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Vision Insurance Plans for Individuals and Families
Whether you are currently without insurance or you are searching for a better vision plan outside your company-sponsored benefits, you can choose independent vision insurance for yourself and your family. Get affordable coverage for your glasses, contacts, eye exams, and other routine vision care.
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What Is Life Insurance?
Life insurance is an important safety net for those who depend on you financially. The payout to your beneficiaries, like your spouse or children, can pay any mortgage debt, replace your income, or pay for college tuition.
There are several types of life insurance products to meet your needs at any stage in life:
Everyone's insurance needs are different. Evaluating your financial position and determining the needs of your beneficiaries will help you find the right coverage. Our insurance experts in Spring Hill, TN can provide you with a FREE life insurance quote.
There are several types of life insurance products to meet your needs at any stage in life:
- Term life
- Whole life
- Universal life
- Final expense insurance
- Mortgage protection insurance
Everyone's insurance needs are different. Evaluating your financial position and determining the needs of your beneficiaries will help you find the right coverage. Our insurance experts in Spring Hill, TN can provide you with a FREE life insurance quote.
How is life insurance paid?
After your death, your beneficiary will need to file a claim with your insurance company. It is helpful if they know you have a policy in place and that they need to file a claim. After the insurance company receives the claim, they usually pay the death benefit within 30 to 60 days.
A life insurance payout can be received in one lump sum. It can also be paid through installments or annuities if your beneficiary wants to receive payments for a set number or years or, if the funds are substantial, over their lifetime.
A life insurance payout can be received in one lump sum. It can also be paid through installments or annuities if your beneficiary wants to receive payments for a set number or years or, if the funds are substantial, over their lifetime.
How much life insurance do I need?
Everyone’s circumstances are different. Additionally, your insurance needs will likely change over time. When determining how much life insurance you need, it is important to consider your beneficiaries and your current debts.
CHILDREN
Life insurance for children is usually a term policy with a lower benefit amount to cover funeral expenses.
SINGLE ADULTS
A single adult would typically need basic coverage amounts to cover funeral expenses and pay off debts.
MARRIED WITHOUT CHILDREN
At this stage in life, you would need more coverage to pay debts like a mortgage and support your spouse.
Is life insurance taxable?
Life insurance payouts to your beneficiaries after your death are tax-free.
However, you do have to consider taxes if you are planning to withdraw from the cash value of your permanent life insurance policy. For example, capital gains on a variable universal life policy would be taxable, but the premiums you paid into it would not be.
If you plan to withdraw funds or borrow against your cash value, it is wise to contact your insurance provider and understand which amounts are taxable and which are not.
However, you do have to consider taxes if you are planning to withdraw from the cash value of your permanent life insurance policy. For example, capital gains on a variable universal life policy would be taxable, but the premiums you paid into it would not be.
If you plan to withdraw funds or borrow against your cash value, it is wise to contact your insurance provider and understand which amounts are taxable and which are not.
Is life insurance taxable?
If you plan to withdraw funds or borrow against your cash value, it is wise to contact your insurance provider and understand which amounts are taxable and which are not.
Is life insurance taxable?
If you plan to withdraw funds or borrow against your cash value, it is wise to contact your insurance provider and understand which amounts are taxable and which are not.
What if I...
no longer need my whole life policy?
If for whatever reason you no longer need your whole life insurance, there are usually a few options available to you. It often depends on your insurance company and the specific terms of your coverage.
CASH SURRENDER
You can request the cash surrender value be paid to you. This is the cash value of the policy less the surrender charge. This terminates your coverage and will result in income taxes on any investment gains you received.
REDUCE COVERAGE BASED ON WHAT YOU'VE PAID
Your life insurance company may consider what you've already paid towards your policy, calculate the amount of death benefit that sum would permanently provide, and give you a policy of that amount.
EXTENDED-TERM LIFE INSURANCE
Your life insurance company may consider what you've already paid towards your policy and convert it to a term life policy for the same death benefit amount.
1035 EXCHANGE
You may be able to exchange your whole life policy for a different life insurance policy or for an annuity.
CASH SURRENDER
You can request the cash surrender value be paid to you. This is the cash value of the policy less the surrender charge. This terminates your coverage and will result in income taxes on any investment gains you received.
REDUCE COVERAGE BASED ON WHAT YOU'VE PAID
Your life insurance company may consider what you've already paid towards your policy, calculate the amount of death benefit that sum would permanently provide, and give you a policy of that amount.
EXTENDED-TERM LIFE INSURANCE
Your life insurance company may consider what you've already paid towards your policy and convert it to a term life policy for the same death benefit amount.
1035 EXCHANGE
You may be able to exchange your whole life policy for a different life insurance policy or for an annuity.
Cash Value Component
Most permanent life insurance policies will accrue a cash value that you can withdraw from or borrow against. You can also choose to surrender your policy and receive the cash value as a lump sum. There are often restrictions as to how you can use the cash value of your policy, so be sure to pay close attention to your specific policy terms.
Do you have a question about life insurance?
Our agents are ready to answer any of your questions.
Guardian Insurance Group is an independent insurance agency that serves customers in Tennessee, Arkansas, and Mississippi. They offer a wide range of personal and commercial insurance products, including auto, home, and business insurance.
Guardian Insurance Group is committed to providing clients with the best possible service. They have a team of experienced and knowledgeable agents who are dedicated to helping their customers find the right insurance coverage for their needs. Guardian Insurance Group also offers a variety of online resources to help their customers manage their insurance policies.
In 2022, Guardian Insurance Group was voted in the top three for Best Insurance Agency by the DeSoto Times-Tribune. This award is a testament to the hard work and dedication of the agency's team. Guardian Insurance Group has locations in Memphis, TN, Southaven, MS and Byhalia, MS and is committed to providing clients with the personalized and unique service they deserve.
Guardian Insurance Group is committed to providing clients with the best possible service. They have a team of experienced and knowledgeable agents who are dedicated to helping their customers find the right insurance coverage for their needs. Guardian Insurance Group also offers a variety of online resources to help their customers manage their insurance policies.
In 2022, Guardian Insurance Group was voted in the top three for Best Insurance Agency by the DeSoto Times-Tribune. This award is a testament to the hard work and dedication of the agency's team. Guardian Insurance Group has locations in Memphis, TN, Southaven, MS and Byhalia, MS and is committed to providing clients with the personalized and unique service they deserve.
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