Frequently Asked Questions

This type of policy guarantees coverage for a specified amount of time, typically between ten and thirty years. You pay a monthly premium in exchange for what is called a death benefit, which is a set amount of money paid out to your beneficiaries if you pass away within the policy term. However, if you outlive the term, the policy expires and you will no longer be insured. At that point, you have the option of renewing the policy or converting it to a permanent one. Term policies do not offer any investment opportunities because they do not accumulate cash value, but they may provide a larger death benefit. They are also typically the least expensive type of life insurance.  

Both whole life and universal life are types of permanent life insurance policies, meaning they guarantee coverage for the lifetime of the insured. Also known as a cash value policy, permanent life insurance offers both a death benefit and the ability to accrue cash value. With whole life insurance, you pay a fixed monthly premium for the duration, while a universal life policy gives you the flexibility of adjusting this amount. Part of your premium goes toward building your policy’s cash value, which grows tax-deferred at a guaranteed rate. You can borrow against or even withdraw from this investment to cover expenses as needed. However, because permanent life insurance covers the insured for their entire life, it is generally more expensive.  

Living Benefits works by allowing policyholders to access a portion of the death benefit while you're still alive. The circumstances under which the policyholder can access the death benefit varies by rider or plan terms, and are usually related to terminal illness and critical care needs.

Universal Life is a Form of Permanent Life Insurance That Gives Policyholders Flexibility in Paying Premiums, a Cash Savings Component, and a Death Benefit. Universal Life Insurance Allows You to Borrow Against or Cash in Their Savings Portion, Which Gouws Tax-Deferred Over Your Lifetime.

From a Survey of 19,900 Funeral Homes the Average Funeral Costs:

Professional Service Charges, $ 3,195; Embalming, $ 1,195; Cosmetology/Prep,                              $225+; Visitation/Viewing, $375; Funeral and funeral Home, $370 +; Transfer Body to Funeral Home, $625; Hearse-local, $385; Service Car or Van $150; Basic Memorial Printed Package, $220+; Vault/OBC, $1,395+; Casket, $2,195+  

Totals: $10,330-$20,000+ *

* (Flowers, Planners, Tombstone are extra and can add to the total)

A Mortgage protection product (a type of term insurance) that provides a death benefit that can be used to pay off your mortgage while they make a decision about staying in their home, keeping it or selling it. 

The Debt Free Life program from Symmetry Financial Group is based on the infinite banking concept, which allows clients to become their own bankers. Through this system, clients can utilize the cash values within whole life insurance policies to fund purchases rather than borrowing monthly from a lender. This concept provides clients with financial wisdom and can be used throughout different life stages to help cover unexpected expenses, fund education opportunities, supplement retirement and even pay down existing debt.  

Policies on children protects their insurability in the future. Also, for children, the premiums are much lower, and will remain low and can be transferred to the child when they become an adult, as long as the premiums are paid. Some policies can be designed to provide generational wealth.

Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary.