Products

Life and Long Term Care Insurance

LIFE INSURANCE

What Is Life Insurance?

Life insurance is a contract between a policyholder and an insurance company. The policyholder pays agreed upon premium payments in order for a designated beneficiary(s) to receive an agreed upon benefit when the policyholder dies. The two main categories of life insurance are term insurance and permanent insurance.

Term insurance pays a death benefit only if the policyholder dies during the agreed upon term of the policy.

Permanent insurance pays the death benefit when the policyholder dies no matter when that is. For an equal death benefit, term insurance premiums are lower than permanent insurance premiums.

Advantages of Life Insurance

• Financial protection for loved ones in the event of your death.
• No federal income tax on life insurance benefits.
• Permanent insurance often includes a cash surrender value the policyholder may withdraw or borrow against.

Investors Who May Want to Consider Life Insurance

• Anyone with loved ones who would be financially vulnerable in the event of their death.

What Northland Provides

• Experienced professionals to guide you through your insurance options.

LONG TERM CARE INSURANCE

What Is Long Term Care Insurance?

Long term care insurance is a contract between a policyholder and an insurance company. The policyholder pays agreed upon premium payments, so that the insurance company will pay an agreed upon portion of the costs to provide the policyholder's everyday needs in the event they are unable to do so because of illness or injury. Daily needs include eating, bathing, dressing, etc. Long term care costs can be in-home care, assisted living care, adult day care, hospice care, etc.

Advantages of Long Term Care Insurance

• Financial protection for you and your loved ones against debilitating illness or injury.

Investors Who May Want to Consider Long Term Care Insurance

• Anyone without sizable net worth to take care of them in the event of debilitating illness or injury.
• Anyone with sizable net worth whose loved ones would be severely financially burdened by unexpected health care costs because of illness or injury.

What Northland Provides

• Experienced professionals to guide you through your insurance options.