Individual Life Insurance

Life insurance from Summit Risk Advisors, LLC can help you secure your family's financial future by providing the funds they need to: cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living.
There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:

Term Life Insurance

Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

Universal Life Insurance

Universal Life is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments - i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.

Whole Life Insurance

Whole Life Insurance provides permanent protection for the whole of life - from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever cancelled.

Individual Long-Term Care Insurance (LTC)

Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.

Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.