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Life Insurance

At Cooper & Associates, we offer many types of Life Insurance; Term, Whole Life, Universal Life, Indexed Life, and Impaired Risk. Life Insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future.

At Cooper & Associates, you will find a number of the "top rated" insurance carriers in order to offer you the most competitive rates available, even if you are a tobacco user. If you are searching for Term Insurance, you are at the right place! We will prepare your quote from all our carriers, so that you will be able to make an informed decision for your Life Insurance. Some of the applications can be completed over the phone in as little as ten (10) minutes for quick and convenient processing.
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The companies we represent are listed below.

American General * Aviva * Genworth Financial * ING * John Hancock
Liberty Life * Mutual of Omaha * Presidential Life * Prudential * Transamerica
West Coast Life _______________________________________________________________

For a "FREE" no obligation quote comparison, complete our "Contact Us" form or pick up the phone and call us right away!

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The average amount of life insurance coverage on insured Term Life Insurance: American Families at Risk

Facts from LIMRA International

Following are some interesting facts about life insurance in the lives of fellow Americans.

Life insurance sales have been declining for years

There have been steady annual declines in the sale of life insurance policies for the past 20 years (with a few exceptions).
In 2002, the year after 9/11, new policy sales increased by only 3 percent. In 2004, they increased by only 1 percent. In 2006, there was neither an increase nor a decrease.
The face amount of individual life insurance policies has generally increased. In 2006, $255,861 was the average size policy sold.

Many U.S. families are not prepared for an untimely death

Fifteen percent of husbands and 28 percent of wives have no life insurance.
6 million households (ten percent of families with children under 18) have no life insurance or term life insurance protection.
The percentage of families with dependent children that admit they'll have immediate trouble with everyday living expenses is 22 percent. Another 26 percent say that if a primary wage earner dies they'll only be able to cover expenses for a few months.

Many U.S. couples are underinsured

husbands is $235,600. The average amount of life insurance coverage on insured wives is $147,800.
Insured husbands in the U.S. carry enough life insurance to replace their income for only 4.2 years, and wives for only 4.9 years. To meet the expert recommendation of having enough life insurance to replace income for a term of 7 to 10 years, the typical married couple would need to double its current coverage.
The percentage of married parents that believe their current life insurance protection is inadequate is 56 percent.

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How should I choose what type of life insurance to buy?

You should consider term life insurance if:

You need life insurance for a specific period of time. Term life insurance enables you to match the length of the term policy to the length of the need. For example, if you have young children and want to ensure that there will be funds to pay for their college education, you might buy 20-year term life insurance. Or if you want the insurance to repay a debt that will be paid off in a specified time period, buy a term policy for that period.
You need a large amount of life insurance, but have a limited budget. In general, this type of insurance pays only if you die during the term of the policy, so the rate per thousand of death benefit is lower than for permanent forms of life insurance. If you are still alive at the end of the term, coverage stops unless the policy is renewed. Unlike permanent insurance, you will not build equity in the form of cash savings.

If you think your financial needs may change, you may also want to look into “convertible” term policies. These allow you to convert to permanent insurance without a medical examination in exchange for higher premiums.

Keep in mind that premiums are lowest when you are young and increase upon renewal as you age. Some term insurance policies can be renewed when the policy ends, but the premium will generally increase. Some policies require a medical examination at renewal to qualify for the lowest rates.

You should consider permanent life insurance if:

You need life insurance for as long as you live. A permanent policy pays a death benefit whether you die tomorrow or live to be 100.
You want to accumulate a savings element that will grow on a tax-deferred basis and could be a source of borrowed funds for a variety of purposes. The savings element can be used to pay premiums to keep the life insurance in force if you can’t pay them otherwise, or it can be used for any other purpose you choose. You can borrow these funds even if your credit is shaky. The death benefit is collateral for the loan, and if you die before it’s repaid, the insurance company collects what is due the company before determining what’s goes to your beneficiary.

Keep in mind that premiums for permanent policies are generally higher than for term insurance. However, the premium in a permanent policy remains the same no matter how old you are, while term can go up substantially every time you renew it.

There are a number of different types of permanent insurance policies, such as whole (ordinary) life, universal life, variable life, and variable/universal life.

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For a "FREE" no obligation quote, complete our "Contact Us" form or give us a call right away!

704-748-4885
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