of investment options included in this type of coverage, but you will be able to use the cash value of a Whole Life policy as collateral for loans.