We Care About Our Clients
Life insurance is a way to ensure that your loved ones are cared for in the event of your untimely death. By buying a life insurance policy, you enter into a contract with an insurance company that will pay your beneficiaries (usually family members and loved ones) if something happens to you. It’s not the most pleasant topic to discuss, but at the end of the day, most people want to know that their loved ones have the financial safety net they need.
Help Us, Help You
You may not need life insurance. If you don’t have any dependents, or if all of your loved ones have stable, robust sources of income that won’t evaporate if you pass away, life insurance might not be a sensible option for you. However, there are many people whose dependents would find themselves in a financial bind in the case of an untimely death. Studies show that 75% of Americans believe life insurance is the best way to protect their families in case they die.
Types of Life Insurance
Bucks Montgomery Insurance Group offers a diverse selection of life insurance options to fit the unique needs of our clients. When determining what type of policy would work best for your family, it is important to take into account the various needs of your beneficiaries. From mortgage payments to educational expenses and beyond, the final amount you want your beneficiaries to receive will likely comprise a wide array of costs. The two basic types of life insurance are term and whole life insurance.
The most commonly purchased form of life insurance, term insurance, pays beneficiaries if the policy holder’s death occurs during the term of the policy. These terms typically range from one to 30 years. Term insurance policies are typically sold in one of two forms: level term insurance and decreasing term insurance. They carry some subtle but important distinctions. Under level term insurance policies, the amount the beneficiaries will receive remains the same throughout the duration of the term. If you purchase a five-year policy, the amount your family receives will be the same regardless of whether you pass away tomorrow or four years from now. Under a decreasing term policy, the benefit drops over time, usually every year. The vast majority of term life insurance purchased is level term.
Whole Life or Permanent Insurance
Whole life (or permanent) insurance works exactly how it sounds: death benefits are paid out regardless of when you pass away. The three basic types of whole life insurance are traditional whole life, universal life and variable universal life. Under a traditional whole life insurance policy, your beneficiaries receive a fixed death benefit along with a savings account that grows based on dividends from premiums you pay over the course of your life. Under a universal life insurance policy, you are able to increase your death benefit by passing medical examinations. Universal life insurance policies are generally more flexible than whole life policies. If your financial situation changes, you can lower your premium payments by drawing the difference from the savings account, provided it has enough money to cover the cost. Variable life insurance policies allow you to invest the money in your savings account in bonds, stocks and mutual funds. Variable-universal policies combine elements of both.
We Build Relationships
"We believe in building lasting relationships, and our agents genuinely care about the well-being of our clients and their families. We feel that agencies who see their clients as business partners are more willing to go the extra mile when needed, and we are no exception."
"They’re always so quick to respond and answer all your questions at length!! Very helpful!"
"This company is very professional and quick to respond to your questions. I have been a customer for over twenty years."
"I am extremely satisfied with the service that I have received from Bill Pellak and the whole team at Bucks Montgomery Insurance Group. Bill works very hard to look out for his clients."
"I've been a customer of BMI for over 20 years. They have always exceeded my expectations with superior customer service, product quality, and affordability."
"Awesome customer service very professional...."
"I have been a client of BMI for 10+ years and the services they have provided have been stellar. Bill and his staff are conversant, courteous and professional!"
"The entire team at BMI have been terrific to work with. Always helpful and looking out for their clients best interest. They recommended Encompass Car Insurance and they could not have been more correct. My daughter recently had a car accident. In little to no time, an adjuster was assigned, a report written, and a reimbursement check sent for damages. Everyone was courteous and seemed to go out of their way to guide us through the process. Thank you BMI for all your hard work."
"I am extremely satisfied with the service that I have received from Bill Pellak and the whole team at Bucks Montgomery Insurance Group. Bill works very hard to look out for his clients and see to it that you get the best rates and favorable treatment from the insurance companies that he represents. I can (and have) unconditionally recommend his agency."
"I've been doing business with Bill at BMI for over 10 years now and I couldn't be happier with his service! He and his staff are extremely courteous and professional! Very responsive anytime I need to talk with them. I highly recommend BMI for your insurance needs!"