Why Is Life Insurance So Important?
Life insurance pays a "face amount" to the beneficiary of the policy upon the death of the insured. The purpose of life insurance is to fund the needs of anyone who would suffer from the loss of your income resulting from your death.
Life Insurance is used to satisfy both business and personal needs.
- Collateral for business loans
- Funding for buy/sell agreements
- Funding lost profits while seeking a replacement for a key executive
- Providing benefits to key employees and general employees
Funds to raise and educate children
Funds to liquidate a significant debt
Funds to provide for a charitable bequest
Funds to care for a disabled child or elderly parent
Funds to pay estate taxes and allow retention of certain non-liquid assets or a family owned business
Buffer to allow survivor time to adjust
Funds to cover funeral expenses and unpaid medical bills
Life Insurance Basics
Get the facts about life insurance in this short video!
Let Us Help Guide You Down The Path To Your Retirement Dreams!
Understanding the advantages and disadvantages of each type of policy and applying that information to your own personal situation is no easy task; but it's a necessary task! Don't put this off for tomorrow when we are here to gently guide you through this simple but essential step. We will answer all of your questions and give you a professional recommendation that is perfect for you and your financial goals.
Life Insurance Comes in Many Flavors!
- Variable term
- Level premium term
- Whole Life
- Universal Life
- Variable Life
- Variable Universal Life
Permanent insurance continues to provide coverage for as long as you continue to pay premiums. The premiums are based on your age at the time the policy is purchased, and typically do not increase with age. Because the premiums do not increase with age, the cost of coverage is initially more expensive than term insurance. The cost of a typical policy is significantly more than term insurance because the policies accumulate cash value, which may be refundable upon surrender of the policy. While the policy is in place, the cash value can be used as a source for an inexpensive loan or it can be used to pay premiums.