Navigating The World Of Life Insurance

Welcome to ELLI Life Insurance Blog!

ELLI Life Insurance is a division of Innovative Insurance Brokers, Inc. It is owned by Master General Agent, Elizabeth Loomis. Our goal is to teach the true facts about life insurance, so you don't get tricked by one of the bad guys.

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Life Insurance can be very confusing and complicated. I'm here to break it down into layman's terms to make it more easily understood, so you don't get caught up in the jargon and end up with a policy that isn't right for you or isn't what you thought it was.

Life Insurance

Definition: Insurance that pays out a sum of money either on the death of the insured person or after a set period.

Companies created life insurance to be a win-win situation for the client & client's family as well as for the insurance company. The client pays premium amounts either monthly, quarterly, semi-annually, annually, or in one lump sum payment. In exchange, the insurance company pays money to either the owner in the form of living benefits or to the beneficiary after the owner passes away. A major benefit of life insurance is that it is tax free to the inheritor. There are different types of life insurance and different reasons to own each type.

Whole Life Coverage

The first main type of life insurance is whole life. Whole life insurance is typically purchased for final expense coverage (funeral costs) and to leave behind some extra money for loved ones. I go into more detail here. Whole Life is owning your insurance, lasts for your whole life and has the option of dividends, living benefits, a credit free loan option, etc.

"It is our responsibility, 

while we are alive, 

to ensure we have covered 

the debt of our death."

- ELLI Life Insurance

Term Coverage

Another common life insurance coverage is Term. Term coverage terminates - an easy way to remember the difference. Term coverage is most commonly used for mortgage protection, income replacement, and accidental death coverage. I go into more detail on term insurance here.

"If a child, a spouse, 

a life partner, or a parent 

depends on you and your income, 

you need life insurance."

- Suze Orman

Universal Life Coverage

These policies were very common before the stock market crash in 2008. Universal Whole Life / Flexible Whole Life / Variable Life, etc. is a mix between Whole Life and Term coverage. They are typically used as a low risk investment fund for retirement, when utilized the proper way. Learn more here.

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There are so many wonderful options when it comes to choosing a policy. There's a return of premium term policy, where if you out live the length of the term, you get all your premium payments back. There is a living benefit rider on a whole life policy that waives premium payments should you become disabled. Another rider gives you the option of taking out a portion of your face value should you become terminally ill. 

There are options to cover just yourself, your whole family, or a business partner. Financially, it's very affordable for coverage to protect everything possible when you start young. 

The government makes it necessary to insure your car. You know how important it is to insure your new $900 phone. The reason why some people don't think it's as important to include life insurance on that list is because no one has made it necessary to protect your debt when you die. Somebody is going to have to pay for your funeral when you die. Unless you have around 10k saved up in the bank, you need whole life to protect your funeral costs. And unless you have 100k saved up you need some sort of  mortgage protection or debt protection.

Overall Life Insurance is a wonderful protection to have on all of your assets. Think of it like car insurance, you have it 'just in case'. Don't leave your loved ones in debt because you failed to prepare for when you leave this world.