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Life and Health Insurance
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Value of Life Insurance
Life insurance is a crucial step in planning your future and the future of you loved ones. It can fulfill promises made to you 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.
What does a death benefit provide?
A death benefit can provide income tax-free money to you name beneficiary(s) that can be used to pay funeral expenses, debts, tuitions, estate taxes, or virtually any financial need you leave behind.
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How do you know what kind of life insurance you need and what kinds?
The type of life insurance needed is assessed on an individual basis dependent on your personal and financial needs. We can help you determine the appropriate coverage amounts and help you decide what type of insurance would be most beneficial to you.
Factors of Consideration for Life Insurance
Any of the following factors should be considered for life insurance:
- A spouse
- Dependent Children
- Aging parents or a physically-challenged relative that depends on your support
- Retirement savings that is not sufficient to ensure your spouse's future financial well-being
- A sizeable estate
- A business
Policy Changes
Life changes happen, as your life changes your life insurance can adapt to any new or different changes that may occur. Some changes cause you to re-evaluate your policy such as; marriage, divorce, new baby, and new home purchases.
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Types of Life Insurance
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. Generally, it is less expensive than permanent life insurance and it is available in varying term periods with fixed premiums from a one to 20-year period. Some term policies can then be converted into permanent coverage, providing you with flexibility as 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.
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