Life Insurance: Term Life Insurance, Return of Premium Term Life Insurance (ROP), Whole Life Insurance, Universal Life Insurance & Annuities Serving Farmingdale, Smithtown, Melville, Huntington, Hauppauge, NY and Surrounding Areas
Peace of Mind- Insurance for Your Family
No one likes to talk about life insurance… until the loss of a loved one. Too many families find out much too late that the loss of their loved one has far-reaching financial implications that must be addressed. For families who implemented a strong life insurance plan, there is peace of mind knowing that money won’t be an issue. For those who failed to consider life insurance, the struggle becomes a long-term issue, often leading to severe financial hardships for grieving families.
When a family loses the breadwinner, the emotional hardship is devastating. The last thing any survivor should have to worry about is finances. However, the stark reality is that the financial obligations continue, such as:
- Mortgage Payments
- Automobile Payments
- School and Tuition Expenses
- Health insurance, Auto Insurance, and other insurance protection
- Ongoing day-to-day living expenses
Cafaro Insurance Agency has developed relationships with some of the nation’s most financially secure life insurance carriers. This enables us to provide you with the personal life insurance you need to secure your family’s financial future in the event of your death. At the same time, we can provide life insurance policy options that also help with your retirement planning by learning and accumulating a cash value. With a variety of both term and permanent life insurance options, Cafaro Insurance Agency provides the right type of life insurance for your family.
Because pension plans are no longer offered by the majority of employers, many individuals and couples are looking towards an annuity as an option to replace regular income and supplement social security after they retire.
An annuity does what no other investment can do: provide guaranteed income for the rest of your life, no matter how long you live. Purchased from insurance companies, annuities are highly customizable to allow for the amount you buy in with, the amount and period you want to be paid out, whether it’s for one or two people, when payouts should start, if you want to add special features like long term care, etc. There are variable and fixed annuities, which affect the growth rate of your purchase. For more information and guidance on plans that will work for you, contact us to schedule an appointment.
Our life insurance options include:
Term Life Insurance
- Term life insurance is an affordable life insurance option which provides coverage for a set, established period of time. Terms are often set at 10 years, 15-30 years, and 35-year terms. Term life insurance earns no cash value and at the completion of the agreed term, the policy expires. Should the insured wish to secure a new life insurance policy, they must meet underwriting guidelines for the new policy. It’s important to remember that at the end of a term life insurance policy, the insured will be older, thus, premiums will increase, and the increase may very well be significant. Return of premium life insurance. Return of premium (ROP) is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy’s term.
Whole Life Insurance
- Whole life insurance offers lifetime coverage with access to a cash value that accumulates throughout the life of the policy. The benefit is guaranteed for the life of the policy, provided premiums are paid as required. Your cash value grows tax-deferred. Whole life provides lifetime level premiums which are guaranteed for as long as the policy is in effect.
Universal Life Insurance
- Universal life insurance is a permanent life insurance plan that provides flexible coverage and flexible premiums. Similar to whole life, it provides cash value growth that is tax deferred. It is possible that coverage will expire if either no premiums are paid following the initial minimum premium or if subsequent premiums are insufficient to cover the actual cost of insurance.