LIFE INSURANCE

Protect What Matters Most!

Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!

Types of Life Insurance:

  • Term Insurance is the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
  • Final Expense Insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.
  • Universal Life Insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to access cash value of the policy. Universal life an be flexible in both premiums and death benefit.1 The have the potential to accumulate cash value that you can access through policy loans and withdrawls if sufficiently funded. 2
  • Whole Life Insurance is a life insurance contract with level premiums that has both an insurance and an savings component. The insurance component pays a stated amount upon death of the insured. The savings component accumulates a cash value that the policyholder can withdraw or borrow against.
    As the most basic form of cash-value life insurance, whole life insurance is a way to accumulate wealth as regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred.

Ask us how life insurance cash value can be accessed using tax-free policy loans and withdrawls to supplement retirement income. 2

 

 

1 It is possible that coverage will expire when either no premiums are paid following the initial premium, or subsequent premiums are insufficient to continue coverage. Increasing the death benefit of a universal life insurance policy will be subject to additional underwriting approval.

2 The use of cash value life insurance to provide a tax-free resource for retirement assumes that there is first a need for the death benefit protection. The ability of a life insurance contract to accumulate sufficient cash value to help meet accumulation goals will be dependent upon the amount of extra premium paid into the policy, and the performance of the policy, and is not guaranteed. Policy loans and withdrawals reduce the policy's cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender. Surrender charges may reduce the policy's cash value in early years.