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Life Insurance
Founder, Kevin Egan, CLU, has been in the insurance business for over 40 years. In his long record of successfully guiding local and national clients, he applies his expertise and market knowledge to the insurance industry. Born in Massachusetts where he continued his education and certification in the insurance industry, Kevin relocated to Michigan in 1987 and earned his designation with The Chartered Life Underwriter (CLU®). The insurance industry’s gold standard with particular emphasis placed on ethics and commitment to clients, the CLU® has earned a distinguished reputation backed by security and stewardship. Creative Financial Partners agents are carefully chosen to ensure our clients the best representation for their needs.
At Creative Financial Partners, we carry all of the top life insurance companies in the country. Companies such as American General, Legal & General America, Transamerica, Sagicor, John Hancock, Protective, Principal, and Lincoln Financial to name a few. Below you will find the different types of life insurance and an explanation of how they work.
TERM LIFE INSURANCE - term life insurance is most commonly purchased for a specific time period. These time periods are usually one year, 5, 10, 15, 20, 25, or 30 years. In most cases, after the term period expires, you no longer have any life insurance. If you still need it, you must take a new life insurance exam and qualify for an offer from the insurance carrier. In addition, the premiums will now be more expensive, since insurance is based on your age at time of purchase. There is no cash values to this product when it terminates.
RETURN OF PREMIUM TERM INSURANCE - this term life insurance product is the same as the term life insurance described above EXCEPT it guarantees to REFUND ALL PREMIUMS you paid into this contract, at the end of the term period. Typically, Return of Premium policies are issued for 20 or 30 year period. If you are alive at the end of the term period, the insurance company immediately mails you a check for ALL THE PREMIUMS YOU PAID INTO THE CONTRACT. This benefit is contractually guaranteed in the policy contract.
PERMANENT LIFE INSURANCE - unlike the term insurance products mentioned above, this policy coverage will insure you for the rest of your life. This type of insurance is best for people to buy when they are young and healthy, because your premiums will never increase. Some policies also produce considerable cash values that can be used in retirement years.
FINAL EXPENSE INSURANCE - this insurance is for people who want insurance just to cover their funeral expenses and some miscellaneous debts that may exist at the time of their deaths. NO EXAMS are typically required for this type of coverage. Most carriers will issue $5,000 to $50,000 of life insurance depending on your need.