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Information to help you be better informed
Term Life Insurance
- Death benefit only life insurance – No cash value
- Coverage for a set length of time, usually 10, 15, 20 or 30 years. If you die during the term, your beneficiary receives the death benefit.
- Some term insurance offers:
- Living Benefits that provide you access to a portion of the death benefit while you’re living if you experience a chronic, critical or terminal illness
- A Return of Premium option which pays you back all of the premium you paid for the policy if you live past the end of the term
- The option to convert your term insurance to permanent (whole or universal) without further proof of insurability. This can be an affordable way to get the coverage you need now at a lower price while guaranteeing that you’ll be able to get permanent insurance regardless of your health at the time you choose to convert.
Whole Life Insurance
- It is considered “permanent” insurance. There is no term limit and it remains in effect for your whole life, as long as your premiums and other policy obligations continue to be met.
- Whole life insurance policies have a “cash value” which builds slowly over time at a low rate. Tax will be due upon withdrawal of the cash value.
- Whole Life policies are much more expensive than Term or Universal life insurance policies.
- Provides a level premium and level benefit. Your cost won’t increase and your benefit won’t decrease over time.
- There is no flexibility in premium payment time or amount. Missed payments will lapse the policy.
Universal Life Insurance
- It is considered “permanent” insurance. There is no term limit and it remains in effect for your whole life, as long as your premiums and other policy obligations continue to be met.
- Provides flexibility in policy design and premium payments
- Indexed Universal Life policies build a much greater cash value than whole life. The cash value can create a reliable tax-free retirement income you won’t outlive.
- Indexed Universal Life policies provide growth in up markets without losing money in down markets.
- You can access your cash value tax-free and penalty-free, unlike a 401K or IRA.
- Protects you and your family and provides a financial legacy
There are options to meet many different needs. It’s best to discuss your specific needs with an experienced insurance professional who can design the life insurance product(s) that are best for you. Contact us to learn more.
Other insurance protection available from Inner Harbor Financial
Short-term Disability
For many people, a temporary loss of income could have long-term financial consequences. Short-Term Disability policies help reduce or eliminate the hardship of lost income and increased expenses due to medical bills. Short-Term Disability insurance provides a monthly benefit amount when you’re disabled and unable to work due to a covered accident or illness. With features like a guaranteed-issue option and flexible amount and length of coverage, a Short-Term Disability policy can be easily tailored to your needs and budget.
Long-term Disability
When the loss of income due to disability stretches out over years, or permanently, the financial consequences can be disastrous. Long-term disability provides a monthly benefit for longer periods, up to age 67 in some cases.
Cancer
Cancer treatment is changing. More people than ever are beating cancer and living full lives. However, the treatments necessary to win that battle can be very expensive. That’s why we offer Cancer Insurance that provides benefits for the standard treatments as well as the new advances in treatment protocols. These robust benefits provide for the whole person. Because we believe in living life to the fullest, no matter what your diagnosis.
Accident
Accident Advantage insurance helps with the unexpected out-of-pocket costs that can hurt the family budget when accidents happen – like ER visits and hospitalization. The plan offers multiple coverage options to accommodate almost any need and budget.