The Morgan Bradford Services
FIXED ANNUITIES
LTC INSURANCE
LIFE INSURANCE
COMMODITIES
PENSION PLANNING
WEALTH TRANSFER TECHNIQUE
Life Insurance
Life insurance provides either a stated sum or a periodic income to your designated beneficiaries upon your death. Certain “life events” such as marriage, the birth of a child, or a change of jobs trigger the need to buy or add life insurance. Deciding that you need life insurance is the first step. The next step, deciding what kind of life insurance, is where we can help. We offer a variety of policies to fit a variety of needs.
Universal Life
Universal Life insurance is similar in design to Term Life insurance but has an additional feature that allows you to put extra funds into the policy over and above the life insurance cost. These excess funds are entered into an interest bearing account where they grow on a tax-advantaged basis. You may accumulate significant cash value over the years and, in some circumstances, “borrow” the appreciated funds without paying taxes on the borrowed gains. As long as the policy stays in force the borrowed funds do not need to be repaid, but interest may be charged to your cash value account.
Whole Life
Term Life insurance provides protection for a specific period of time, usually 5, 10, 15 or 20 years, and pays the benefit only if the loved one passes away during the term. If you are interested in short term coverage or coverage for a specific need such as college tuition or the purchase of a home, Term Life insurance would suit you. It is also an affordable option for young people buying insurance for the first time. Term Life insurance does not build any cash values and can get more expensive as you get older.
Variable Life
A traditional Variable Life policy provides both a death benefit and cash value component, but differs from a Whole Life insurance policy because it allows you to invest the cash value in investment portfolios selected by the insurer. Your invested portfolio may fluctuate and may be worth more or less then your investment. If you accumulate significant cash value over the years, you may “borrow” the appreciated funds without paying taxes on the borrowed gains. As long as the policy stays in force, the borrowed funds do not need to be repaid, however, interest may be charged to your cash value account. However, “borrowed” funds may reduce the death benefit of the policy and may require additional premiums invested to prevent policy lapse.
Term Life
Term Life insurance provides protection for a specific period of time, usually 5, 10, 15 or 20 years, and pays the benefit only if the loved one passes away during the term. If you are interested in short term coverage or coverage for a specific need such as college tuition or the purchase of a home, Term Life insurance would suit you. It is also an affordable option for young people buying insurance for the first time. Term Life insurance does not build any cash values and can get more expensive as you get older.
Mortgage Term Life
Mortgage Term Life insurance is a life insurance policy covering a mortgagor. The benefits from this policy are intended to pay off the balance due on a mortgage upon the death of the insured. It provides level premiums with a decreasing death benefit.
