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Life Insurance

There is nothing more important than protecting your family. We can help.

Life insurance is an investment in the future of your loved ones. It provides the peace of mind knowing that should something happen to you, they will be protected.

At Aspen Insurance, we will take the time to understand your concerns, plans and investment strategy. And help you customize a life insurance policy that meets your needs and those of your survivors, at the most competitive rate possible.

We will always be there should you have a question or concern.

And keep in mind we are able to offer our clients excellent discounts when they bundle their life insurance with other types such as auto, homeowner’s and business.

Contact us to review your insurance and get a free quote

The best time to invest in life insurance is now. We’ll show you how.

Many people don’t even think about life insurance until later in life. While it’s never too late to protect your family, the sooner you look into life insurance the better the rates and the easier the approval process.

Aspen Insurance will help you understand all the available types of life insurance and help you pick the one that meets your family and investment needs.

Our goal is simply to make sure you have the right coverage at the best price, and that your experience with us is as easy as possible.
That’s how we’ve done business for more than 25 years!

“Life insurance  was so confusing we kept putting it off. Cindy and her staff helped us understand the different types and select a plan. It feels good to know I’ve got protection for my family.”

What type of coverage do you need?

The amount and type of life insurance you need depends on factors such as your sources of income, how many dependents you have, your debts, lifestyle and investment strategy. However, a general guideline you may find useful is to obtain a policy that would be worth between five and 10 times your annual salary in the event of your death. Beyond that guideline, you may want to consider consulting a financial planning professional to determine how much coverage to obtain.

Types of Life Policies
Several different types of life insurance policies are available, including whole life, variable life, universal and term.

Whole life – This is the simplest type of permanent life insurance coverage. With this type of coverage, the premium amount is locked in and will remain the same throughout the entire lifetime of the policy. This can be helpful for those who need to stick to a budget. It also means that if a person purchases a whole life policy at a very young age, they will still pay the same amount of premium when they get older – regardless of advancing age, or even an adverse health issue.

The cash that is in the cash value component of a whole life insurance policy is allowed to grow on a tax-deferred basis. This means that the gain on these funds will not be taxed until or unless they are withdrawn – allowing them to compound exponentially over time.

Variable life – This is a form of permanent life insurance that allows you to build up a cash reserve that you can invest in any of the choices offered by the insurance company. The value of your cash reserve depends on how well those investments are doing.

Universal – This type of life insurance also provides a death benefit and a cash value component where the funds are allowed to grow tax-deferred. Universal life insurance is more flexible than whole life coverage, though. This is because the policyholder is allowed – within certain guidelines – to choose how much of his or her premium dollars will go towards the policy’s death benefit, and how much will go towards the policy’s cash value.

Because universal life is a permanent life insurance policy, the policyholder will have access to their cash value account. So, just as with a whole life plan, the cash can be borrowed or withdrawn for any reason – including paying off debt, supplementing retirement income, or even going on a vacation.

Term – This coverage simply provides death benefit protection, without any cash value builds up within the policy. Because of this, term life insurance is often very affordable – especially for those who are younger and in good health at the time they apply for the coverage.

With term life insurance, coverage is purchased for a certain length of time, such as for ten years, 15 years, 20 years, 25 years, 30 years – and in some cases, even longer. Typically, when purchasing a level term life insurance policy, the amount of the premium will remain the same throughout the period that the policy is in force. Provided that the insured survives throughout the time period of the policy, and he or she wishes to remain covered by life insurance, they will need to re-qualify for a new policy at their then-current age and health status.

At that time, the premium on a new life insurance policy may be quite a bit higher. In some cases, a term life insurance policy may have an option to convert the coverage over into a permanent life insurance plan.

These are the most common types of life insurance, although there are a number of other types of policies available that we can explain.

Click here to discuss your needs and receive a free, customized quote
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