Life Insurance

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Instantly receive insurance quotes from over 30 carriers
Complete an online application
Sign the agreement with DocuSign
Securely attain the policy from respective insurance carriers
**With or without a medical exam
Finance future needs (i.e., education expenses)

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Individual Life Insurance

Individual life insurance can play an important role in your financial planning. It can help provide financial security for your loved ones and also provide estate planning and tax-deferred savings benefits.

Death benefits paid on individual life insurance policies are generally federally tax-free and can be used by your beneficiaries for any purpose. Life insurance can be used to create a legacy for your loved ones or important causes you want to support.

Basic Types of Individual Life Insurance

Individual Term Life Insurance

Permanent Life Insurance

As long as you stay current on your premiums, permanent life insurance provides coverage for your entire lifetime. This type of policy is often used for tax and estate planning purposes and for funding trusts for dependents with special needs. Most of these policies have a savings component that allows for the accumulation of cash value on a tax-deferred basis. Typically, the premium of a permanent life policy stays the same for the lifetime of the policy and does not increase as you age.

Individual Life Insurance Costs

Long Term Care

Our health can deteriorate as we get older, and no one wants to place a burden on the family. Long-term care (LTC) insurance provides protection should you require extra help in the future.

Group insurance policies often cost less than coverage you purchase on your own. In the case of long-term care insurance, however, you may be able to get equal or better coverage for less money with an individual policy. Contact an agent at My Direct Life in , Florida, to explore individual long-term care insurance options.

When is Individual Long-Term Care Insurance a Better Choice?

The cost of long-term care insurance offered through your employer may be more than you need to pay. When purchased on an individual basis, many LTC policies offer discounts that can result in substantial savings for good health or including a spouse/partner on the policy.

Good Health Discounts: Depending on your age, the underwriter for the insurance company may request health information for evaluation. If you are in good health, you may qualify for a significant discount, typically 10%. Even if your health changes in the future, you won’t lose the discount.

Spouse/Partner Discounts: Marital or spousal discounts can reduce the amount each individual pays for long-term care insurance by as much as 40%. With combined savings for a couple, the cost may add up to only 20% more than a single LTC policy.

Individual Long-Term Care Insurance Costs

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Whole Life Insurance

Whole life insurance provides permanent protection for your family with premiums that never increase. Better still, a whole-life policy builds cash value that you can use while you are living to reach your financial goals.

Benefits of Whole Life Insurance

Death Benefits

Cash Value

Dividend Opportunities

Cost of Whole Life Insurance

Final Expenses Insurance

Losing a loved one is an emotional, difficult experience. When you are grieving the loss of someone you love, it is not a good time to be faced with unexpected financial burdens. Expenses associated with death, on average, can exceed $8,000. To spare your loved ones when you pass away, it is advised that you put a final expense insurance policy in place to pay for end-of-life costs.

What is Final Expense Insurance?

Expenses associated with death could have a significant financial impact on your loved ones. Social Security only provides a one-time payment of $255 for burial expenses. The average funeral costs more than $8,000 when you factor in the costs of:

Death certificates
Memorial
Housing the remains
Transportation
Preparation and embalming
Use of funeral home
Casket
Headstone
Burial plot
Burial service or cremation
Flowers
Printing of memorial cards

Final expense insurance is designed to help protect your loved ones from having to pay these expenses out-of-pocket. The policy also pays off the debts you have accumulated at the end of your life.

Cost of Final Expenses Insurance

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Universal Life Insurance

Universal life insurance is lower-cost, flexible, permanent life insurance that offers a savings element, which can be invested to build up cash value. As your life circumstances fluctuate, the premiums, savings component, and death benefits can be reviewed and changed. Our agents can recommend a universal life insurance policy that works to protect your family and your budget.

How Universal Life Insurance Works

Under the umbrella of permanent life insurance, universal life insurance provides more flexibility than whole life insurance. The insurance company breaks the premiums down into two categories: the cost of the insurance and the cash value, or savings, component. As long as the cost of the insurance is covered to keep the policy in force, the premiums can be adjusted based on the policyholder’s needs over time.

Premiums over the minimum cost of the insurance accumulate as cash value. Those funds can be used to pay premiums. The policy is guaranteed for the entire term, as long as the minimum cost of the insurance is covered one way or another, through paid premiums or cash value.

The insurance company issuing the policy establishes an interest rate minimum. If the portfolio outperforms the minimum interest rate, excess earnings can be applied to the cash value. Policyholders can borrow against a portion of the cash value without affecting guaranteed death benefits and with no tax implications. Withdrawals can also be made, but may incur tax liabilities.

Factors affecting the cost of universal life insurance include your age, health, weight, occupation, whether you smoke, and the policy itself. Our agents can help you find the best value and coverage for your money.

