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Life Insurance

What is Permanent Life Insurance?

A signature policy provided by Scott Marcum; permanent life insurance is a policy that provides income to your family after you pass away. It protects your family by allowing them to maintain the lifestyle you worked hard to provide and can pass income along to your children or grandchildren. Unlike term life insurance, permanent life insurance policies do not expire and combine a death benefit with a savings portion. This savings portion builds a cash value from which the policy holder can borrow funds. In addition to helping your family, a key benefit of permanent life insurance is favorable tax treatment, with no taxes paid on earnings within the policy as long as it remains active.

Who Needs Permanent Life Insurance?

Everyone wants to be able to provide financial security for their family when they are gone, makes permanent life insurance beneficial for all families. In the event of your passing, your family may be left to pay for college funds or a mortgage. However, permanent life insurance can ease this financial burden during a hard time.

Additionally, permanent life insurance is ideal for those who want to replace lost income, provide a donation to a charity or special interest, supplement an estate, or mitigate estate taxes.

What Permanent Life Insurance Options Do I Have with Scott Marcum?

A permanent life insurance policy with Scott Marcum ensures your policy is flexible to fit your needs:

Options:

The Single Premium Whole Life (SPWL) - Plan provides permanent life insurance protection that is guaranteed paid-up for life with just one premium. This plan builds cash values and provides an income tax free

death benefit. It can also be used for 1035 exchanges from another life policy. It is eligible for dividends at the end of the first policy year.

Limited Pay Life - Limited Pay Whole life insurance provides a lifetime level guaranteed death benefit and cash values that build over time. The plan is participating which allows owners to receive a portion of the Order's divisible surplus each year. Dividends can be used to increase the death benefit and the cash value or can be applied for other options such as helping to pay premiums.

Graded Death Benefit - A Graded Death Benefit Whole Life Plan is a permanent life plan that provides life insurance coverage to age 120. Level premiums are payable during the lifetime of the insured to age 100. This plan has no maturity. At attained age 120, the Guaranteed Cash Value is equal to the Contract Amount.

PROTECTOR NLG UL - is a flexible-premium, universal life contract. As Universal Life, the contract accumulates cash value. However, the primary expected sales feature is the Lapse Protection Rider, automatically attached at issue. This rider guarantees that the contract will continue in force if required accumulated premiums are paid and the contract is not over-loaned. With the Lapse Protection Rider, PROTECTOR NLG UL provides clients with low cost guaranteed death benefit protection for their lifetime.

Survivorship Universal Life - This specialty option is a second-to-die policy for families, couples, or business partners.

Many benefits and special features are available to help you customize your permanent life insurance policy, such as the spousal waiver of premium, which pays the Knight of Columbus premiums for your spouse after you pass away. Scott is happy to assist you in determining which of these features and benefits are best for you based on your age and policy specifications.

What is Term Life Insurance?

Term life insurance is a type of life insurance that covers you for a limited amount of time. It is a simple, straightforward policy to provide protection to your loved ones for temporary needs. Once the policy term is up, you can decide whether to renew or let the coverage end. With term life insurance, you pay a premium and your beneficiary receives a certain amount of money if you pass away while the policy is in effect. Unlike permanent life insurance, term life insurance is a temporary form of insurance designed to expire as your financial obligations expire.

Who Needs Term Life Insurance?

Term life insurance is ideal for people with time-bound financial obligations. Those who are interested in protecting a young family on a tight budget, shielding your family from remaining mortgage payments should you unexpectedly pass, or replacing lost income in the event of your unexpected passing. Additionally, term life insurance can provide funds for your children's college in case of an unexpected event and can help your loved ones pay off any loans you leave behind unexpectedly. It is an important insurance policy for any family, as unexpected events can happen to anyone.

What Options Do I Have with Scott Marcum?

Options:

10-Year Term* - A 10-Year Term covers your family for 10 years.

15-Year Term* - This option covers your family for 15 years.

20-Year Term* - A 20-Year Term provides your family with coverage for 20 years.

Annual Renewable Term - This option allows you to review and renew your coverage annually, with a level death benefit and adjusted premiums.

  • * With the Accelerator Term Insurance series, which provides you with the unique opportunity to increase your coverage amount by 25% to keep up with inflation and salary increases for an extremely low cost.

Additional Features and Benefits:

There are many special features and benefits available to help you customize your term life insurance policy, such as full conversion, which allows you to convert your Accelerator Term Insurance into permanent coverage. Scott can assist you in determining which of these features and benefits are best for you based on your age and policy specifications.