Life insurance is a financial tool that is an important part of sound financial planning. Because it is a contract between an insurance company and an individual or business, it guarantees that proceeds will be available upon the death of the insured.
Premature death can create a financial emergency that needs proper planning and thought beforehand. MDA Insurance offers a wide variety of life insurance options for your personal or business needs. Options are available for over 20 insurance carriers on both an individual or group basis. MDA Insurance staff has the skills and products to address these common insurance needs.
- Pay off outstanding personal or business debts.
- Provide income resources in the event of a premature death of the income earner.
- Buy-out deceased owner’s business interest.
- Pay off mortgage on a home.
- Provide collateral for loans.
Term Insurance
Term insurance is the most basic type of insurance. It provides coverage for a specific period of time and has no cash value or savings portion. It is strictly pure protection.
- Return of premium plans available.
Permanent Insurance
This type of insurance is intended to provide permanent protection over the insured’s lifetime. It has a savings or investment component and is available in a variety of design options.