Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises and protect your family when you are gone.
Don’t leave the future to chance. Great North Insurance can help you find the right coverage for you, your loved one, and protect your family.
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:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse’s health has deteriorated
- You are providing care or financial assistance to a parent
- Your child or grandchild requires assistance or long-term care
- You recently purchased a new home
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse recently received an inheritance
- You have a sizable estate
What You Need to Know
Great North Insurance can help you select the best coverage for your needs whether you are in North Dakota, South Dakota, or Minnesota. There are several different types of coverage available – the most common include:
- Term Life Insurance
This coverage provides protection for a specified period of time. If you do not currently have coverage, term can be a good place to start. 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.
- 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 Insurance. We can assist in identifying the best protection for you
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 Insurance team today to find out how to protect your family and your future with the right life insurance.