Insurance & Financial
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Term Life Insurance

Term life provides coverage for a set period — typically 10, 20, 30, or 40 years. If you pass away during the term, your beneficiaries receive the death benefit tax-free. If the term expires and you're still living, coverage ends (though many policies are renewable).

Term is the most affordable option and works well for people who need a large amount of coverage during their working years — while the mortgage is active, kids are at home, or income replacement is critical.

Permanent Life Insurance

Permanent life (whole life, universal life, IUL) provides lifelong coverage as long as premiums are paid. It also builds cash value over time that you can borrow against or use in retirement.

Permanent policies cost more than term but serve a different purpose — estate planning, tax-advantaged savings, or leaving a guaranteed legacy regardless of when you pass.

Which is right for you?

• Young family with a mortgage → Term is usually the smart starting point
• Business owner or high earner → Permanent life adds tax advantages
• Near retirement with legacy goals → Permanent coverage locks in your estate plan

Explore Life Insurance Strategies

An Indexed Universal Life (IUL) policy is a type of permanent life insurance where your cash value grows based on the performance of a market index — like the S&P 500 — without being directly invested in the market.

How the growth works

Your cash value earns interest based on index performance, subject to a cap (maximum gain) and a floor (minimum, often 0%). This means in a good year you participate in market gains up to the cap. In a bad year, you're protected from losses — your value simply doesn't grow that year.

Key benefits

• Tax-free death benefit for your beneficiaries
• Tax-deferred cash value growth
• Tax-free loans and withdrawals from cash value in retirement
• Downside protection — no direct market risk

IUL works best for people who've maxed out traditional retirement accounts (401k, IRA) and want another tax-advantaged vehicle, or business owners looking for efficient wealth transfer.

Learn More About IUL

Coverage is needs-based, not formula-based. Consider: How long would your family need income replaced? What debts would they inherit? Are there future expenses like college or a mortgage? Even a modest policy creates an immediate financial safety net. Use our Life Insurance Needs Calculator to find the right number for your situation.

What to factor in

• Income replacement — How many years would your family need support if you were gone tomorrow?
• Debt — Mortgage, car loans, student loans, and any business debt.
• Children — Education costs, childcare, and years until they're financially independent.
• Final expenses — Funeral costs average $12,500–$15,000 and can exceed $20,000 in some areas.
• Existing savings — Subtract assets your family could access.

A simple starting point

12–24 months of living expenses (rent, mortgage, automobile payments, utilities, etc.), plus outstanding mortgage balance, plus estimated education costs per child. This gives you a working number to discuss with an advisor.

The most important thing: some coverage is always better than none. A 30-minute consultation can clarify the right amount for your family in minutes.

Explore Coverage Options

You fund an annuity either with a lump sum or a series of payments. In return, the insurance company promises to pay you income — either immediately or at a future date — for a set period or for the rest of your life.

Why people use annuities

• To create guaranteed retirement income they cannot outlive
• To protect a portion of savings from market volatility
• To grow money tax-deferred without contribution limits
• To pass a legacy to beneficiaries efficiently

Types of annuities

Fixed annuities offer a guaranteed interest rate. Fixed indexed annuities (FIAs) tie growth to a market index with downside protection. Variable annuities involve direct market exposure. As an independent agent, we primarily work with fixed and fixed indexed annuities for their safety and predictability.

Explore Fixed Annuities

Fixed Annuities

A fixed annuity earns a set interest rate — declared by the carrier — for a specified period, similar to a CD but with tax deferral. Your principal is protected and your growth is guaranteed. Simple, predictable, and safe.

Fixed Indexed Annuities (FIA)

A fixed indexed annuity links your interest credits to a market index (like the S&P 500). When the index goes up, you earn interest up to a cap. When the index goes down, you earn 0% — your principal is never at risk.

FIAs offer more upside potential than fixed annuities but still carry zero downside market risk. Many also include optional income riders that guarantee a specific monthly income for life, regardless of account balance.

Which is right for you?

• Want simplicity and a guaranteed rate → Fixed annuity
• Want more growth potential without market risk → Fixed indexed annuity
• Need guaranteed lifetime income → FIA with an income rider

Compare Annuity Options

Traditional pensions guaranteed a fixed monthly income for life regardless of how long you lived. Most private employers have replaced them with 401(k)s — which shift the longevity risk to you. If you live longer than expected, you could run out of money.

How annuity income riders work

An income rider (also called a guaranteed lifetime withdrawal benefit) is an optional feature on a fixed indexed annuity. It grows a separate "income account" at a guaranteed rate — often 5–7% annually — regardless of market performance. When you're ready to take income, the carrier calculates a guaranteed monthly payment based on that account value and your age.

The key advantage

• Payments are guaranteed for life — even if your account balance reaches zero
• You know exactly what you'll receive before you retire
• Remaining account value passes to your beneficiaries

This strategy works especially well for retirees who want to cover essential expenses (housing, food, healthcare) with guaranteed income and invest the rest more aggressively.

