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Life Is Unpredictable
Secure Your Life Insurance
Securing your own financial future and more importantly, the future of your loved ones, requires planning and selecting the right life insurance policy. Great North/Hub International can help you find the right coverage for you and your loved ones. Whether it is term, whole life, universal life or another permanent type of policy, we are your agents with options.
Types of Life Insurance
Simply stated, life insurance has two types of insurance: Term and Permanent. If you are from the any of the Midwest states of North Dakota, Minnesota, South Dakota stretching to Nebraska, Missouri or Texas. Great North/Hub International can service all of your life insurance needs.
Term Life Insurance
Term insurance is a contract with a carrier for a specific time period, “Term”, for specific coverage, “death benefit.” Once you hit the end of your term you can continue paying for the coverage you had, but usually at a much higher rate. Term is a great way to get a higher death benefit at a much lower rate.
Many people don’t realize how affordable term life insurance can be and is a great option for those who don’t have a current policy. Term life is a great way for a family to help protect them in the event one parent was to pass away, so they can stay in their home, the kids can still go to college, and the other parent can continue to stay home or work the same job.
We have a very simple equation at our agency we use to come up with your minimum coverage. 10x your gross income + your debt = the minimum coverage suggested. This doesn’t take into account how many kids and their future. This does not involve if you want to give some to charity. There are a number of other things going into how much coverage an individual should have and these are all great questions you can ask one of our agents.
It’s generally less expensive than permanent (whole) life insurance and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 30-year (level term) period.
Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
Whole Life Insurance
This coverage is a form of permanent coverage that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole policies also build cash value over time., and is based on the dividends the insurance company is paying at a specified interest rate.
Universal Life Insurance
This coverage is a form of permanent coverage characterized by its flexible premiums, face amounts, and unbundled pricing structure. Universal life insurance can build cash value, which earns an interest rate that may adjust periodically but is usually guaranteed not to fall below a certain percentage.
What type of coverage is best for you? Talk with the team at Great North/Hub International. We will work directly with you to design a customized policy to best protect you and your family.
Advantages of Life Insurance
Having the right coverage is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many coverage options offer other benefits and investment opportunities you can take advantage of while you are living.
Life Insurance Death Benefit – When you pass away, your coverage provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Living Benefits – The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn (Remember to consult your licensed tax attorney for advice). Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
The right coverage is unique for each client in North Dakota, South Dakota, or Minnesota. Talk with the Great North/Hub International today to find out how to protect your family and your future with the right life insurance.
Life Changes - So Should Your Policy
If life changes, so should your policy.
Life insurance will be unique and dependent on personal and financial needs for each of our clients. As your life changes, your coverage may need to change in-order to adapt to your current needs. Some life transformations that may require a policy update include:
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