cultivating minds and impacting lives...
Empowering our community through financial literacy and entrepreneurship education.
cultivating minds and impacting lives...
Empowering our community through financial literacy and entrepreneurship education.
Our Mission
"At Prime Purposed for Life, our mission is to empower individuals and businesses with strategic life insurance products and financial solutions that secure their future. We are committed to providing tailored coverage, expert guidance, and unwavering support—helping our clients protect what matters most and live with confidence and purpose."
Protect Your Future Today
Term Life Insurance
Whole Life Insurance
Term life insurance is a type of life insurance that provides coverage for a specific period, or "term," such as 10, 20, or 30 years. If the policyholder passes away during the term, the beneficiaries receive a death benefit payout. However, if the term ends and the policyholder is still alive, the coverage expires unless it's renewed or converted into a permanent policy.
Whole Life Insurance
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire lifetime, as long as premiums are paid. In addition to providing a death benefit to beneficiaries, whole life insurance can serve as a financial asset, offering stability and potential wealth accumulation.
Final Expense
Final expense insurance is ideal for individuals who want to ease the financial burden on their loved ones by ensuring that funeral and related costs are covered without dipping into savings or other assets.
Living Benefits
Return of Premium (ROP)
Living benefits are features of a life insurance policy that allow the policyholder to access a portion of the death benefit while still alive under certain conditions. These benefits can provide financial relief in case of serious illness, chronic conditions, or long-term care needs.
Common types of living benefits include:
- Accelerated Death Benefit (ADB): Allows policyholders diagnosed with a terminal illness (typically with a life expectancy of 12-24 months) to access a portion of their death benefit early.
- Critical Illness Benefit: Provides a payout if the insured suffers from a major illness such as cancer, heart attack, or stroke.
- Chronic Illness Benefit: Helps cover expenses if the insured is unable to perform daily living activities (e.g., bathing, dressing) due to a chronic condition.
Return of Premium (ROP)
Return of Premium (ROP)
Return of Premium (ROP)
Return of Premium (ROP) is a type of life insurance feature, typically found in term life insurance policies, that refunds the total premiums paid if the policyholder outlives the policy term.
Here’s how it works:
- The policy functions like a standard term life insurance plan, providing coverage for a set period (e.g., 20 or 30 years).
- If the insured passes away during the term, the beneficiaries receive the death benefit.
- If the insured survives the term, they receive a refund of all premiums paid—tax-free.
ROP policies generally have higher premiums than traditional term life insurance because of the refund feature. However, they can be a good option for individuals who want financial protection while ensuring they get their money back if the coverage isn’t needed.
Annuities
Return of Premium (ROP)
Return of Premium (ROP)
An annuity is a financial product designed to provide a steady stream of income, typically used for retirement. It is a contract between an individual and an insurance company, where the individual makes either a lump sum payment or a series of payments in exchange for future payouts.
Types of Annuities:
- Immediate Annuities: Begin payouts soon after the initial investment, often within a year, providing instant income.
- Deferred Annuities: Allow the investment to grow tax-deferred for a period before payouts begin, typically used for long-term retirement planning.
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Prime Purposed for Life
Hours
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