Why Get Life Insurance

Like most of us, we know you would do anything to protect your family and ensure they have a bright future. But have you considered how your loved ones would continue financially if you were no longer here or unable to provide for your family?

Life insurance is a simple and affordable way to answer that question. It allows you to provide peace of mind for yourself and your loved ones. And at TMLA, our team of agents has all got your back.

Term Life Insurance

What is Term Life Insurance?

Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.

Term life insurance provides coverage for a predetermined amount of time, typically between 1 – 35 years. The death benefit will payout if the policy owner passes away within the term of the policy.

  • Cost-effective option for young growing families or individuals looking for more affordable coverage.

  • There is no guarantee of renewal when the term ends; however, certain term policies may allow for an option to renew.

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Return-of-Premium Term Life Insurance (ROP) Benefits

We offer a compelling Return-of-Premium (ROP) term insurance policy which returns all contributed premiums if the insured outlives the term period.

  • Premium returns can start as early as the second year.

  • Life insurance protection is in place if needed and return-of-premium investments if not.

Return-of-premium (ROP) life insurance policies refund all premium payments made if the policyholder is still alive at the end of the policy period. The returned money can be used for anything and is tax-free.

Return-of-premium life insurance is added on to a standard term life insurance policy as a rider and lasts for the term of the policy – usually a 10, 20, or 30-year term. For certain people with specific life insurance needs, there are a few pros of a return-of-premium life insurance policy:

  • Refunded premiums are not taxable

  • A forced savings vehicle if your premiums are returned

  • Lower cost than whole life insurance

With top-notch return-of-premium life insurance companies, you receive a guaranteed amount of money back that could go to your loved ones rather than taking risks on the stock market and other high-risk investments.

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Indexed Universal Life Insurance

Indexed Universal Life (IUL) is a permanent policy similar to a traditional UL policy through its flexibility of premium and death benefits; however, it also features a higher growth potential through index interest crediting. The policy owner has the ability to choose a percentage of the cash value to invest within specified “indexes” (such as the S&P 500 or Nasdaq 100) to increase the chances of a larger return

From fixed-rate models to variable ones, Indexed Universal life insurance comes in various types. IUL insurance policies can help you to build wealth while leaving behind a death benefit for your loved ones. These policies put a portion of the policyholder’s premium payments toward annual renewable term life insurance, with the remainder added to the cash value of the policy after fees are deducted. On a monthly or annual basis, the cash value is credited with interest based on increases in an equity index.

IUL insurance policies provide greater upside potential, flexibility, and tax-free gains. This type of life insurance offers permanent coverage as long as premiums are paid. In general, these policies are best for those with a large up-front investment who are seeking options for a tax-free retirement.

People who need permanent life insurance protection but wish to take advantage of possible cash accumulation via an equity index might use IULs as key person insurance for business owners, premium financing plans, or estate-planning vehicles.

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No Medical Exam Life Insurance Benefits

This simple, affordable life insurance is designed to cover expenses like medical bills and funeral costs (including plot and mortuary expenses) and can help protect your loved ones from future financial burdens. This provides permanent life insurance coverage with flexibility and long-term growth potential.

  • Up to $250,000 death benefit.

  • No medical exam or blood work is required.

A traditional medical exam for life insurance usually requires medical history such as blood pressure, weight, and height. However, a no medical exam life insurance refers to policies that don’t require a physical exam to qualify for coverage. Many people prefer this kind of life insurance because it’s easier and less time-consuming to receive coverage. Policy prices for life insurance policies without medical exams can vary widely

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Some are geared toward people in poor health who want to avoid any medical questions, while others focus on young, healthy people who want a quick application process.

A no-medical exam life insurance policy can also be used to cover final expenses if you can’t obtain other life insurance and want to avoid burdening your family with funeral and burial costs after your death.

Fixed Indexed Annuity

With Fixed Indexed Annuities, premiums are tied to an index and credited in a similar fashion to IULs. As with IULs, Fixed Indexed Annuities offer principal protection and a death benefit, with the possibility for gains contingent upon market performance.

  • A type of tax-deferred insurance product.

  • Can be structured to provide income for life, acting as another resource for retirement income.

  • Provides protection from a market decline with a guaranteed floor.

With Fixed Indexed Annuities, premiums are tied to an index and credited in a similar fashion to IULs. As with IULs, Fixed Indexed Annuities offer principal protection and a death benefit, with the possibility for gains contingent upon market performance.

  • A type of tax-deferred insurance product.

  • Can be structured to provide income for life, acting as another resource for retirement income.

  • Provides protection from a market decline with a guaranteed floor.

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What’s An Annuity?

In its simplest terms, an annuity is a contract between an individual (or married couple) and a life insurance company. You can purchase an annuity with a portion of your retirement savings in either a single payment or with multiple payments, depending on the type of annuity. Once you own an annuity, any growth in your account may be on a tax-deferred basis while you continue to have control of your money, as needed.

Annuities can be an important part of a diversified retirement portfolio because they can ensure that your retirement income is protected even when there are downturns in the market. So no matter how your other retirement investments perform, annuities can provide you with a source of protected lifetime income that few other financial products can offer.