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Empowering Your Future

Life Insurance Information

Discover the Best Insurance Plan

At Honorable Insurance & Financial Services in New Orleans, LA, we strive to help clients find the life insurance plans that suit their financial situation. With our list of helpful insurance resources, we'll be giving you more opportunities to secure the policy that perfectly fits your unique needs. Read on to learn more.

Information & Inspiration

Whole Life - is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time.

Indexed Universal Life - is a type of Insurance product that offers a death benefit coupled with a cash account that can be used to pay policy premiums, supplement retirement, or take withdrawals or loans. The cash account is not directly in the market, but instead it is linked to a specific Index, which gives you the opportunity to participate in the growth of the index and protected from the down side of the market.

Term Life - is a life insurance product that provides coverage at a fixed rate of payment for a limited period of time.

Return of premium policy (ROP) - is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy term, or pays the death benefit to the beneficiary upon the death of the insured.

Continuation plan - is a type of life Insurance policy that is purchased as a term life insurance policy. Once the specified term period is over, 10% of the death benefit will convert over to whole life with all living benefits included, and will remain at the term price. If the insured dies before the specified term expires the beneficiary will receive the death benefit.

Annuity - is a contract between you and a insurance company, in which you make a lump-sum payment or series of payments that will accumulate interest over time. And in return client receives regular distributions beginning either immediately or at some point in the future.

Identity Theft Insurance - is designed to cover some of the cost related to identity theft. It reimburses victims for money spent on reclaiming their financial identities and repairing their credit reports.

Family Legacy Plan - is a cash value life insurance plan. With the proper planning, the older generation can utilize assets that are not needed and instead make use of them to benefit future generations.

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Ask About Our Life Insurance Plans

Should you wish to inquire about life insurance and our policies, do not hesitate to get in touch. We have knowledgeable staff members who can attend to your queries. We look forward to working with you.

For more Information please schedule a free consultation to get all your questions & concerns answered. Thanks!

How to Build Wealth & More With Permanent Life Insurance

Many people know how term life insurance works. But they often don’t know how permanent insurance works.

To refresh, term life insurance provides protection for a specific period of time. This is known as the “term.”

If you pass away during the term, your loved ones receive a set amount of money. This money is known as the “death benefit.” Term life insurance is an affordable option that’s especially popular among parents of dependent children.

What is Permanent Life Insurance?

Permanent life insurance offers a death benefit with lifelong protection. Additionally, it offers you the ability to accumulate cash value on a tax-deferred basis. It’s money that’s there for you whenever you need it, for whatever you need it for.

How Permanent Life Insurance Builds Wealth

Have you considered putting your tax refund toward growing your wealth? If so, you may want to consider permanent life insurance.

Marcus T. Henderson, Sr., RFP, AIF, MRFC, president and CEO of Henderson Financial group Inc, in Brentwood, Tenn., has been educating people about life insurance since 1989. He likens the difference between term and permanent life insurance to the difference between renting an apartment and buying a house.

“With permanent life insurance, you actually own something and have equity,” he says. “You have money to use even if the death benefit is never used.”

Marcus says countless clients over the years have tapped into the cash value of their permanent life insurance. It’s helped them buy a house, weather a financial emergency and more. “That’s especially true now with our longer lifespans—people often outlive their term insurance,” he says.

Other Benefits of Permanent Life Insurance

Permanent life insurance has other benefits beyond building your wealth. They include:

Steady returns for peace of mind. Marcus reminds customers to compare cash value’s rate of return to savings and money market accounts’ rates of return. Cash value is almost always much higher. He also cautions against comparing that rate against stocks’ rates. While stocks can offer great returns, they are much riskier.
Lots of policy options. Marcus says many customers falsely believe there’s only one kind of permanent life insurance. In reality, there are four types. Their main differences are whether you pay a fixed or a variable premium and how you want to invest the savings.
Lifelong coverage. The “term” never ends on your permanent life insurance policy if you keep paying your premiums.
Costs tend to go down over time. Marcus reminds customers that permanent life insurance typically costs less the longer you own the policy. “There even comes a point where the policy starts to pay for itself,” he says.
Living benefits. Many permanent life insurance policies let you customize your coverage so you can benefit from them while you’re still alive. They include:

Critical care coverage in case you ever incur costs after a health crisis.
Long-term care coverage in case you ever need home health care, nursing home care or personal or adult day care.
An accelerated death benefit that lets you tap into money from the death benefit if you have a terminal illness.

Consider a Term to Perm Policy

Some term life insurance policies give you the option of converting them into permanent life insurance policies later on.

Marcus often recommends “term to perm” policies to his clients. A big reason why is that poor health in the future could prevent you from getting permanent life insurance. “Term policies with the option to convert let you get permanent insurance as if you were the younger version of yourself,” he explains.

Getting Permanent Life Insurance Coverage

Working with an insurance professional like Marcus is a great way to learn more about permanent life insurance and get coverage. Check out our helpful information on. How to choose qualified life insurance agent. Then use our Agent Locator to find one in your area. To schedule a free consultation complete a simple & easy form, and a licensed professional will contact you shortly.

5 Reasons Why Having Life Insurance Is Good for You

We get it: No one wants to think about death—for us or the ones we love. And a lot of people equate life insurance with death. And while it IS there if the worst were to happen, it can also do so many other things, and doesn’t have to break your budget while doing it. Check out these great reasons to consider life insurance:

1. It’s part of a sound financial plan.

Insufficient coverage has severe consequences for many families. Our 2019 Insurance Barometer found that four in 10 households without any life insurance would have immediate trouble paying living expenses if their primary wage earner died. Life insurance helps with planning for your loved ones’ long-term health and happiness, providing you with peace of mind that your loved ones are financially protected.

If someone would suffer financially when you die, you need life insurance just like you need a savings or checking account. The money from the policy’s death benefit can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.

2. It’s not as expensive as you think.

Many consumers believe that life insurance is either too complicated or too expensive to consider, creating a barrier to ownership with only 57 percent of people owning life insurance in 2019. In actuality, life insurance is inexpensive and much more accessible that you think. For a healthy 30-year-old, for example, they can get a 20-year term life insurance policy with $250,000 of coverage for about $13 a month. When you break it down life that, it’s easier to budget for and less scary to think about.

3. It can build cash value over time.

Permanent life insurance has a cash value or cash-surrender value, which means it can build cash value over time in addition to providing a death benefit to your beneficiaries. Just like most retirement and tuition savings plans, cash values can accumulate on a tax-deferred basis and be used in the future for any purpose you wish—a down payment on a home, college tuition or even income for your retirement.

This can be a good option as the borrowing rates tend to be relatively low and it’s not dependent on credit checks or other restrictions. Keep in mind, though, you’re ultimately responsible for repaying any loan as set out, to make sure your beneficiary receives the death benefit you had envisioned for them.

4. Life insurance can be more than just life insurance.

Riders to a life insurance contract or a specific kind of policy, can enhance coverage. For example, you could have a life insurance policy, sometimes called a hybrid policy, that includes a long-term care benefit to pay for long-term care services. If this is something you need down the line, you can take advantage of it, otherwise there is a death benefit for your beneficiary. There are a number of different riders available that can help you customize and boost your coverage.

5. It can help maximize your retirement.

If the financial obligations you had when you first purchased a permanent life insurance policy have ended, your policy can take on a new life and benefit your retirement. Structured correctly, your policy can provide supplemental retirement income via policy loans and withdrawals or even options for long-term care benefits.

Life insurance can also maximize a pension by supplementing a surviving spouse’s income, or established into a life insurance trust to allow you to pass on to your heirs outside of your estate (often avoiding both estate and income taxes).

So, what are next-steps? Why not do a quick calculation to see how much life insurance you may need with our online life insurance calculator needs here. And then plan on talking to an insurance agents about your needs and budget—remember, they will help you free of charge with no obligation.