Life insurance is a contract that guarantees payment to a beneficiary after the death of the person who is insured. It can be used for a number of needs — including family protection, business planning, supplemental income and estate and charitable planning. One of the most attractive features of life insurance is that its death benefit is free of federal income tax, and if properly structured, free of federal estate tax.
Gersh Insurance offers a broad range of life insurance products for you to consider:
Term Life for when you are going to college, getting married, have a new job, starting a family, or taking out a loan. Term life insurance policies are designed to provide temporary protection at an affordable cost - particularly in the earlier years. It covers you for a specific period of time - from 10 to 30 years.
Permanent Life, including Whole Life, Universal Life and Variable Universal Life, provides coverage for an insured's lifetime and remains in force until the policy matures provided that the required premiums are paid.
While most people associate life insurance with death benefits, there are other common uses for life insurance:
Income Replacement if you are a working spouse, and your family relies on your income to pay bills. A life insurance policy can help to replace that income when you're gone.
Debt Payoff for when you die, and your family still owes the debt you have. A life insurance policy can help them pay off that debt.
Funeral Expenses since they are expensive. Life insurance policies give your family a means of paying for your funeral that won't affect their budget.
College Tuition in the event that, left alone, your spouse may no longer be able to fund your children's college savings plans. A life insurance policy can provide funds to pay for their schooling.
Estate Taxes should you have a large estate to pass on to your heirs, then there will be estate taxes to pay. A life insurance policy can provide the funds necessary and prevent the liquidation of your assets.
At Gersh Insurance, we also offer Disability Insurance.
When you have a disability of any type, your time, energy, and emotions are all heightened as you begin the journey to learn all you can so that you can regain the best quality of life that you can, given your particular circumstances. And, if you are married, and/or if you have children, trying to communicate with them what is going on with you, as well as to your doctors, becomes a difficult chore also.
With all of this chaos in your life, the absolute last thing that you need to worry about is money! What if I can't work any longer? How will the bills be paid?
Perhaps you are saying that you do not need any disability insurance. Consider the following:
The chances of using your Homeowners Insurance are about 1 in 88. The odds of using your Auto Insurance at about 1 in 47. The chances of using your Disability Insurance is about 2 in 5.
One out of two women and one out of three men will spend some time in a nursing home. (Journal of the American Society of CLU, 1996)
More than 12 million older Americans will require some form of long term care by 2020. (Health Insurance Association of America)
72% of residents in a nursing home are women. 90% of nursing home residents are over the age of 65. 22% of the disabled population is under age 65. (Puget Sound Life Underwriters Journal 1996)
Functionally disabled people between the ages of 18 and 64 represent 40% of Americans needing long term care services. (Life Insurance Selling 1995)
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