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Annuities

Fixed annuities can play an important role in your retirement planning. While a pension and Social Security may provide some retirement income, it may not be sufficient for the kind of retirement you want to have. Fixed annuities can help you save for retirement and provide you with additional income over the years ahead.

What is a Fixed Annuity?

How Can Fixed Annuities Help With Retirement Planning?

Annuities are designed to help you save for your retirement and provide you with income when you retire. They offer several benefits, including:

Tax-deferred growth potential
Protection from market downturns, which is helpful in keeping up with rising medical costs and inflation
Flexible income options
Joint-life payout for both you and your spouse during retirement
Death benefit for your beneficiaries (or a cause or charity you believe in)

Fixed annuities can be immediate or deferred. Deferred fixed annuities accumulate interest at a regular rate, while immediate fixed annuities make fixed payments during your retirement, with amounts determined by your age and the value of the annuity. Fees for fixed annuities vary, depending on type and amount, and the costs involved may be difficult for a person to understand without assistance from a professional. If you are considering a fixed annuity to improve the quality of your retirement, our agents can help find the right insurance product for you and your spouse.

Term Life Insurance

The simplest way to protect the ones you love is to purchase term life insurance. It enables you to lock in the lowest available rates for a specified period of time. If you should die within that time period, death benefits can replace lost income to help provide for the ones you leave behind.

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How Term Life Insurance Works

This is the most straightforward type of life insurance policy. You pay premiums on a monthly or annual basis, and your dependents are protected during the policy term. There are a variety of affordable term life insurance products available. Our agents can help you find a term life insurance policy to fit your budget, timeframe, and needs.

Types of Term Life Insurance

There are several term life insurance options to choose from, such as select term, return of premium, and instant answer term.

Select Term

You select 10, 20, or 30 years of coverage with level premiums for the initial policy period, which will increase annually thereafter. The policy may be renewable and convertible to a permanent policy.

Return of Premium

This type of insurance gives you coverage with a level premium for your choice of 20 or 30 years. All the policy premiums you have paid will be returned to you if you outlive the policy period.

Instant Answer Term

This type of policy provides death benefit protection for 10 years or until you turn age 50, whichever is longer. It is designed to provide base-level life insurance at an affordable rate.

The cost of term life insurance depends on the type and term of the policy, as well as other factors. Our agents can help you select the right term life insurance to protect your family.

Mortgage Protection Insurance

Mortgage protection insurance (MPI) provides protection against financial disaster in case a breadwinner of the household dies before the mortgage is paid off. It can give you peace of mind, knowing that your mortgage will be covered if a tragic accident or illness leads to death or disability.

How Mortgage Protection Insurance Works

When tragedy strikes, mortgage protection insurance can help save your home. You pay a set premium for the duration of the policy. If you should die during the policy period, the insurance company pays out a death benefit. In the case of a disabling injury, MPI makes it possible to continue making your monthly mortgage payments.

The type of death benefit depends on the type of policy you put in place. In the past, mortgage protection insurance was designed to pay off the outstanding balance on the mortgage. Today, many policies will pay out the full amount of the original mortgage, regardless of how much you still owe. Beneficiaries can use the funds to pay off the mortgage in one lump sum or for any other purpose.

You can buy the policy when you purchase your home or within a certain time period after closing. The time limit is generally 13 to 24 months, although it may be as long as 5 years with some companies. This insurance is typically issued on a guaranteed acceptance basis, which is valuable for people who have health issues and might be uninsurable or only insurable at a higher rate.

Pricing for mortgage protection insurance depends on the age of the insured, the size of the mortgage, and whether the insured is a smoker. If you are buying or have recently bought a home, our agents can assist you with mortgage protection insurance.

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Disability Insurance

Individual disability insurance is an excellent way to help protect your income and financial standing if you suffer a disabling injury or illness. If you need more protection for your paycheck, contact our agent at My Direct Life in , Florida, to talk about individual disability insurance.

Why Buy Individual Disability Insurance?

When you stop to think about it, your paycheck is what makes the lifestyle you have possible. Sometimes the unexpected happens. If you were unable to work because of an illness or injury, how would you pay your mortgage, utilities, car payment, credit cards, and countless other expenses? How long could you get by without a paycheck?

Unexpected medical problems, accidents, and injuries can get in the way of earning an income. Individual disability insurance can help you protect what matters most and pay your expenses if you are unable to work because of an illness or injury.

Disability insurance is designed to cover more than catastrophic accidents that result in injuries. Illnesses such as cancer and multiple sclerosis can also have a dramatic impact on your ability to work and support your family. In fact, the vast majority of disabilities are the result of an illness or health condition.

Disability Insurance Costs

The price of disability insurance will vary per individual. Pre-existing health conditions can increase the cost of this insurance, and may not be covered for the first year of the policy. Factors that affect premiums include:

Current salary
Age
Smoking status
Health conditions

Our agents can help you shop for the best available rates on an individual disability insurance policy to protect your income and your way of life.