Life Insurance

According to Insurance Quotes, 37% of Americans don't have a life insurance policy.

Having a life insurance policy can help your family maintain a long-lasting financial security net after the death of a loved one.

Your family can use your policy to cover the cost of medical bills that’ aren't covered by health insurance policies, housing costs, debts, and to help pay for funeral expenses.

A good life insurance policy can remove all financial worries for your loved ones. Contact Otis D. Jackson & Associates today, so we can help you put your mind at ease.

Features of Term Life Insurance

  • Considered the most basic type of life insurance
  • No cash build up or accumulation in policy
  • Coverage is purchased for a certain length of time:
    • 15 Years
    • 20 Years
    • 25 Years
    • 30 Years


  • Very Affordable
  • Premiums remain the same for the period that the policy is in force
  • When period coverage expires:
    • A new policy will need to be purchased
    • Insured will need to re-qualify
    • New premium will be much higher
    • Good for applicants that are younger and in good health at time of application


  • Like living in an apartment
  • Rent increases periodically
  • Get no equity in the apartment

Features of Permanent or Whole Life Insurance

  • Offers cash value and death benefit protection
  • Will last for the lifetime of insured
  • Premium will remain the same for lifetime of the policy
  • In purchased when young, premiums will remain the same when older

  • Cash values grow on a tax-deferred basis
  • Growth in cash value will not be taxed unless they are withdrawn


  • Can be compared to living in a home with a fixed mortgage
  • Mortgage rate remains the same for life of the loan
  • Can borrow from equity built up in house

Features of Universal Life Insurance

  • Provides death benefit and cash values
  • Adjustable interest rates
  • Cash grows on a tax-deferred basis
  • Has greater flexibility than whole life
  • Death benefit can increase
  • Can purchase additional life insurance needs within the same policy


  • Can be compared to an adjustable rate mortgage
  • Develops equity in the house that can be borrowed

Features of Final Expense Life Insurance

  • Often referred to as burial insurance
  • Usually purchased by seniors between ages 50-85 to fund:
    • Memorial service
    • Burial
    • Flowers
    • Headstone
  • The estimated cost for a funeral is $10,000
  • Purchased normally for purpose of protecting survivors from expense of funeral and other final expenses
  • Term or permanent life insurance can be used to fund the expense

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