Life Insurance
Life insurance is more valuable than many of us realize.
It is a crucial step in planning for your future and the future of your loved ones.
It can fulfill promises made to your family if you are no longer around by providing
a death benefit to your beneficiaries in return for premiums paid to the insurance
company. Life insurance can also provide benefits while you are living.
Life Insurance Benefits
The advantages of life insurance can be priceless when it comes to the future of your loved ones. The death benefit provides tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind. The death benefit can also provide business security by enabling partners to buy out the interests of a deceased partner and prevent forced liquidation.
In addition to the death benefit, the benefits life insurance offers while you are living can make a significant impact on the future of your wealth. The cash value growth of a permanent life insurance policy is tax-deferred*, which means you do not have to pay taxes on the growth of the cash value unless the money is withdrawn. If necessary, loans* or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home. However, this may reduce the death benefit.
Like most investment strategies, an assessment of your needs and priorities is important in the selection of your life insurance policy. We can assist you in determining the appropriate coverage amount and help you decide which type of life insurance is right for you. One thing to consider is how life imminently changes and so should your life insurance. When life changes, we’re here to help you reevaluate. Major life changes could include: marriage, divorce, a new baby, purchase of a new home and retirement.
There are several types of insurance products available. The most common include:
Term Life Insurance
Term provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance and is available in varying term periods with fixed premiums from a one year (annual renewable term) to a 20 year period (level term). Furthermore, term insurance can be convertible to permanent coverage, providing you flexibility if your needs change.
Whole Life Insurance
Whole life is a form of permanent life insurance that remains in force during the insured person’s lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.
Universal Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage, depending on the claims paying ability of the insurance company.
Resources
Request a quote
Financial Calculators
Life Insurance Benefits
The advantages of life insurance can be priceless when it comes to the future of your loved ones. The death benefit provides tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind. The death benefit can also provide business security by enabling partners to buy out the interests of a deceased partner and prevent forced liquidation.
In addition to the death benefit, the benefits life insurance offers while you are living can make a significant impact on the future of your wealth. The cash value growth of a permanent life insurance policy is tax-deferred*, which means you do not have to pay taxes on the growth of the cash value unless the money is withdrawn. If necessary, loans* or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home. However, this may reduce the death benefit.
Like most investment strategies, an assessment of your needs and priorities is important in the selection of your life insurance policy. We can assist you in determining the appropriate coverage amount and help you decide which type of life insurance is right for you. One thing to consider is how life imminently changes and so should your life insurance. When life changes, we’re here to help you reevaluate. Major life changes could include: marriage, divorce, a new baby, purchase of a new home and retirement.
There are several types of insurance products available. The most common include:
Term Life Insurance
Term provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance and is available in varying term periods with fixed premiums from a one year (annual renewable term) to a 20 year period (level term). Furthermore, term insurance can be convertible to permanent coverage, providing you flexibility if your needs change.
Whole Life Insurance
Whole life is a form of permanent life insurance that remains in force during the insured person’s lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.
Universal Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage, depending on the claims paying ability of the insurance company.
Resources
Request a quote
Financial Calculators