Life & health

Life insurance can be bought for yourself or for someone else, and you can even buy it for employees if you are a company owner. When an insured individual dies, the beneficiary of a life insurance policy receives a sum of money. You can buy a small life insurance policy to enable your family to cover your final expenses or a more comprehensive life insurance policy to enable your family to pay off your mortgage and other debts if you pass away. If you buy life insurance on a business partner, you can use the insurance proceeds to buy your partner’s share of the business if your partner dies.  Many people wait until they get married to buy life insurance and certainly it should be a priority once your first child is born.

Term Insurance

Term insurance is the simplest form of Life Insurance. You generally pay premiums on a monthly or annual basis and your family is protected for that “term”. Gordon Tower Insurance offers a variety of term products to fit your needs, time frame, and budget. Term Insurance helps provide for a family’s loss of income in the event of your death. It covers short- term debts and needs and provides additional insurance protection during the vitally important child raising years. Term Insurance provides longer term protection to help pay off a mortgage, or can be used to help pay for a college education.

Whole Life Insurance

Whole Life insurance offers same price premiums and life insurance protection for as long as you live. Like any insurance policy, you must ensure premiums are paid as required to keep the policy in force. Gordon Tower Insurance offers whole life policies that can be paid with a single lump sum, premiums payable to 100, or somewhere in between. Whole life policies also provide for the accumulation of cash value on a tax-deferred basis which can be used when you need it, to help with unexpected life’s occurrences. Policy loans do accrue interest, and any outstanding policy loans and interest will reduce the death benefit and cash value. Whole Life Insurance can provide for a family’s loss of income, mortgage costs, and educational needs. You do have access to cash value for special needs. It also allows you to leave a legacy for your next generation.

Universal Life

Universal Life Insurance is the most comprehensive of Life Insurance policies and is very flexible. Your life constantly changes. You get married, you need life insurance. You have kids, you need additional life insurance. Before you know it, your children are all grown up and the mortgage is paid off. Now, maybe you don’t need as much coverage as you used to. It’s quite clear that your need for life insurance changes as your life evolves. That’s why Gordon Tower Insurance offers Universal Life Insurance. This flexible policy allows you to raise or lower your coverage to fit your life insurance needs. Universal Life builds cash value that you can use throughout your lifetime.

More about Life Insurance:

According to a recent survey conducted by LIMRA, a shocking number of American citizens say they do not have life insurance at all, and even more say they do not have adequate coverage. In 2010, LIMRA conducted a survey of American households, and concluded that 30 percent of households in the U.S. – approximately 35 million – do not have life insurance.

Now, in 2012, that number has remained exactly the same. On top of that, half of insured households claim that they are not adequately insured and need more protection. LIMRA credits a slowly-recovering economy and increasing life insurance rates with the lag in the growth of newly-written policies. However, life insurance is not a luxury – it is a necessity.

Men and women who are the sole providers for their households should realize the benefits of protecting the value of their lives. If a woman is her family’s sole provider and passes away, how will they survive without her? If she has life insurance, they will be provided with the means to carry on a similar lifestyle to the one they had before she passed.

Consumers who rely only on the life insurance provided for them by their employer may be stunting themselves, as well. Often, an employer will only provide a policy worth one or two times a person’s salary. But what if the policyholder’s family then has a mortgage or other debt to pay off?

In order to adequately provide for a household, consumers should consider purchasing a term policy from a trusted provider. These policies are often low-cost, and are set for a specific period of time – for example, the 10 years it would take the consumer to pay off his or her mortgage.

 Source: by Insurance Rates

Health Insurance

With healthcare prices are skyrocketing, medical procedures are expensive, and treatments for major operations and treatments for diseases like cancer can cost tens of thousands of dollars. Few people have sufficient cash reserves to cover these costs, which can mean being denied medical treatment. However, if you buy health insurance, you pay a monthly premium to an insurer who covers the cost of any major medical treatments that become necessary in the future. Some health insurance policies include only major medical expenses, while other healthcare plans cover routine preventative care, such as well child visits.