Life insurance is the most affordable and practical way to take care of those you love when you are no longer around. Stoneman Schopf can help you with the right life insurance plan in Algoma, Door County, Sister Bay or Sturgeon Bay.
There are different types of life insurance policies. These universal life, whole life, term life, fixed annuities, endowment policies. Universal life is a form of an endowment policy in that the policy can accrue a cash value. The amount of the premiums that exceed the cost of the insurance becomes a savings component. Whole life insurance covers the insured for his or her entire life for as long the premiums are paid. Term life covers the insured for an agreed period such as 10 or 20 years.
With life insurance, the policy owner agrees to pay a fixed or level premium at regular intervals for the rest of the his or her life. In return, the insurance company agrees to pay a fixed death benefit to the beneficiary or beneficiaries name in the policy. Life insurance can be paid out in a lump sum or as fixed annuities. It provides a source of income for our beneficiaries. This will happen when you die. If you stop paying premiums and terminate your life insurance policy, you are entitled to the schedule to the surrender value if there is any.
Closely related to life insurance is disability insurance and health insurance. You want to protect yourself and your loved ones should you become disabled and unbale to generate an income. Stoneman Schopf can help you with all your personal insurance needs, including life, disability and health insurance.
Coverage options include:
- Major Medical
- Disability Income Protection
- Health Savings Accounts
- Medicare Supplements & Medicare Advantage Plans
- Medicare Prescription Drug Plans
- Long Term Care