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Life Insurance

Protect Your Family’s Future with Life Insurance

Life insurance is a crucial but often overlooked aspect of financial planning. At John Douglas Insurance, we understand the importance of protecting your family’s future. Our agents specialize in guiding you through the complexities of life insurance policies, ensuring you find the right coverage for your needs.

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Choosing the Right Life Insurance Policy

There are various types of life insurance policies to consider, including term life, whole life, and universal life insurance. Each type offers unique benefits and features, and our agents can help you understand the differences and choose the best option for you.

When should you think about life insurance?

The answer depends on your current stage in life and any major life changes you’re experiencing. At John Douglas Insurance, we understand the importance of life insurance planning tailored to your unique circumstances.


With most families relying on dual incomes, consider if your spouse could maintain your standard of living without you.


Children depend on parents for everything. Life insurance can provide financial security for your family’s future if parents were to pass away.


Life insurance can help pay the mortgage, preventing your family from having to move due to financial strain.

Career Change

Employer-provided life insurance policies may not transfer if you leave your job. Consider if your family can maintain its lifestyle without your income, especially after a promotion or raise.


Will your spouse have to make lifestyle changes if you’re not there to provide income?


Even if not caring for a family, some of your debts could be passed on to your loved ones.

Understanding Life Insurance:
Key Terms You Need to Know

Advanced premium:

a pre-paid payment on premium before it is due. Money is typically held in the account by the insurance company and paid to the policy once premium is due.

Annual renewable term:

term life insurance term that automatically renews on a yearly basis with increasing premiums.


the entity or person that will receive the payout upon the death of the insured.

Cash value:

amount of money that accumulates in certain life insurance policies like whole life or universal life.

Cash surrender value:

the money amount the insurance company pays you if you voluntary terminate a policy that has earned cash value before your death or policy matures.


when all or some of your term life insurance is exchanged into a cash value life insurance policy.

Death benefit:

amount of money paid to beneficiary upon death of insured.


portion of the company’s profits that might be paid to policyowners in conjunction with their life insurance policy. This is not guaranteed on every policy.

Extended term insurance:

in absence of premium payments, an insurance company can take your surrender value in your policy and use it to purchase term insurance. You would then be covered for a specific amount of time depending on how much your surrender value was at time of forfeiture. This option is only available on whole life policies

Final Expenses:

the expenses incurred at the time of a person’s death, including funeral costs and current bills and debt.

Grace period:

the time period from the premium due date to when a premium can be made without your policy lapsing.


person for whom a policy is issued.


insurance policy becomes inactive due to non-payment.

Life expectancy:

age to which a person is expected to live. This is considered when determining life insurance premium.

Life insurance:

contract with insurance company that, in exchange for premium payments, will provide a sum of money to beneficiaries upon the insured’s death.

Limited pay:

type of whole life insurance, where premiums are paid for a limited number of years but coverage will last a lifetime.

Nonforfeiture options:

a provision to policy specifying how the cash value can be applied if the policy owner ceases to make payments.

Paid-up insurance:

amount of life insurance available without additional premium payments. This is only available on whole life policies.

Participating policy:

could receive dividends from a life insurance company.

Non-participating policy:

does not receive dividends from a life insurance company.


contract between the policyowner and the company.

Policy loan:

loan issued by life insurance company that uses the cash value of your life insurance policy as collateral. The loan is charged interest; outstanding loans or unpaid interest may affect the death benefit. Failure to pay the loan could result in policy termination.


the person who owns the insurance policy.


periodic payment you make on your insurance policy to keep your policy active.


ability to re-activate your life insurance policy after it is lapsed. This is subject to policy provisions, review, approval and payment.


add-on coverage to your life insurance policy that provides additional benefits or exclusions.

Settlement options:

how the death benefit is paid to beneficiaries.

Standard risk:

risk that a life insurance company considers common or normal, qualifying you for a standard rate.


full cancelation of your policy.

Term life insurance:

coverage for a certain time period (term), such as 10, 20, or 30 years. The death benefit will be paid to the beneficiaries if you pass during the term.


person who evaluated you for potential risks to determine the risk and whether or not to insure you.

Universal life insurance:

type of long-term life insurance that offers flexible payments, adjustable death benefit, and the cash value element of whole life insurance.

Whole life insurance:

permanent coverage that has fixed premiums, fixed death benefit, and guaranteed cash value. This type of policy may receive dividends.

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