Ozark Mountain Group has been providing top tier service for our clients for over 6 years and work with more than 50 of the top rated insurance companies in the nation. We have a plan to fit your budget and that provides your family with the coverage it needs to continue living the same lifestyle if something were to happen to you.
Did you know the typical funeral and burial expenses cost families about $8,000 to $10,000? Add in medical bills and other debts, and it’s easy to see why you might need coverage to help with final expenses.
When you choose Legacy Life Final Expense Package with Guaranteed Acceptance:
If you buy term life when you are young and healthy the monthly premium can cost as little as $30-40. You only pay for the coverage you need. Term insurance expiring is a good thing, because it means you have coverage when you have expenses but are not paying for it when you no longer have a mortgage or dependents. Typically when clients choose the term life package they also pair it with some sort of final expense packages so that they don’t have to worry about passing on any expenses or death to their loved ones.
Whole life insurance costs more because it is designed to build cash value. But keep in mind that a life insurance policy shouldn’t be an investment or money-making scheme—it is simply meant to provide security, protection and peace of mind for your family should the unthinkable happen. Like anything you buy, the longer you wait the more expensive it will be. We encourage our clients and those considering buying whole life insurance packages to speak with an agent and do some of your own research because you might want to explore other options such as Universal, Return of Premium, and Annuities packages because they accumulate guaranteed interest with no risk in a way that traditional whole life policies cannot offer.
Universal life insurance is a form of life insurance that offers flexible premiums, a level or increasing death benefit, and a tax-deferred investment opportunity to the insured. With universal life insurance, the insured pays the premium of their life insurance as well as some additional money to “overfund the policy” and build a cash value. This cash value gains interest overtime and may be borrowed from or used to subsidize the cost of the life insurance policy in the future.
However, this is where things can get tricky, and many people do not understand how their universal life insurance policy actually works. For instance, if you take a loan from your universal life policy and happen to pass away before the amount is repaid, your death benefit will be reduced by the amount owed.
Have more questions? Contact us by giving us a call or by sending us a message with your email and phone number and we’ll have a live agent reach out and answer any questions you may have.
You buy a return-of-premium term life insurance policy, perhaps for a 20- or 30-year term. If you die during that time, your beneficiaries receive the death benefit. If you outlive the policy, you get back exactly what you paid in (with no interest). The money back is not taxable.
It may sounds too good to be true, but if you think about it the insurance company has been investing your money for 20-30 years with no interest. But once the term is up you get the amount you paid back while still maintaining coverage!
Before buying this type of plan I would highly recommend speaking with one of our agents because they’ll explain all kinds of scenarios to make sure this is the right fit for you.
An annuity is a type of policy issued by an insurance company designed to accept and grow funds, and upon annuitization, create a stream of income or payments. The money you pay in can be either a lump sum or a number of payments. These contributions generally earn a rate of return, generally tax-deferred.
Let’s say an insurance company owes you $200,000. You can choose to take the payment in small increments spanning from 1-10 years while also maintaining a guaranteed interest rate so that you don’t spend it all at once.
If you are thinking about purchasing an annuities package contact us and we can have an agent reach out and answer any questions you may have.