Life Insurance

85% of people say they need Life Insurance but only 62% purchase it. Why is that? Our thought is that it's not pleasant to deal with ones mortality.  However, if you have a spouse, children, a mortgage, a business with partners or would like to leave a legacy for charitable giving or your grandchildren, the answer, and the only answer is the Tax Free benefit Life Insurance.

Important to note; Wallace & Feldman Ins. is a "multiple carrier" broker.  One carrier might not even insure you, based on a condition you might have,  another will say yes, and quote you at an affordable price.  We employ special database software that allows us to poll multiple carriers for the best fit and price. 

The Life Insurance Needs Calculator is a great tool to get an idea of how much insurance you will need!

Life Insurance Needs Calculator

Term Insurance

Term insurance is basic, inexpensive and easy to understand. It gives you all the coverage you need and none that you don't. That's why it's the best choice for many cases
As the name implies, a term insurance policy is good for a specific period of time; that can be, 10 years, 20 years or even up to 35 years. Term Insurance will give you by far the greatest Death Benefit for the money. Pick a length of Term that dovetails with the time you need coverage. If you die during that term, your beneficiaries get a tax free payout, known as the death benefit. 

​IMPORTANT; In the event your health changes during the Term, say, you come down with a condition that would deem you "uninsurable,"...because you already own the Term policy you can convert to another form of Life Insurance called Permanent Insurance. Your "insurability" is guaranteed for the rest of you life with Permanent Insurance.

What Is "Living Benefit" Life Insurance?

Life insurance can have Living Benefits for you, . IN particular there "Long Term Care" or "Chronic care" Riders. Your face amount/death benefit dollars can be used towards your Long Term Care Insurance or Chronic care needs!

A Living Benefit Rider is an accelerated death benefit rider attached to a life insurance policy - usually a Permanent policy. If you, as the insured, qualify under the terms and conditions of the rider, you can access your death benefit if you become chronically or terminally ill.
These riders are available for an additional cost,  usually with additional underwriting requirements and limits apply.,

Universal Life

The flexibility that a universal life policy provides is a key differentiator over whole life. As a result, universal life insurance premiums are typically lower during periods of high interest rates than whole life insurance premiums, often for the same amount of coverage.
Another key difference would be how the interest is paid. While the interest paid on universal life insurance is often adjusted monthly, interest on a whole life insurance policy is normally adjusted annually. This could mean that during periods of rising interest rates, universal life insurance policy holders may see their cash values increase at a rapid rate compared to those in whole life insurance policies.
Some people may prefer the set death benefit, level premiums, and the potential for growth of a whole life policy. However, for those who would prefer to have more flexibility and options when it comes to their permanent life insurance, then universal life might be the better choice.

Guaranteed Universal Life

Is a relatively new product. It is used exclusively for it's Death Benefit. It's sometimes referred to as "Term For Life."  There is no Term. The Term is your lifetime. As long as you pay the premiums, the policy remains "in-force." 

Permanent Insurance
Insurance that has no term and never expires

​Whole Life
Life Insurance that builds Cash Value which you can access "tax free" for retirement

When you choose Whole Life Insurance you choose protection that is guaranteed to last a lifetime unlike the "term" in term insurance. Your premium will never go up and the guaranteed coverage amount will build.

Cash Value in Whole Life
Many people choose whole life insurance because it can help them reach financial goals while they are living. A whole life policy accumulates cash value which is guaranteed to increase over time. You can borrow Tax Free loans from your policy for many different reasons, including to help pay for college, supplement your retirement income, or provide cash for emergencies.

Opportunity to Earn Dividends
Wallace & Company Ins. prefers using Whole life policies that are issued by Mutual Companies whose stock is only only owned by the Whole Life policy owner who then receive dividends payable to the owners cash value in the policy  Any dividends you receive can be used to increase your life insurance protection and grow your cash value. Although they are not guaranteed, companies we like such as Mass Mutual, Guardian, Penn Mutual have never missed a dividend payment. Mass Mutual has not missed one in 150 years!

Indexed Universal Life

Wallace & Feldman Ins. represent most of the better Universal Indexed Life policies on the market. We use them in specific circumstances. We view the Cash Values of your policy in the context of your overall investments. in that regard we usually prefer the Cash Values to be invested in a more "fixed" environment such as Whole Life or Universal Life provides. 



What differentiates IUL from other permanent life insurance is the way interest is credited to the policy. In addition to offering a traditional declared interest rate, IUL also offers the ability to earn interest that is linked to
the movement of a selected stock market index over a specific period of time.
Even if the index goes down, your credited interest rate is never less than 0%

The manner in which interest is credited to your IUL policy gives you the potential for strong cash value accumulation. A key benefit to remember is that it offers protection in a poorly performing market.

With IUL,you don’t participate directly in the stock market and the credited interest rate is never less than zero percent,
guaranteed.