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Plans & Programs

Life & Annuity

Mid-Western Insurance has many life and annuity products to offer. Life and annuity policies are great financial vehicles to use if you're looking to add safety and guarantees to your portfolio. There are many tax advantages as well. Here are a few examples of the services we offer.

•  Whole Life
•  Lifetime Income
•  Term Life
•  Guaranteed Interest
•  Universal Life
•  Tax Free Income Options
•  Fixed Annuities
•  Retirement Plans
•  Fixed Index Annuities
•  401k Rollovers
•  Funeral Trusts
•  Income Tax Free Transfer to kids and grandkids
•  Final Expense Plans
•  Using life insurance for living benefits such as sickness or LTC
•  Estate Planning
•  Family Legacy Planning
•  Wealth Transfer
•  Safety and Peace of Mind

How much life insurance do I need?
5-7x your annual salary is what is recommended. However at Mid-Western Insurance we know that cost is often an issue. We feel it is better to have at least some coverage in place, rather than none at all.
Should I buy life insurance on my kids?
Yes. Premiums paid are based on the age at time of application. If a policy was purchased on a 2 yr old, he/she will be paying the same premium at 40 as they did at the time of application. General rule of thumb…the older you get the more it costs.
Is my employer provided policy enough?
Employer provided insurance stays with the employer if you were to ever seek different employment. Employers usually offer term life policies, which means they build no cash value.
Permanent vs. Term:
Term insurance does not build cash value or equity, so at the end of the term, the policy will have no value. Premiums are generally less than with permanent policies.

If you die during the term, your beneficiary will receive the insurance benefit. If you outlive the term, the policy lapses.

Permanent insurance accumulates a cash value, and the policy owner may be able to borrow against it tax-free or use it for retirement or other goals (like education). Premiums are initially higher than for term coverage.

As long as you keep the policy in force, your beneficiary will receive a death benefit. This type of policy costs more because at some point there will be a death benefit paid.
What is an annuity?
An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date.
Benefits of Annuities
A popular choice for investors who want to receive a steady income stream in retirement.

They stand alone as the only investment that is inherently accorded tax-deferred status. All money invested into annuities of any kind grows tax-deferred until it is withdrawn.

Predictable income you cannot outlive

Protection from investment and market risk.
How much $ do I need to start one?
It depends on how much income you will need. You can tailor an annuity to meet specific timing and family needs, and you will see corresponding changes in your anticipated payments based on what you decide.

Disclaimer: The information appearing on this site is for general informational purposes only. For complete descriptions of the terms, conditions and exclusions of insurance coverages or other products or services, please contact Mid-Western Insurance at 701-255-6922.