Life Insurance

Life insurance is one of the most important products that Larrow Insurance offers. It can be used to provide protection for your loved ones in the event you pass away prematurely, and it can also be used to pass along your wealth to the next generation.

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Types of Life Insurance

We have many licensed professionals at Larrow Insurance that can review with you how much life insurance you need, and determine which type of life insurance is the best fit for your situation. Below is a quick outline of your life insurance options:

Term life insurance provides coverage for a specified amount of time, and is ideal when time-sensitive needs must be taken care of. This is the least expensive type of life insurance since it is only for a specified amount of time (10, 20, or 30 years).

Term insurance is an ideal solution for mortgage protection. Most families like to protect their mortgage in the event of a premature death, this gives them the peace of mind that their mortgage balance is paid off and will not be an added financial burden on their loved ones.

Cash value term life insurance is a term life insurance plan that also builds cash value, which you can use in two important ways. At any time, you can surrender the policy by taking out its cash value. Alternatively, if you choose not to withdraw the cash value, you can have a reduced amount of life insurance until age 95 without paying any additional premiums.The best time to utilize one of these options is at the end of the term (20 or 30 years).

When you purchase a whole life insurance policy, you have lifelong protection – it does not end after a specified amount of time. There is also a guaranteed cash value that accumulates which you can use during your lifetime. Larrow Insurance offers three different options for whole life insurance; premiums can be paid for 20 years, until age 65, or until age 100.

Indexed universal life insurance offers lifelong protection with a flexible premium amount, death benefit, and premium allocation options. You choose how much you would like to contribute into the policy; a portion of the premium goes to the cost of insurance and fees, while the rest of the premium earns interest. The interest can be earned based on the stock index (S&P 500 or the Dow Jones) or based on a fixed rate of return. No matter which option you choose, your return will never be negative. This is the only type of insurance we offer that you can take partial withdrawals from the cash value without having to take it out as a loan. This type of policy can be used to supplement your retirement income, help pay for children’s college expenses, and also provides life insurance protection.

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(860) 792-0454

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Registered Representative of and securities distributed by Horace Mann Investors, Inc. (HMII), member FINRA/SIPC. Insurance products issued by Horace Mann Life Insurance Company (HMLIC), Springfield, IL. HMLIC and HMII are affiliated companies and wholly owned subsidiaries of Horace Mann Educators Corporation.