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Life & Health at Carney Insurance

Carney Insurance can take care of your life insurance needs in both the Family Planning areas, as well as your Business/Commercial life insurance needs.

Available Coverage’s:

Term Insurance, referred to as “protection only” insurance.  

  • Generally, very inexpensive, particularly at younger ages.
  • Sold in blocks of five-year increments, ranging from 5 year to 40-year increments.
  • Premiums remain level during the period purchased.
  • Does not develop any cash value or reserves.
  • Will terminate with no residual coverage at the end of the block of time purchased.  Death has to occur for benefits to be paid.

Cash Value-includes Whole Life, Universal Life, Indexed Universal Life

  • Premiums are a bit higher than the same age insured with term insurance.
  • Premiums remain level for a person’s lifetime, and can only be changed by the client.
  • Can develop significant and highly competitive cash values that grow tax deferred, and can be withdrawn tax free.
  • Properly constructed, many of these contracts will see their death benefit increase over time, with no additional premiums paid.

Long Term Care-even though Long Term Care (LTCare) is not an insurance product, recent developments have seen life insurance used to solve this issue that 60% of all American will face at some point in their lives

  • Current cost of long term care ranges from $50,000-$120,000 annually
  • Traditional LTCare contracts are sold by a very small handful of carriers with very expensive premiums.  In many states, restrictions have been put on these contracts for a variety of reasons.
  • Life insurance is now be used as a highly effective, and cost-effective alternative by many of the top carriers in the US.  These contracts are carefully designed and must be regulatory approved.
  • Life insurance as an alternative to traditional LTCare contracts now make up nearly 85% of this market, and are hugely sought after.
  • These contracts remain life insurance with death benefits paid as in any other life insurance contract.

Annuities, are considered part of the life insurance portfolio of products.

  • Annuities are at their very essence a savings product bundled with tax deferred growth, and favorable taxation when they “pay out.”
  • Very competitive when compared to similar alternative investments such as savings, CDs, money market, etc.
  • Only savings vehicle that can guarantee a lifetime income even if the principal has been paid out.
  • Generally, not subject to probate costs.

Life Insurance Advantages

  • Death benefit flows to beneficiaries free of federal, state or local taxes.
  • The death benefit portion of the policy, nor cash value growth can be attached by creditors or the courts.
  • Life insurance is fundamentally built to be able to access the death benefit and/or cash value growth “at a discount”, meaning the premiums are always less that the death benefit itself.

We now have a Health and Life Insurance Specialist on our team! Give us a call, shoot us an email or set up an appointment to get a free quote for a personalized policy.