Individual Life Insurance

Life Insurance is important for your loved ones. If something happens to you, funds are going to be needed for burials, medical bills that aren’t covered by your insurance, mortgage and debt payoffs, and other things that may arise. Affordable Insurance and Financial Services can help by offering life insurance to protect your family,

The type of insurance you choose depends on your needs.

First, there is a Term Life Insurance policy. This type of policy provides you with maximum coverage and low pricing. The coverage is limited to a certain amount of years. If the insured person lives beyond the policy end date, the coverage expires. Some have renewal terms annually.

During the coverage time premiums will not go up. Insurance pays a benefit only if you perish during the term. This type of insurance gives you the most for the money that you pay.

As long as premiums are paid and current in billing, you are covered. Nonpayment will terminate your coverage.

Secondly, there is Universal Life Insurance. This insurance type is more flexible in the way of payments for premiums. The policyholder can pick the amount and frequency of payments. Covered in the premium are expenses, savings, and insurance. Interest and Investment parts change with fluctuation interest rates. The interest moves similarly to banks in that they usually go by .25%

Third, there is Whole Life Insurance. This insurance gives you solid protection for your entire life. From the start date of the policy until death, you will be covered as long as your premiums are up to date. Whole life provides insurance protection and has a cash value that accrues over time. This is used to pay off the person’s debts or provide funds for living loved ones to excel. The cash value is surrendered if the policy is ever closed.

Fourth, there is Index Universal Life Insurance.This insurance policy can help protect your family’s standard of living or help fund your child’s education in the event of the death of the insured. The policy also offers options to change death benefit amounts or adjust premium payments within certain limitations.

Fifth, there is Variable Life Insurance. This insurance policy is a contract between you and an insurance company. It is intended to meet certain insurance needs, investment goals, and tax planning objectives. It is a policy that pays a specified amount to your family or others (your beneficiaries) upon your death. It also has a cash value that varies according to the amount of premiums you pay, the policy’s fees and expenses, and the performance of a menu of investment options—typically mutual funds—offered under the policy.
But there are some risk factors also you have to consider about this policy..
Much more expensive than term life insurance for the same level of protection for your beneficiaries.
Limited investment options for the cash value you’ll build, risk exposure to the cash invested.
Risk of losing coverage if you can’t keep up with expensive premium payments.
If economy crash down cash bucket can be empty and policy can be collapse.There is no guarantee you will get principle back.


Products are always being adjusted, and we will give you the most current information available.

Ask for a quote to see how much we can save you.

June 4th, 2020 by Affordable Insurance and Financial Services