We help you prepare for the unexpected. Creating a plan that provides peace of mind for your family no matter what the future holds.
Let the insurance agents at E.P. Tremblay help you determine the right life insurance for you and your family. We offer a variety of options including Term and Cash Value. We'll work with you through the life insurance planning process, and put together a custom solution that meets your unique needs. Be prepared for the unexpected and know that you and you're family are covered through all life's adventures.
LIFE INSURANCE FAQS
What is the best type of Life Insurance?
Life insurance products fall generally into 2 categories, Term Insurance and Cash Value Insurance.
Term Insurance generally provides a fixed death benefit at a fixed amount of premium cost for a fixed period of time. For example, you may purchase a term insurance policy that provides a $500,000 death benefit for a fixed monthly, semi-annual or annual premium for a fixed term of 5, 10, 15, 20 or 25 years. After that period of time, the premium will likely go up and you may need to have another medical exam to re-qualify for another fixed period of time. Term insurance policies generally don't have any cash surrender value.
Cash Value insurance generally provides a fixed death benefit for a fixed premium for the life of the policy. It generates a cash value that can accumulate with dividends and/or interest that can be cashed in upon surrendering the policy.
Term insurance is best used for needs that are for a time period that is reasonably determinable such as during child rearing years or mortgage/loan payoff periods. Cash value insurance is best used for needs that are more uncertain like for final expenses or to supplements a survivor income. Often some combination of cash value and term insurance works best.
How much Life Insurance do I need?
There are a number of ways to determine the appropriate amount of life insurance including multiples of earnings. We prefer to engage clients in a life insurance planning process that customizes the approach to their needs. The process usually involves thinking about what the client's survivors need if the client
is not around to provide what they would have if they had lived.
Will I be required to do a medical exam?
Generally a medical exam is required for amounts of death benefits starting at $100,000. The medical exam is often performed by a paramedical professional and involves, obtaining blood and urine samples and asking medical history questions. Your medical information must be held in the strictest confidence as required by HIPAA law.
Should I use cash value insurance as a savings vehicle?
There are times when the use of life insurance products is an appropriate vehicle for savings. However, most of the time other savings vehicles like retirement plans, stocks, bonds and mutual funds would provide a better return on investment.
Where is the best place to buy Life Insurance?
Insurance agents trained in life insurance product sales are the best source. An independent agent or broker would likely have a broader range of products to choose from. It's always best to evaluate premium costs and cash value accumulations using conservative values over the entire time value you expect to need life insurance.
Should I buy mortgage insurance from the bank?
There may be times when purchasing mortgage life insurance from the bank may be appropriate. (such as when your medical history makes it difficult to obtain affordable coverage) However, when you purchase bank mortgage life insurance, the bank is usually listed as the beneficiary and it may not be the best course of action to pay off the mortgage. Also, if healthy, you should be able to purchase life insurance at lower rates and it is best to consider all your needs for life insurance, not just paying off the mortgage.
Should I buy Life Insurance for my kids?
The main benefits for purchasing life insurance for your children is to have dollars to help in the event of an untimely/unexpected death of a child and it may also be best to lock in insurability before medical history makes it difficult to obtain affordable coverage.