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Individuals & Families...
Are you the primary household income?
Do you have a mortgage, college loans or other substantial debt that is unpaid?
How would your family support themselves if you died?
Could you (or your family) afford tens of thousands of dollars in medical bills and/or funeral costs?
Who would have the burden of paying any debt or other financial responsibilities that you leave behind?
A life insurance policy can help mitigate these concerns. Review your policies regularly to make sure they are still meeting you and your families needs. Life insurance isn’t about you, it’s about those that depend on you.
What will you do if your most successful sales employee passes away?
How will you replace your valuable employees?
How will you replace the income your most valuable employee generates?
A life insurance policy on your key employees can help ensure that their passing will not cause a financial hardship for your business. Life policies can also help fund a critical buy/sell arrangement for a busines owner who is looking to retire and start exit planning.
The reality is, you have people in your life that depend on you, including family, business partners and employees.
Life insurance should be part of your Risk Management plan.
Since 1957, Hummel has been building its business on its uncompromising values of integrity, trust & hard work.
When it comes to life insurance, this means that your Hummel Financial Advisor knows how important this decision is and we are here to help you choose the best life insurance to protect your loved ones in case you're no longer there to do it yourself.
We're in the business of trust-building, not selling policies.
Hummel Group is a Trusted Choice Independent Agency.
To learn more about what this means for you, take a look at the Trusted Choice Pledge of Performance by clicking the Trusted Choice logo.
Trusted Choice is a Directory of Independent Insurance Agents and Brokers, and is not affiliated with The O.N. Equity Sales Company or O.N. Investment Management Company.
This is the simplest and generally the cheapest form. You buy coverage for a specific period of time. It can usually be renewed, but premium will increase based on age and health factors. There is no cash value.
All other types of life insurance are permanent, but there are several varieties. They all include a savings element that builds cash value, in addition to the death benefit. Once that cash value accumulates, it is accessible to the policyholder tax-free.
You purchase this policy to cover your entire life, as long as you keep paying premiums. Premiums remain constant throughout the policy, and the company invests a portion of your premium that becomes the cash value. These are more expensive than term policies in the early years, but they even out because the premium does not increase.
The policy is similar to whole life, but has the potential for higher earnings on the savings component. It is more flexible in terms of changing premiums and face value throughout the policy. There is usually a guaranteed return on the cash value. Disadvantages include higher fees and the possibility of increasing premiums.
A variable life policy generally has fixed premiums, and you have control over the investment decisions for the cash value portion. However, this is riskier because there is not guarantee for the cash value.
Guarantees are based upon the claims-paying ability of the issuing insurance company. Guarantees do not apply to the investment performance or account value of the underlying variable portfolios.
Life insurance cash values grow without being subject to current taxation. Cash values can be accessed by way of policy loans without being subject to taxation. However, if tax-free loans are taken and the policy lapses a taxable event may occur. Loans and withdrawals from life insurance policies classified as modified endowment contracts may be subject to tax at the time the loan or withdrawal is taken, and if taken prior to age 59 1/2, a 10% federal tax penalty may apply. Withdrawals and loans reduce the death benefit and cash surrender value. Always consult with a tax adviser regarding your particular situation.
Most of our clients are located in Ohio, and we have offices located within the following cities.