Learn About Guaranteed Income

Part A — Hospital Insurance

Covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health care. Most people don't pay a premium for Part A if they or their spouse worked and paid Medicare taxes for at least 10 years.

Part B — Medical Insurance

Covers doctor visits, outpatient care, preventive services, and some medical equipment. Part B has a monthly premium (typically around $174–185/month in 2025) and a deductible. After the deductible, Medicare pays 80% — leaving you responsible for 20% with no out-of-pocket cap.

Part C — Medicare Advantage

An alternative way to receive Medicare benefits through a private insurance company. Plans must cover everything Parts A and B cover, and most include Part D drug coverage and extras like dental and vision. Costs and networks vary by plan.

Part D — Prescription Drug Coverage

Stands alone as optional drug coverage, added to Original Medicare (Parts A & B). Premiums and covered drugs vary by plan. Choosing the wrong plan can cost hundreds annually — it's worth comparing options each year during Open Enrollment.

Explore Healthcare Solutions

Medicare Supplement (Medigap)

A Medigap plan works alongside Original Medicare to cover costs Medicare doesn't — like the 20% coinsurance and deductibles. You can see any doctor or specialist in the country who accepts Medicare, with no network restrictions. Premiums are higher, but out-of-pocket costs are predictable and often minimal.

Medicare Advantage (Part C)

Medicare Advantage plans typically have lower premiums (sometimes $0) and include extras like dental, vision, and hearing. However, they use networks — you may need referrals, and out-of-network care can be expensive. Out-of-pocket maximums apply, which Medigap doesn't require.

Key questions to ask

• Do you travel frequently or live part-time in another state? → Medigap may serve you better
• Are you generally healthy and want lower premiums? → Advantage may work well
• Do you have chronic conditions requiring frequent specialist care? → Medigap's predictability has value

There's no universal right answer — the best plan depends on your health, budget, and how you use healthcare.

Compare Medicare Options

Initial Enrollment Period (IEP)

Your IEP runs for 7 months — starting 3 months before your 65th birthday month, including your birthday month, and ending 3 months after. Enrolling during the first 3 months means coverage starts the month you turn 65.

Still working at 65?

If you have employer coverage through a company with 20+ employees, you may delay Medicare without penalty. Once that coverage ends, you have an 8-month Special Enrollment Period to sign up. Be careful — COBRA and marketplace plans do not qualify as creditable coverage for this purpose.

Late enrollment penalties

• Part B penalty: 10% added to your premium for each 12-month period you were eligible but didn't enroll — and it's permanent
• Part D penalty: 1% per month you went without creditable drug coverage — also permanent

Working with an independent agent helps you navigate these windows correctly and avoid costly mistakes.

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Captive agents

A captive agent works for one insurance company — think State Farm, Allstate, or New York Life. They can only offer that company's products. If that carrier's rates aren't competitive for your situation, they have no alternative to offer you.

Independent agents

An independent agent is contracted with multiple carriers — often 20, 30, or 40+ companies. They can shop your situation across the entire market and find the plan that fits your needs and budget, not their company's product lineup.

What this means for you

• Your agent's loyalty is to you, not a carrier
• More options means more competitive pricing
• If your needs change, your agent can re-shop without switching agents
• You get objective advice, not a sales pitch for one product

Independent agents are compensated by the carriers — not by you — so consultations are always free and there's no pressure to buy.

A consultation with us isn't a sales call — it's a discovery conversation. Here's what you can expect:

We listen first

We ask about your family situation, current coverage, financial goals, and any concerns you have. There's no script and no one-size-fits-all pitch.

We educate

We explain your options clearly — what each product does, how it works, what it costs, and who it's designed for. You'll leave the call knowing more than when you started, whether you buy anything or not.

We shop the market

If there's a fit, we run quotes from multiple carriers and present the best options for your situation — with clear explanations of trade-offs.

No pressure, ever

If you're not ready, that's completely fine. We'd rather you make a confident decision on your own timeline than a rushed decision you regret.

• Bring: general sense of your budget, household size, any existing coverage
• Duration: 30 minutes
• Cost: Free, always

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Insurance has changed. The best agent for your situation isn't necessarily the one with an office down the street — it's the one with the right carrier relationships, the right expertise, and the time to truly understand your needs.

What virtual means in practice

• Consultations by phone or video — on your schedule, from your home
• Applications completed electronically — no paperwork or office visits
• Policy documents delivered digitally and stored securely
• Ongoing service and support by phone or email

Nationally licensed

Thomas Prouse Agency is currently licensed in 19 states and expanding. If you're in a state we're not yet licensed in, we can typically obtain licensing within 24 hours to serve you.

Virtual also means we have more flexibility to focus on what matters — your needs — rather than geography.