There are many types of life insurance to fit individual needs and circumstances.
Comprehensive Life Insurance Services
The following are some of the basic types of life insurance available.
- Term insurance — The simplest form of insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy. There is no investment component.
- Whole life — The policy covers your “whole life”, not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer “a relatively low guaranteed rate of return,” but in reality pay at a rate in excess of the guarantee.
- Universal life — You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build. There are generally two types of Universal Life policies. With Type I or Type A, the cash account goes toward the face value of the policy on the death of the policyholder. With a second variety, sometimes called Type II or Type B, the beneficiary receives the face value of the policy plus all or most of the cash account. While Type II is meant to provide a partial hedge against inflation, it demands higher premiums than Type I as you get older.
- Variable life — With a variable life policy, there is usually a wider selection of investment products, including stock funds. As with a universal policy, returns on investments can offset the cost of premiums or build in the account. Depending on the type of policy, the beneficiaries will either receive the face value of the policy or the face value plus all or part of the cash account.
Need Some Help with
At Northern Insuring Agency we enjoy helping customers with their insurance questions. Contact us today for more information or if you’d be interested in a free review or insurance proposal, 800.807.6542.
Please be advised, some products and services may not be available in your area.
Individual Insurance Products
When a physical injury keeps you from working, disability insurance can help get the bills paid.
There are many types of life insurance to fit individuals needs and circumstances. Term insurance, Whole Life, Universal Life, and Variable Life are some basic types available.
Long Term Care Insurance
Long term care is something you may need when you can no longer perform activities of daily living or everyday tasks by yourself.
There are different types of Medicare plans to fit your needs and circumstances, such as Medicare Advantage, Medicare Supplement, Dual Special Needs, and Stand-Alone Part D plans.
Please contact us today to speak with a licensed representative 800.807.6542
Three Locations to Better Serve You
*Our Massena office has closed and we are now in Potsdam!*
Monday – Thursday 8:00 am – 4:30 pm, Friday 8:00 am – 2:30 pm
171 Margaret Street
Plattsburgh, New York 12901
92 Main Street
Whitehall, New York 12887
69 Market Street
Potsdam, New York 13676
Phone: (315) 769-2404