Life Insurance

Life insurance is the means of providing the necessary financial resources to your loved ones in the event of your death. These proceeds can help your family stay in their home, pay for funeral expenses, provide financial security while your family is growing and provide needed dollars for a college or vocational education and business continuation needs. Certain types of life insurance policies may also provide cash benefits while you are living.

Lampe Insurance specializes in Term life insurance that pays a death benefit during a specific period of time, such as 10 years. At the end of the term period, there is no insurance in force unless you renew the insurance for another term period. You can renew term insurance policies for another term period even if your health has changed. The premium rates increase at each renewal date. Term insurance generally offers more insurance protection for your premium dollars; however, as stated above, premiums increase at the end of the term period. It is good protection for needs that will disappear in time, such as mortgages or car loans.

We also offer Permanent insurance, referred to as cash value insurance, which also provides protection for life. As long as you pay the premiums, the death benefit will be paid. Premiums are generally higher than term insurance; however, part of the premium is invested by the company and builds up a cash value. This cash value will accumulate and may be available if you surrender the policy; or, if you stop paying premiums, you can use the cash value to continue your policy at the current death benefit for a specified time or at a lesser death benefit covering you for your lifetime. Part of the cash value may also be used as collateral for a loan, or you may borrow from the cash value of the policy.