ServicesVariable Life Insurance
Variable Life Insurance in Crystal Springs
Variable life gives you lifelong coverage plus a cash value you invest in funds you pick. It can grow faster than other policies. It can also lose money. We walk you through both sides, with every fee on the table, so you know what you are buying.
What variable life is and who it fits
Variable life is a permanent life insurance policy. Some of each premium pays for coverage, and the remainder goes into subaccounts that behave much like mutual funds. You decide how to divide that money among stock, bond and money market choices. Good markets can grow your cash value, and bad ones can shrink it.
It suits people whose basic coverage is already in place, who want a policy for life and who can handle market swings. It won't be the least expensive way to protect your family. If your main need is coverage while the kids are small or until the mortgage is gone, term life or mortgage protection usually costs much less.
This type of policy requires a Life & Health Insurance license and a Variable Life & Variable Annuity license, and we hold both. So we can show you the actual policy, its prospectus and the numbers, not only a sales flyer.
What setting up your policy with us includes
Costs compared over the years
We set variable life beside whole life and universal life at 10, 20 and 30 years, so you see what each takes to keep, not only what it takes to start.
All fees on paper
Insurance charges, administrative fees, fund expenses and surrender charges are all written out. Fees slowly wear down your account over time, so we flag them up front.
Making sense of the prospectus
A prospectus comes with every variable policy, and it's long and dull. We go over the sections that matter with you, line by line if you'd like.
Your policy on a single page
One page lists what you own, what you pay and what it covers. File it with your papers so your family knows where it is.
Yearly beneficiary check
We book a yearly review for every client. We look over your beneficiaries and see how the account is doing compared with what you put in.
Support with a claim
Your family won't face a claim by themselves. We guide them through it in person.
When variable life may deserve a look
- You want coverage with no end date
- Term life expires. If you want a policy still in force at 85, you need permanent coverage.
- The basics are already handled
- Your family's coverage is in place and you have some savings. Next you want a policy that can grow money over time as well.
- Market ups and downs don't rattle you
- One rough year can lower your account value. If that would cost you sleep, whole life is probably a better match.
- You can stick with the payments for decades
- Variable life does best when kept for many years. Cancelling early often brings surrender charges and leaves little cash.
- Whole life grows too slowly for your taste
- Whole life builds at a fixed, steady rate. Variable life gives up that steadiness for the chance of more growth.
From your first call to a policy in force
- 1
Give us a call
A real person picks up. After a few questions, we book a free meeting at our office or over video.
- 2
Meet and compare
We review your goals, your budget and the coverage you already have. Then variable life goes next to your other choices so you can see which holds up best over the years.
- 3
Choose coverage and funds
You set the coverage amount and decide how to divide money among subaccounts. Nobody pushes and we skip the jargon. Each option is explained, and you choose on your own schedule.
- 4
Applying and underwriting
We go over the application questions with you on a call or at your appointment, and most carriers require a health exam. You hear from us until the carrier decides, and we review the final policy with you before it takes effect.
What drives the cost of variable life
Your premium is only part of the story. Fees inside the policy and how the funds perform both shape what you end up with. We show you both so the choice still makes sense ten years from now.
- Your age and health at approval
- The carrier sets your insurance charges based on how old you are and how your health looks on the day you are approved. Start sooner, in good shape, and that charge begins lower. It climbs a little each year after that.
- Coverage amount
- A bigger death benefit costs more each month and leaves less going into the subaccounts.
- Fund choices
- Each subaccount has its own yearly expense. Some cost more to run than others, and that adds up over decades.
- Surrender period
- Most policies charge you if you cancel in the first several years. How long that lasts varies by carrier.
- Riders
- Add-ons like a waiver of premium or a guaranteed minimum death benefit cost extra. Some are worth it. We tell you which ones.
Common variable life questions
- Is it possible to lose money with variable life?
- Yes. Your cash value goes up and down with the funds you pick. If it falls too far, you might have to pay more to keep the policy active. We explain how that works before you sign.
- What sets variable life apart from universal life?
- With universal life, the insurance company credits interest. With variable life, your account follows market subaccounts you choose, so it can grow more and also drop more.
- Can I switch funds after I buy?
- Most policies allow moves between subaccounts, typically a certain number per year at no charge. We review your policy's rules so you know where the limits are.
- Can I take a loan against my cash value?
- In most cases, yes. An unpaid loan lowers what your beneficiary gets, and a big loan can make the policy lapse. We help you see the impact before you borrow.
- What if things change in my life later?
- Had a baby, bought a home or started a new job? Call and tell us, and we'll update your coverage within a week of hearing from you.
See the full picture before you decide
Bring your questions and your budget. We will lay out variable life next to your other options, fees included, at our office or by video.