Life insurance protects your loved ones, or your business interests, for a limited period, or for your lifetime. It is an excellent way to help secure your family’s financial future if you cannot. Life insurance is an agreement between you and an insurance company. You are responsible to pay the premium, and in return, the insurance company will pay a benefit to your beneficiary when you die. So long as you have paid the premium with after-tax dollars, the death benefit passes to your beneficiary tax-free. The amount and type of life insurance you choose depends on your goals and financial situation. At Golden Gates Agency, we are aware that your needs may be different now than in the future. Let us work with you to design the right type of life insurance plan for you.

Term Life: Allows you choose the amount of coverage you need for the length of time you need it. Term life’s low monthly premium does not support savings or investment options. It is pure insurance protection. Term provides affordable coverage to protect your assets, and provide future security for your loved ones. You may select coverage amounts in increments of  $1,000 from a minimum of  $100,000. Level term coverage is available in 10, 15, 20 and 30 year Term periods. Your premium is guaranteed, and will the premium not increase during the selected term. After that it is renewable to age 95 at the same renewal rates offered to all others in your rate class. Term policies are guaranteed convertible to other types of plans until you reach age 70 without evidence of insurability.

Universal Life: Offers economical personalized protection with premium and death benefit flexibility, and competitive interest rate on cash value savings. The flexible death benefit allows you to decrease or increase your amount of insurance as your needs change. You may also change the amount of premium you pay, or make a one-time lump sum payment to fund the policy for life. Your cash value earns competitive current interest rates, with a minimum rate guaranteed. Interest earned is taxed deferred, and loans and withdrawals can be taken from your cash value. Coverage amounts are available in increments of  $1,000 from a minimum of  $25,000, and term riders are available for family members. In the event of terminal illness, 50% of eligible proceeds mat be received in an accelerated payment up to a maximum of $100,000.

Whole Life: The only type of life insurance that guarantees your premium will never increase, and your death benefit will never decrease for your entire lifetime. Various benefit levels are available designed especially to cover final expenses, starting at $25,000.