Life Insurance

Planning Ahead

Life Insurance is a contract between the insurance policyholder and the insurer, where the insurer promises to pay the designated beneficiary a lump sum of money in exchange for a premium upon the insured person's death.

  • Life insurance is typically chosen based on the needs and goals of the owner of the policy.
  • Term Life - Provides protection for your property, assets and family over a set period of time such as 10, 15, 20 years. Term Life is generally less expensive than permanent life insurance.
    • Can assist with providing a safety net for paying off mortgage
    • Can keep a business running
    • Can support your family thru childhood and paying for college
  • Permanent Life (Whole or Universal)- Provides protection for your property, assets and family over the insured.
  • With higher premium because you are guaranteed a pay out to your beneficiary as long as premiums are paid. You have a fixed premium that does build cash value which can function as a savings that you could borrow againgst as it builds.
    • Assist with estate planning
    • Final expenses better known as burial insurance, is designed to cover the bills that your loved ones face after your death
  • Universal Life- Insurance protection that provides lifetime coverage however is flexible so it may start off as a lower fixed payment and covert to a higher premium.
    • Can be used for muiltiple long term goals such as the insured can start off with protecting their family to pay off a mortgage to coverting to estate planning and preparing your family for after life expenses
    • Can provide a fixed payment option while still having the ability to build cash value and permanent guaranteed death benefit.
  • Death benefits from all types of life insurance are generally income tax-free.

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