Protect Your Family, Business, and Your Future with Life Insurance
Discover how Life insurance can be a game-changer—offering peace of mind, financial security, and flexibility at every stage of life.
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Benefits of Life Insurance
Financial Security for Loved Ones
Life insurance provides a tax-free benefit to ensure your family maintains their lifestyle and meets future goals, even in your absence. It can also provide financial security by alleviating the burden of debt, funeral expenses, and daily costs through tax-free payouts and replacement of lost income.
Tax Advantages
Life insurance policies offer significant tax benefits, including the potential for tax-deferred cash value growth and the ability for beneficiaries to receive the death benefit income tax-free. This can effectively enhance financial planning and ensure that more of your assets are retained and transferred to your loved ones.
Affordable Peace of Mind
With plans starting at less than a dollar a day, securing your family’s future has never been more budget friendly.
Versatile Financial Tool
More than just a safety net, a Life insurance policy can help fund college, supplement retirement, and more.
Hassle-Free Options
Enjoy the convenience of policies that often don’t require medical reviews.
Tailored Solutions
Choose from Term, Whole, or Universal Life insurance to fit your unique needs and budget.
Life Insurance Coverages We Offer
Life insurance policies are a necessity to provide financial support. Our products are designed to help protect your loved ones from a broad range of expenses and potential obligations including loss of income, childcare expenses, and funeral costs.
Coverages for Individuals
Universal Life
It is a type of Permanent Life insurance that provides coverage for the duration of the insured’s life as long as premiums are paid, which can be flexibly adjusted. It builds cash value over time, which can be taken as loans or withdrawals. When the insured person passes away, the death benefit is paid to the beneficiaries, which can also be flexibly adjusted.
Whole Life
It is a type of Permanent Life insurance, offering lifelong coverage, but premiums remain fixed, while the cash value grows at a fixed interest rate, and the guaranteed death benefit cannot be adjusted.
Indexed Universal Life
IUL insurance is a type of Permanent Life insurance that offers a death benefit along with a cash value component that can grow based on the performance of a chosen stock market index, such as the S&P 500.
Guaranteed Level Term Life
It provides coverage for a specific period (the “term”), with premiums that remain the same throughout that term. This means your premium payments will not increase during the chosen term, which is often 10, 15, 20, or 30 years. If the insured person dies during the term, the beneficiaries receive a tax-free death benefit. Term Life insurance does not build cash value.
Guaranteed Universal Life
GUL insurance is a type of Permanent Life insurance that offers a combination of features from both Term Life and Whole Life insurance policies. It covers you for your entire lifetime, death benefit is a guaranteed amount to your family should you pass, premiums are fixed, and offers minimal cash value.
Impaired Risk (aka High-Risk Life insurance)
It is a specialized type of Life insurance designed for individuals who are considered to have a higher than average risk of premature death due to health conditions, lifestyle choices, or occupation.
Survivorship
It’s a type of joint Life insurance policy covering two individuals, typically spouses. It is primarily used for estate planning, specifically to cover estate taxes and facilitate wealth transfer to heirs after both spouses die. But this coverage can also aid in business succession planning by providing funds to cover transfer of ownership costs or operating expenses during the transition. Like other Permanent Life insurance, Survivorship policies can build cash value over time, which can be accessed during the insureds’ lifetimes.
Coverages for Businesses
Key Person
It protects a business from the financial impact of losing a vital individual, such as an owner, partner, or highly skilled employee. it provides funds for expenses like recruiting and training a replacement, offsetting lost revenue, or stabilizing the business during the transition period.
Buy Sell
It is used to fund a buy-sell agreement, a legally binding contract that outlines how a business ownership will transfer if an owner dies, becomes disabled, or leaves the company. This coverage ensures a smooth transfer of ownership, and helps maintain business continuity.
How Much is Life Insurance?
Life insurance costs vary widely based on factors such as age, health, lifestyle, and the type of policy you select. Generally, younger individuals pay lower premiums due to a lower risk profile; however, securing a policy early can lock in these affordable rates for the long-term.
Additionally, while coverage is available, health conditions and lifestyle factors, such as smoking, pre-existing medical conditions, or hazardous occupations, may result in increased premiums.
For instance, smoking can triple your premium, which can mean thousands of dollars more!
The choice between Term, Whole, or Universal Life insurance policy also affects the cost, with Term Life typically being the most cost-effective option. It’s crucial to evaluate your needs and consult with an insurance professional to determine the best plan and rate for your specific situation.
However, here are some Life insurance policy examples for illustration purposes only.*
Why Choose Hilb Group for Your Life Insurance Needs?
Selecting the right provider for Life insurance is critical. Here are a few reasons why we would be a great partner for you:
Real Stories, Real Impact
How It Works
Choose Your Coverage
Contact our insurance advisors to help you select the type and amount of coverage that aligns with your goals and budget.
Simple Application
Enjoy a fast application process with minimal paperwork and, in many cases, no medical exam.
