Life Insurance

Ring Insurance Services

Life Insurance

Types of Life Insurance

Family, Individual and Business Life Insurance Planning

Life Insurance acts as a foundation for your family’s financial security. It provides reliable protection against life’s uncertainties, securing your family's future. Determining the specific requirements you wish to satisfy with Life Insurance will assist in deciding which types (ie., Term Life, Whole Life, Universal Life) is best for you, your family and your business.
In addition to providing for your loved ones, life insurance can:
Accumulate funds for college costs or a mortgage
Pay for estate taxes and funeral costs
Provide supplemental retirement income
Supplement income in times of emergency if your earning power is impaired
Term life can provide necessary protection against loss, while Whole Life and Universal Life policies can supplement your income through withdrawals or loans against a policy's cash value.
We compares the rates and coverage’s of all major carriers in order to find the best rates for your profile. Choosing the right Life Insurance can be confusing and burdensome. We are dedicated to ensuring that your plan truly provides the security you seek.
Whether you're saving for major business expenditures or your child's college education, we can help you choose the program that is right for you.

Term Insurance is the most basic, and generally least expensive, form of life insurance for people under age 50. A term policy is written for a specific period of time, typically 5 to 30 years, and may be renewable at the end of each term. Also, the premiums increase at the end of each term and can become prohibitively expensive for older individuals. A level term policy locks in the annual premium for periods of up to 30 years.

Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you may be able to borrow up to 90% of your policy's cash value tax-free. Some whole policies returns dividend that can be used to lower premium or can be paid out in cash.

Universal Life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values. Universal life policies typically offer a guaranteed return on cash value, usually at least 4%. You'll receive an annual statement that details cash value, total protection, earnings, and fees.

Drawbacks to this type of insurance include higher fees and interest rate sensitivity. Universal policies include up-front fees as well as ongoing administrative fees totaling as high as 5% to 7% of your premiums. You may also find your premiums increasing when interest rates decline.

Whether your need is for income replacement, asset protection or estate tax planning we have access to many highly competitive carriers offering policies with broad features and options to meet your goals.

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