Life Insurance for Family Protection

Life insurance is extremely important if someone depends on you financially. At Integrity Financial  Group our focus is financial protection. We recommend life insurance as a cornerstone of responsible family financial planning.  On our website you can apply for life insurance online or request a custom quote from one of our agents.  If you are looking to provide life insurance for your employees, we also offer group life insurance programs.


Term Life Insurance

As you might expect, term life insurance lasts for a set period of time, which can range anywhere from 1 to 30 years. If you should pass away during that period of time, your beneficiaries are paid the value of the policy. Term life insurance might be a great option for a young family, allowing parents to protect their children until they are old enough to provide for themselves.

What Length of Term Life Insurance Should I Apply For?

It depends why you are buying the life insurance and what your long term goals are. If you are buying term life insurance to protect your young family then you might consider a 20 or 30 year term policy. We typically recommend a policy with a term length long enough to reach your youngest child’s 25th birthday. If you have a non-working spouse you should consider buying a longer term policy that would help with your spouse’s eventual retirement.

You might apply for a shorter term policy (like 5 or 10 years) if your family insurance needs are taken care of  but you take on a new debt obligation. An example would be a financially fit 45 year old who buys a commercial building with a 10 year mortgage and balloon payment. An inexpensive 10 year term policy can cover the new debt obligation. If you are looking for insurance for a specific need like the one in this example you should request a custom life insurance quote and our agents will be happy to help you find the right policy.

How Much Term Life Insurance Should I buy?

There are a lot of factors that go into determining how much term life insurance to buy. You should consider your family’s future income needs, cost of children’s education and outstanding debt. We have a useful way to determine how much term life insurance you need with our life insurance calculator tool.

Permanent Life Insurance

A permanent life policy can last for your entire life if the premiums are paid up and the policy does not lapse. Some permanent policies include dividend payments. The policy may build a cash value that you can borrow against. There are many types of permanent policies including whole life, universal life, indexed-universal life and variable life. Not all permanent policies are designed for building a cash value. Some permanent policies are designed simply to be low cost life insurance that lasts your entire life – like a term policy where the “term” is “your entire life.”

Return of Premium Life Insurance

A “return of premium” (ROP) life insurance policy is designed to provide coverage for a specific term and then refund all premiums paid at the end of the term if the policy is still in force and the insured is still alive. This is a great type of insurance for a person who needs a term policy but hates the thought of throwing money away if the the policy is never used. ROP policies typically have term lengths between 15 and 30 years. Basically, after the term is up you get a big check in the mail refunding all of your paid premiums if you are still alive. We can provide a quote for ROP insurance here.

Should I buy Permanent Life Insurance As An Investment?

We do not recommend buying life insurance as an investment. First of all, insurance products are not investments and they should only be purchased for protection related needs. Also, a lot of the cash value type life insurance policies like universal life, indexed universal life, and whole Life have confusing provisions and a lack of transparency that make them difficult to understand for the average investor. These cash value policies can have internal fees which erode the investment return over time. In short, we feel there are better places to invest your money than life insurance. If you are looking to save and grow money for retirement you might want to check out annuities.

Why Should I Buy Permanent Life Insurance?

You should buy permanent life insurance if you want the protection to last for your entire life. We work with a specific type of permanent life insurance that is designed to be inexpensive and last for your entire life. This type of policy is not designed to accumulate a significant cash value. You might buy this type of policy if you don’t like the idea of paying for a term life insurance policy for 20 or 30 years and then losing the coverage. The premiums for this type of permanent life insurance can be surprisingly low. Request a custom life insurance quote and one of our agents will help find a permanent life insurance policy that’s right for you.

Final Expense Life Insurance

Final expense coverage provides money to help with the cost of burial and other final expenses. Final expense coverage is a permanent life insurance policy with a smaller death benefit than usual. The amount of coverage on a final expense policy is usually between $5,000 and $30,000. You can request a custom quote for final expense coverage.