Ongoing Support
Our professionals provide guidance and support throughout the life of your policy.
Protect What Matters Most with Financial Security
Prepare for life’s uncertainties with purchasing Life insurance that fits your budget and goals. Whether you’re a young family, or looking to secure your legacy, we have the right solution for you. Purchase Life insurance.
Frequently Asked Questions
When considering Life insurance policies, it's essential to understand the key differences between Term Life insurance and Permanent Life insurance. Term Life insurance offers coverage for a designated period, typically ranging from 10 to 40 years. During this term, if the policyholder passes away, the beneficiaries receive a death benefit, providing financial protection for significant obligations like lost income, mortgage payments, or funeral expenses. This type of insurance is generally more affordable, making it an attractive option for those needing substantial coverage at a lower cost. However, it does not accumulate cash value and expires at the end of the term unless renewed.
On the other hand, Permanent Life insurance, which includes Whole Life and Universal Life insurance, provides lifelong coverage provided premiums are paid. These policies not only guarantee a death benefit but also build cash value growth over time. Whole Life insurance offers fixed premiums and a guaranteed cash value, which accrues on a tax-deferred basis, meaning you won't pay taxes on the gains while they accumulate. Universal Life insurance, on the other hand, provides more flexibility in terms of premium payments and death benefits, with cash value growth linked to a current interest rate. Permanent Life insurance can serve as a financial tool, allowing policyholders to borrow against the cash value or even use it for retirement planning.
Choosing between Term and Permanent Life insurance depends on your financial goals, budget, and the level of flexibility you desire. Term Life insurance is ideal for those seeking temporary coverage during financially demanding periods, whereas Permanent Life insurance suits individuals looking for lifelong protection and the added benefit of cash value accumulation. Consulting with an insurance professional can help determine which option aligns best with your needs and long-term objectives.
Whole Life and Universal Life insurance are Permanent Life insurance, meaning both are designed to provide coverage for the insured's entire lifetime. However, they have some key differences:
Premiums:
Whole Life insurance: Premiums are fixed and remain the same throughout the life of the policy. This provides predictability in terms of payment amounts.
Universal Life insurance: Premiums are flexible. Policyholders can adjust their premium payments and the amount of coverage, within certain limits.
Cash Value:
Whole Life insurance: Builds cash value at a guaranteed rate. The cash value grows based on a fixed interest rate set by the insurer.
Universal Life insurance: Offers more flexibility in cash value growth. The cash value can grow based on the performance of the underlying investments, which can be tied to a money market interest rate or other indices.
Death Benefit:
Whole Life insurance: The death benefit is typically fixed and guaranteed.
Universal Life insurance: The death benefit can be adjusted. Policyholders can increase or decrease the death benefit, subject to underwriting and policy limits.
Investment Options:
Whole Life insurance: Does not offer investment options. The insurer manages the investments.
Universal Life insurance: May offer various portfolio investment options, allowing policyholders to choose how the cash value is invested, which can affect the growth of the cash value.
Policy Loans and Withdrawals:
Both types allow policyholders to borrow against the cash value or make withdrawals, but the terms and impact on the policy can vary.
These differences make Whole Life insurance more predictable and stable, while Universal Life insurance offers more flexibility and potential for growth, but with slightly more risk.
Yes, Life insurance can cover debts, mortgages, funeral expenses, and provide financial protection for your partner or other dependents.
How much coverage you need depends on your financial goals, debts, and income replacement needs. Our experts can help you calculate the ideal coverage.
Generally, Life insurance policy death benefits are not taxable to your beneficiaries. This means they will receive the full amount of the death benefit without the obligation to pay income taxes on it. However, there are some situations where taxes might apply. If the policyholder transfers ownership of the policy for valuable consideration, or if there is a gain from a surrender of the policy, the proceeds could be subject to taxation. Additionally, the interest earned or accrued from the time of death until the policy is settled may be taxable. Always consult a tax advisor or financial professional to understand your specific circumstances and ensure compliance with applicable tax laws.
*COVERAGE DISCLAIMER: These statements do not amend, modify, or supplement any current or future insurance policy. They are not a guarantee of savings or services but reflect past client and broker experiences in the states where we are licensed. All clients and coverages are unique. Your results can and will vary. Your eligibility for products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. If there is a discrepancy between information contained herein and your policy, your policy takes precedence. Consult the actual policy or your licensed agent for details regarding terms, conditions, coverage, exclusions, products, services, and programs which may be available to you.
GENERAL INFORMATION DISCLAIMER: Statements on this website regarding insurance policies and coverages and other content provide general information only. There is no intentionally misleading information contained in this website, however, Hilb Group, provides no warranty as to their accuracy. We will endeavor to correct or clarify any incorrect information. Any hypertext links to other sites or vendors are provided as a convenience only. We have no control over those sites or vendors and cannot, therefore, endorse nor guarantee the accuracy of any information provided by those sites or the services provided by those vendors.
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