Everyone knows they need life insurance. The Addison Insurance Agency can help you decide what you need, and how affordable life insurance can be.
“Pennies from Heaven.” That’s how the Addison Insurance Agency clients think of life insurance. The proper life policy can ensure your family continues to live in the lifestyle you’ve provided, keep your business running if you lose a partner or valuable team member, cover the expense of a funeral, and give you piece of mind in difficult time. Life insurance can provide the necessary funds for many different situations a family and business might face, and there are policies to fit every need and budget. Our agents are happy to review your current and future needs, help you determine the right kind of coverage, and show how valuable those pennies from heaven can be.
The most common life insurance policies the Addison Insurance Agency offers are:
- Term Life- Term insurance is the most economical, is written for a specified length of time, and will pay if the insured passes during that period. Once the term is over, the coverage ends. Term policies do not build cash value unless the “Return of Premium” option is selected. ROP Policies will refund all premium paid at the end of the term if the benefit amount is not paid.
- Whole Life- This insurance, and the premium payments last until the insured reaches age 100.
These policies develop a cash value over time that can be borrowed against, and will pay the
full policy amount (less any money borrowed) at when the insured passes or reaches age 100.
- Child’s Life- Children’s whole life policies are purchased before the age of 18 and usually have a specific benefit amount. This benefit amount is increased at age 18 and again at age 25 for no additional premium. These policies develop cash value and make an excellent gift for new parents!
- Partnership- These term policies are typically used for business perpetuation. Partners may take out a policy on each other to purchase that owner’s interest and stock in a company from the deceased party’s estate, and is a great method to allow the partner to keep the entire business.
- Key Employee- Many businesses have an employee that has very specialized skills and cannot easily be replaced. If a company suddenly loses that worker, the business may not survive. Key Employee coverage gives the business the funds to continue to pay bills and offer new employee prospects additional incentive to join the company
- Disability Income- Though not a life policy, this coverage will pay an insured if he/she is injured and cannot work, or if the insured is permanently disabled. Unlike Workers Compensation insurance which only covers a person while on the job, Disability covers the person 24 hours per day. Disability Insurance benefits are paid based on a term of 2 years, 5 years, or to age 65. Statistics show that a person in an accident is more likely to become disabled than to pass away, that’s why the Addison Insurance Agency highly recommends adding this coverage to your insurance portfolio.
Contact Addison Insurance Agency today to discuss your Life and Disability Insurance needs by calling 770-675- 9175, or completing the short quote request form!