Life Insurance
Protect What Matters Most
Life insurance is a risk management tool, but a unique type.
It is unique because its primary purpose is to create an immediate pool of cash that is payable at the death of the insured person. Life Insurance contains very favorable legal and tax benefits that can provide for:
- Income Replacement
- Business, Farm & Ranch Continuity
- Estate Planning
- Charitable Giving
- Supplemental retirement and Asset accumulation
To meet diverse needs and to enhance the value of life insurance, different types of policies and features have been designed. While some life insurance policies focus exclusively on providing a death benefit, others also build cash value amounts within the policy that the owner of the policy may access to meet emergencies, help purchase a home, or pay for a college education.
Get In TouchThe Right Life Policy for You
There are several different types of life insurance policies that offer different terms and conditions. We offer both Permanent Life Insurance or Term Life Insurance. As an independent agency, Kasmann Insurance has the ability to compare rates and plans from multiple companies and choose the best fit for your family’s needs. Give Kasmann Insurance Agency a call to find the best life insurance coverage for you today!
Permanent Life Insurance
Traditional Whole Life
Arguably the best form of life insurance, Whole Life is a way to keep coverage in force for your entire life. The rates are set and “locked-in” when you purchase the policy, providing a death benefit up to age 110. Whole Life policies also build a cash value that can be borrowed against, if needed. Several optional coverages are available for an additional premium, such as: Accelerated Death Benefit, Accidental Death Benefit, Automatic Premium Loan, Disability Premium Waiver, Guaranteed Purchase Option, and Spouse and Children Term Insurance.
Single-Pay Whole Life
Just as it sounds, a Single-Pay policy is a Whole Life product that is paid for in one, single premium payment. This could be a great option for a client with a large lump sum of cash available from such things as savings, inheritance, or retirement. The premium amount invested in this policy can be used to reduce estate size and therefore avoid estate taxes. Benefits paid under a Single Pay Whole Life policy may be tax-free and can be paid directly to the beneficiary, avoiding probate fees.
10-Pay Whole Life
Instead of making premium payments for decades, with 10-Pay Whole Life the insurance is paid up entirely in ten equal payments made at the beginning of the policy term. This is a traditional, permanent life insurance policy with set rates and a death benefit payable up to age 110. 10-Pay Whole Life is a great product to gift to children or grandchildren.
Children’s Whole Life
Auto-Owners offers a life insurance product designed specifically for children 15 days old through 17 years old. The rates are set at the time of purchase and coverage amounts are available from $10,000-$50,000. This is a death benefit policy, but also builds cash value over time. With Children’s Whole Life, the death benefit increases by 50% at ages 18 and at 25, with no increase in premium. For instance, a $50,000 policy purchased at age 2 would become a $75,000 policy when the insured child reaches age 18, and coverage would increase to $100,000 when the child turns 25.
Term Life Insurance
Term Life insurance provides the most affordable option for life insurance coverage because it only provides protection for a set number of years. A Term Life policy can be valuable to a family or business by providing the financial means to pay for final expenses, a mortgage, business buy-sell agreements, children’s education expenses, business loans, or other miscellaneous debt.
5, 10, 20, 30-Year Level Term
Term Life insurance can be purchased to provide a death benefit for a 5, 10, 20, or 30 year period. The premium is only guaranteed for the specific term applied for, but optional riders can also be purchased to tailor the policy to meet specific needs. Optional riders for term insurance include: Guaranteed Renewability, Disability Premium Waiver, Accidental Death, and Children’s Term Life Insurance Benefit Rider.
Key-Person Life Insurance
Most life insurance is purchased to protect a family member from financial hardship when losing a loved one. Key-Person Life Insurance is designed to protect a business when the business-owner or an indispensable employee passes away. Either a permanent, Whole Life, or a temporary Term Life plan may be purchased. The policy is owned by the business and the business receives the death benefit when the insured person dies. That money is designed to help satisfy debts and protect the financial stability of the organization during the leadership transition.
Auto-Owners Life Insurance
At Kasmann Insurance, we write a majority of our life insurance products through our premier carrier, Auto-Owners Insurance Company. Check out these PDF documents to learn more about Strong Financial Ratings and Life Insurance Myths and Truths.
Annuities
Have you ever considered what would happen if you outlive your income?
Kasmann Insurance can also help you protect your money and plan for retirement with Annuity products through Auto-Owners Insurance Company. Annuities provide steady income payments during retirement and offer tax-deferred growth, meaning taxes are not paid until later when funds are withdrawn. We can offer annuities with flexible rates that provide flexible growth, or guaranteed fixed rate annuities that lock-in the interest rate for a specific term. There are no setup fees or annual administration fees on any annuity products we offer.