Life Insurance

Take care of what matters most

A life insurance policy is a contract between you and an insurance company. Its main purpose is to provide a financial benefit to your loved ones if you die.

The death benefit can:

Buckeye Financial, LLC offers a variety of policy types to meet your needs:

Universal Index Life Insurance

Universal life insurance can provide you with a variety of different payment options, including the flexibility of changing your death benefits, as well as the potential to accumulate cash value over time.

Whole Life Insurance

Whole life insurance policies have a fixed premium, which means that you pay the same amount each and every year for your coverage. Similar to universal life insurance, whole life has the potential to accumulate cash value over time, creating an amount that you may be able to borrow against.

Term Life Insurance

Term life insurance provides affordable life insurance coverage for a specific amount of time. Similar to whole life insurance, term life insurance policies have a fixed premium, which means that you pay the same amount each and every year for your coverage.

Frequently asked questions about life insurance

Do I need life insurance?
If you don’t have children or dependents whom you support financially, you might not need a life insurance policy after all. Life insurance aims to provide a solution for those who seek income replacement, mortgage protection, estate planning or burial expenses.

How much life insurance do I need?
To determine how much life insurance you need, it’s best to look at your surviving family’s immediate, ongoing and future financial obligations, and compare that with your financial resources. Below are examples of each type of need:

  • Immediate: funeral costs, medical bills, taxes.
  • Ongoing: mortgage payments, utilities, food.
  • Future: college tuition, retirement funds.

Financial resources can include your partner’s income, savings, income-producing assets, and investments. Considering all these obligations and resources, the difference between the two is how much life insurance you need.

Should my spouse have life insurance too?
Most families have coverage on both husband and wife. There are many financial pressures on a family after the loss of either parent.

The surviving spouse or domestic partner may need to take time off work or change jobs in order to care for children. Therefore, your financial plan should include life insurance for both spouses/parents.

Am I still eligible for coverage if I have a serious health condition? 
Most plans require medical testing and charge premiums based on the level of risk they assign to you based on the testing. However, even if you are not in top health or have a serious health condition, there are still some options available. These options typically have a higher monthly premium and a lower death benefit.

What is a death benefit?
Life insurance death benefit is the amount of money the insurance company pays the designated beneficiaries upon the insured’s death, provided the policy was in force at the time of the incident.

What Is a beneficiary?
A life insurance beneficiary is an individual, entity, trustee or estate named by the policy owner to collect the death benefit proceeds upon the insured’s death. There are two types of beneficiaries:

  1. Primary beneficiary: The first one in line to collect the death benefit upon the insured’s death.
  2. Contingent beneficiary: Also known as a secondary beneficiary, is the second one in line to collect the benefit if the primary beneficiary is deceased.

Finding the right policy for you

Although life insurance policies have their own unique features and benefits, they all focus on providing your loved ones with the money they’ll need when you die. By working with Buckeye Financial, LLC, you’ll be able to select the policy that best meets your individual needs, budget and financial goals.