Life Insurance

Safeguard your family’s future with the right life insurance policy. Serving Louisville and all of Kentucky.

Don’t leave the future of your loved ones to chance. Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made to your family when you are gone.

Independent Agents of Kentucky can help you find the right life insurance policy for you and help ensure that your policy continually meets your needs. Contact us today to get started.

Life Changes — So Should Your Policy

The right life insurance policy will be unique for you and dependent on your personal and financial needs.

As your life changes, your life insurance coverage may need to change in order to adapt to your current needs.

Some life transformations that may require a policy tune-up? include the following:

• You recently married or divorced
• You have a new child or grandchild
• You have opened or expanded a business
• Your health or your spouse’s health has deteriorated
• You are providing care or financial assistance to a parent
• Your child or grandchild requires assistance or long-term care
• You recently purchased a new home
• You are planning for a child or grandchild’s education
• You are concerned about retirement income
• You have refinanced your home mortgage in the past six months
• You or your spouse recently received an inheritance
• You have a sizable estate

Common Types of Life Insurance

There are several different types of life insurance policies available — the most common include the following:

• Term Life Insurance
  Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than whole life insurance, and is available in varying time periods with fixed premiums from a one-year (annual renewable term) to 30-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
• Whole Life Insurance
  Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
• Universal Life Insurance
  Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.  Universal Life Insurance can also be set up to pay some (or all) of your future premiums as your income reduces in retirement.

So, what type of life insurance is best for you? Talk with the team at Independent Agents of Kentucky today at 502-459-8880. We can assist in identifying the best protection for you.

Advantages of Life Insurance

Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.

Life insurance provides protection TODAY. Customers often say, “I want all of my money to go towards saving for retirement, versus putting money towards insurance”. It’s a great point, but the unfortunate reality is not everyone makes it to their planned retirement. And for those that do, there is still the cost of funeral arrangements that typically range from $5,000 to $25,000. These are tough conversations, but when we pass, there are costs associated with final expenses on top of the accompanied grieving that have to be borne by someone. Life insurance makes sure those needs are met without impacting your savings and in many cases at a lower total cost than paying final expenses directly.

Advantages of the life insurance death benefit: When you pass away, your life insurance provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Advantages of Living Benefits: The cash value growth of a whole life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a whole life insurance policy to help with expenses, such as college tuition or the down payment on a home.

The right life insurance coverage for each and every one of our neighbors in Louisville is unique — talk with the Independent Agents of Kentucky team today to find out how to protect your family and your future with the right life insurance.