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Products


Term Insurance

Term life insurance provides coverage for a specified amount of time, or a term. The length of your policy’s term depends on the life insurance product you select.

Is term life insurance right for you? The following are things to consider before making that decision:
•The death benefit for a term life insurance policy is only paid if you die during the term of coverage.

•It generally only provides a death benefit and has no cash value.

•Since its scope is limited, term insurance is usually the least expensive type of life insurance. But the older you are, the higher your term insurance premiums will be.

•You can generally convert current term insurance to permanent insurance without proof of insurability.

A term life insurance policy has some advantages and disadvantages.

Advantages
•Term life insurance is ideal when specific, time-sensitive needs like mortgages and college tuition must be taken care of in the event of your death.

•Term insurance premiums are initially less expensive than permanent insurance premiums.

Disadvantages
•Term life insurance policies generally do not accumulate cash value.

•The older you get, the higher your premiums will generally be.

Contact a Payton Insurance Group agent to discuss your life insurance needs.

Whole Life Insurance

We offer whole life insurance that does not end after a specified term. As long as you pay the premiums, your beneficiary will receive a death benefit when you die. Unlike most term insurance policies, a whole life insurance policy through Horace Mann Life Insurance Company (Horace Mann) offers cash value accumulation. It can be initially more expensive than term life.

Whole life insurance has advantages and disadvantages.

Advantages
•Your policy builds cash value.

•Level premium policies make it easy for you to budget.

•As long as you pay your premiums, your cash value is guaranteed.

Disadvantages

Unlike some other types of permanent insurance, with whole life insurance:
•You may not decrease your premium payments.

•Your premium frequency is not flexible.

•You cannot increase your death benefit.

Contact a Payton Insurance Group agent to discuss your life insurance needs.

Annuities

An annuity is a contract between an investor and a life insurance company that allows the investor to put away money for retirement. Annuities can provide a lump sum payment or periodic payments at specified intervals, usually after retirement.

Annuities can be fixed, variable or indexed depending on the level of risk an investor is willing to take. And, they can be qualified or non-qualified for certain tax benefits.

Annuities may be issued in connection with qualified retirement plans or arrangements (qualified annuities) or issued as a non-qualified annuity. All annuities receive tax deferral on the earnings. Qualified annuities receive additional tax advantages as a result of the qualified plan or arrangement for which they are purchased. Purchasing an annuity as an investment vehicle for a qualified retirement plan or arrangement does not provide any additional tax advantage beyond that already available through the qualified plan or arrangement.

Qualified Annuities Include:
•403(b)

•457(b)

•Traditional IRA

•Roth IRA

Annuities should be considered long-term investments. If you take your money out early, you could be subject to contract charges, income taxes and an additional 10-percent tax. In addition, withdrawals made prior to age 59½ on tax-qualified contracts may be restricted by the IRS or your employer’s plan. You should consult with your tax advisor regarding any tax-favored product.

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