Insurance Plans
Flexible Life Insurance Coverage Options
A low-cost life insurance policy that provides coverage for a specified period of time (e.g., 10, 20 or 30 years) and generally pays a benefit only if the insured dies during that term.
- Benefits
Highest death benefit at lowest cost
No surrender charges
Often makes sense when there is a need for coverage that will disappear at a specific point in time, e.g., a mortgage- Flexibility
Although not considered a lifetime plan, offers some ability to convert to a permanent policy
- Premuims
Fixed premiums for specified number of years; increased upon renewal
Non-renewable after age 75
A permanent life insurance plan where premium payments are flexible and death benefits are adjustable. Policy performance based on the company’s declared interest rate.
- Benefits
Low cost
Lifetime protection
Flexible premiums
Death benefit guarantees available
Income tax-free death benefit to family
Withdrawals or tax-free loans available*- Flexibility
Flexibility to maintain your policy while increasing, decreasing or skipping premium payments based on changing needs
- Premuims
Average cost usually lower than whole life at similar coverage amounts
Flexible premiums
A permanent plan combining the standard features of a universal life policy with investment choices for your premium dollars. Policy performance based on the contributions and the performance of the investment choices.
- Benefits
Lifetime protection
Flexibility to change premiums Income tax-free death benefit to family
Withdrawals or tax-free loans available*
Policies typically overfunded to accumulate cash value for later withdrawals- Flexibility
Flexibility to vary premium payment and contribute additional premium dollars to the contract to increase the cash value available
- Premuims
Premiums on basic policy comparable to universal life
Flexible premiums
Provides a guaranteed death benefit and guaranteed tax-deferred build-up of cash value with level policy premiums. Policy performance directly related to the performance of the insurance company’s dividends.
- Benefits
Lifetime protection
Withdrawals or tax-free loans available*
Income tax-free death benefit to family
Death benefit and cash value guarantees available- Flexibility
Ability to stop paying the premium and use the value to purchase other forms of coverage once the policy becomes self-sustaining (occurs in different years with each carrier)
- Premuims
Level premiums initially higher than with term and universal life policies of similar coverage amounts
Premiums not flexible
* Life insurance is unsuitable as a short-term savings vehicle. The primary purpose is to provide protection against economic loss due to the death of the insured person. Loans and withdrawals may cause your policy to lapse. A lapse or surrender of the policy while loans are outstanding may cause the recognition of a taxable event. Interest charge.
** See footer for full disclosures.
Securing Quality of Life
Are you prepared to meet future healthcare costs?
Long-term care insurance pays for the care you may need if you are no longer able to care for yourself independently. There are flexible coverage and premium payment options that allow you to tailor the policy and payments to your specific situation. For an additional fee, today's policies offer a variety of optional features that can even include a return of premium rider for the unused premium dollars. With people living longer and the cost of care on the rise, these policies offer the peace of mind of known you will be able to afford the care you need.
Have you considered the effects of losing your income?
Long-term disability is insurance designed to replace a percentage of your gross income on a tax-free basis should a disability prevent you from earning an income in your occupation. If you are the primary wage-earner, imagine for a minute what life would be like if that income were no longer there to support your household. With that image in mind, it should not be hard to envision the difference long-term disability could make in your ability to sustain your family's quality of life.
Do you know how much insurance you need?
Deciding how much and what type of insurance to buy depends on your specific needs and circumstances. All too often, people find they are under insured because they did not purchase enough coverage from the start or did not properly adjust their coverage over time. That's why, even if you already own one or more insurance policies, it is important to regularly review your insurance holdings with your financial consultant. This no-cost, no-obligation service can help ensure that your coverage is adequate and appropriate for your needs.
Set up a free appointment!
Call 815-234-4075 or e-mail us at [email protected] and we will be very happy to set up a free appointment for you. Successful management of your finances is the key to you and your family enjoying tomorrow.
Check the background of this firm on FINRA's BrokerCheck
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Byron Financial Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Byron Financial Services, and may also be employees of Byron Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Byron Bank or Byron Financial Services. The Byron Financial Services site is designed for U.S. residents only. The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial registered representatives associated with this site may only discuss and/or transact securities business with residents of the follow states: AR, AZ, CA, CO, FL, GA, ID, IL, MD, MN, MO, NC, NV, OR, SC, TN, UT, WA, WI, and WY. Securities and insurance offered through LPL or its affiliates are:
