Life is filled with unexpected events, which why planning for those left turns is a prudent decision. At Moody, we work with our individual clients and families to protect them in the event of an unexpected death or disability. We offer an array of Life and Disability insurance products to provide financial security and peace of mind.
Life insurance provides money directly to the individuals selected as your beneficiaries in the event of your death. The monies can be used to replace lost income, cover basic living expenses, pay household debts, estate taxes and funeral expenses, and fund a child’s education. It can also be used to supplement retirement savings.
Typically the most affordable type of Life insurance is Term Life, which stays in force for a certain number of years. Term Life insurance typically appeals primarily to younger people who want a lot of insurance at a very good price in case they die prematurely, but it can also be used by older people to gain a short-term policy that covers some special need. Term Life insurance comes with numerous options. You can opt for a level term policy, which keeps the same payout all the way through the life of the policy, or you can choose a decreasing term, which means the death benefit is reduced over time.
A Whole Life insurance policy can be purchased by itself or as a complement to Term Life insurance. It is coverage that doesn’t decrease over time or end at a certain date, such as age 65, the way a Term Life policy does. It has a pre-agreed death benefit, or payout value to your beneficiary. Whole Life insurance is often purchased by people to cover financial needs that they will still have very late in life, after the typical Term Life policy would have expired. It can be used to fund business buyouts so that a family business or the insured’s stake in another business doesn’t have to be sold off, but rather can be bought out by the next generation. It can also be used to help beneficiaries pay taxes on what they inherit from the insured.
Disability insurance provides you the safety net you need should you become sick or have an accident. Even if you have Disability insurance through your workplace, coverage may be limited and may not provide you with the income you need to meet your obligations. Or, perhaps you are in a highly specialized field, such as the medical profession, and need coverage that will be suited to your occupation. You can choose to purchase short- and long-term plans. Plans are available with benefits that last two years, five years, to retirement age or for the rest of your life. Plus, when you purchase your own Disability policy, you’ll have coverage even if you change jobs or decide to venture out on your own.
This description of coverage is not an insurance contract. Your policy is the contract that specifies and fully describes your coverage. Conditions and exclusions will apply. Not all coverage described is available in all states.