Life Insurance

We are Proud to offer coverage with John Hancock, Jackson National Life, Mutual of Omaha and others. Different types of life insurance are available to protect your family and business. These types of life insurance offer protection from financial risks and costs when a loved one dies. No matter what your age, we offer affordable life insurance solutions to help protect those left behind.

Barella Insurance is proud to offer coverage with several leading companies. We are committed to helping our clients clearly understand all of their insurance choices. The difference can be the cost or premium you pay, the name of the company, the financial strength of the company, and some of the contract guarantees available can vary by company.

The two main types of life insurance are Permanent Life Insurance and Term Life Insurance.

Permanent life insurance is life insurance that remains in force (in-line) until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years). Permanent insurance builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time. This means that a policy with a million dollar face value can be relatively expensive to a 70 year old. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.

• Whole Life Insurance
• Universal Life Insurance
• Limited Pay Life Insurance
• Endowments
• Accidental Death Life Insurance

Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Please contact us to discuss your whole life insurance needs and budget.

Please contact us to discuss your universal life insurance needs and budget.

Limited Pay Life Insurance is a type of permanent life insurance in which all the premiums are paid over a specified period after which no additional premiums are due to keep the policy in force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65.

Please contact us to discuss your endowments needs and budget.

Accidental death is a limited life insurance that is designed to cover the insured when they pass away due to an accident. Accidents include anything from an injury, but do not typically cover any deaths resulting from health problems or suicide. Because they only cover accidents,these policies are much less expensive than other life insurances.