Trusted Life Insurance for Connecticut Residents

Life Insurance Protects Those You Love

Yerkes-Stephens Insurance Agency offers a range of life insurance policies that provide financial support to your loved ones if you pass on. You need life insurance if your income supports people you love—a spouse, partner in a committed relationship, and, of course, dependent children. Stay-at-home spouses and partners who take care of the household and children also need life insurance. If they pass on, the surviving spouse or partner will face substantial expenses to replace their services.

Forms of Life Insurance Coverage

There are two main types of life insurance—term and permanent—with a variety of coverages and premiums. Our insurance professionals will be happy to go over them with you in detail.

Term

Term life provides death benefit coverage at a fixed premium payment for a limited period of time, or “term”—10, 15, or 20 years, for example. For individuals, a term life policy will have the lowest premium for a specific death benefit amount—but only for the term of the policy. At the end of that period, you will have to obtain a new life policy with a new, typically higher premium payment, since you’ll be older.

Permanent

A permanent life policy covers you for the rest of your life. There are a variety of policy types:

Whole Life

Whole is a popular form of permanent life insurance. For a stated death benefit, premiums remain the same for the life of the policy. Some policies are paid up after a designated number of years. The policy’s cash value grows predictably over time at a fixed rate of interest.

Universal Life

Universal life delivers the life-long protection of whole life with the added benefit of access to the tax-deferred cash value that builds up in the policy. The tax-free withdrawals do reduce your death benefit, but can provide a welcome supplement to your retirement income.

Variable Life

Variable life is a permanent insurance policy that builds cash value, while giving you the freedom to track funds and decide where to allocate them among a variety of professionally managed investment options. Policies also feature flexible premiums and a flexible death benefit.

Survivorship Life

Survivorship life insurance is used by people who want to be covered under the same policy and pay a lower premium than they would individually. However, the beneficiary will receive the death benefit only after everyone insured has passed on, not when only one covered person dies.