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Life Insurance provides the opportunity to protect your family’s financial future upon the insured's death.
Can provide your family the ability to pay for a home mortgage
Help your family maintain their standard of living and life-style
Pay off debt
Create a college fund for spouse or children
Protect your business needs
Nichols & Associates provides policies of life Insurance, temporary or permanent, and universal insurance. No one type of insurance is better than the other because each policy is created to suit you and your family's every need.
Term Life Insurance
Offers protection for a specific period of time, ranging from 10, 20 or 30 years. The policy pays a death benefit to the beneficiary if the policy holder passes away during the term covered by the policy.
If you stop paying premiums, the insurance stops.
Coverage ends at the end of the term but can be renewed, usually at a higher premium, because you are older. You may need to be re-underwritten based on your current health at that time.
There is a different type of term life policy which may return your base premium to you if you continue to keep the policy in force, and if you do not die by the end of the policy term.
Provides affordable protection for growing families with limited finances
Funds executive benefit programs and helps provide debt protection for growing businesses
Allows conversion to a permanent, cash value life insurance policy when it's convenient, without providing evidence of good health or insurability as long as the death benefit remains the same
Provides a death benefit that can be used to keep your business operational or maintain your family's lifestyle -Provides specific protection for short- or long-term needs that diminish over time, such as business loans or mortgages
Supplements other coverage to meet high protection needs
Provides no cash accumulation
Premiums may increase as the client ages
Whole Life Insurance
Also known as “permanent life” is protection that is current and valid for as long as you live. By choosing to pay a premium that does not increase as you grow older, you average out the costs of your policy over your lifetime on a yearly basis. The important feature of whole life insurance is that it builds cash value, which is a sum that increases over the years on a tax-deferred basis. If you cancel your policy, you can recieve the cash value in a lump sum, although any gains will be taxable.
Covers two individuals with benefits payable upon the surviving insured’s death
Affordable premium payments
Minimum face amount of $250,000
Four-Year Term Insurance rider
Policy Split Option provision
Estate Tax Repeal rider
Single Life Term Insurance rider
Choice of Death Benefit Options
Lapse Protection Provision
A Universal life insurance policy contains two elements: pure life insurance and a savings element. Each month you pay your premium the insurance portion is paid, administration costs are taken out, and the remainder goes into the policy's savings account.
Flexiblity-As you pay your premium, a universal policy builds cash value over time. If needed, portions of the cash value can be withdrawn or borrowed. If you aren't able to pay your premium, you can skip a premium and the policy will use the cash value to keep insurance in effect. As long as there is enough cash value in the policy to pay the monthly premium, your policy will stay active.
Longevity-Universal life insurance guarantees that a death benefit be paid to your beneficiary upon the death of the policyholder.
Ability to change death benefits at any time during a term. Tthe policyholder is capable of changing death benefits to fit current needs.
For more information on Life Insurance, contact us at 850.747.0288.