Life Insurance with Ironhawk Financial

There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:

Term Life Insurance

Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including a one-year annual renewable term.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

Universal Life Insurance

Universal Life Insurance is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments – i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 interest steps are typical as banks and other financial institutions make similar moves.

Whole Life Insurance

Whole Life Insurance is designed to offer enduring safeguarding applicable for the entirety of a person’s life. This form of insurance is effective from the date on which the insurance policy is issued, and it continues in force until the date of the insured person’s demise. Of course, this ongoing protection is contingent upon the premiums being paid as agreed.

When the policy is initially issued, the premiums are determined and then fixed, remaining consistent and unchanging for the duration of the policy’s life. This certainty provides a measure of financial stability for policyholders, knowing that their premiums will not undergo unexpected alterations.

Distinct from term insurance, which primarily provides a fixed level of coverage for a specified term, whole life insurance integrates insurance coverage and accumulation of savings or a “cash value.” This cash value, a unique feature of whole-life policies, is generated incrementally over time, thus creating a financial reserve.

The accumulation of this cash value within a whole life insurance policy potentially provides a resource for various living benefits. For instance, it could assist in attaining significant financial goals such as discharging mortgage debt or funding a child’s educational aspirations. This stockpiled cash value might be seen as a form of self-investment; money can work for the policyholder, providing resources when needed.

Furthermore, if the insurance policy is ever terminated or rescinded, the accumulated value becomes a “cash surrender value.” This implies that, in the event the policy is canceled, the policyholder has access to a predetermined sum of money which can provide significant financial aid at an unexpected or crucial moment. Thus, whole life insurance offers not only a lasting shield against sudden fatalities but also an opportunity for long-term savings growth.

These products are continually changing and we can provide you with the latest information and policies available!