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New Beginning Financial Group, LLC is excited to help families use life insurance as income replacement in their time of need. Speak to a agent today and ask for a personalized life insurance proposal for you and your family.

What is Life Insurance?

Life insurance is funds you save for your family in the event of your death. You make a contract with an insurance company, which promises to provide a certain amount of money (the death benefit) to your family (beneficiaries) upon your death. In return, you pay your premiums, periodic payments to the insurance company. In addition, life insurance can be used as a means of investment or saving. When purchasing life insurance you are making a long-term commitment to yourself and family.

What is Term Life Insurance?

Term Insurance is a contract between the consumer and the insurance company for a specific time period (up to 30 years) and has two main features: the amount of the death benefit and the price of the policy. The contract is quite simple: At the time of death, the insurance company pays a death benefit.

The other type of insurance is permanent. The original type of permanent insurance is known as whole life because it covers you for your “whole life.” Whole Life Insurance covers you for as long as you live if your premiums are paid. Permanent life insurance provides coverage for an indefinite period of time. Whole life insurance premiums remain at a fixed level for the duration of the policy while universal life offers flexible premiums.

Life Insurance can help with the following:
Send children to collegeReplace lost incomePay your billsEstablish an emergency fundPay off mortgage and other debtsMaintain your standard of livingPay for final expensesSupplement Retirement IncomeProvide an Additional Income Stream

What is Whole Life Insurance?

Whole Life is the most basic type of permanent life insurance. Your premium will purchase a specific death benefit and produce a specific cash value, which are guaranteed for the life of the policy as long as the premiums are paid. Whole Life premiums are usually higher than term premiums, but are guaranteed not to increase.

What is Universal Life Insurance?

Universal Life is a flexible-premium, adjustable-benefit life insurance contract which accumulates cash value. It also can provide coverage for your entire lifetime. Universital life insurance offers flexibility to pay your premiums at any time and in any amount (subjuect to some limits), as long as the policy expenses and cost of coverage are met. Life insurance can cover more than just life. If you look beyond the beath benefit you will discover the many different ways you can use life insurance to plan your financial future.