Life Insurance to protect your family & your future.
Life insurance is often seen as a difficult topic to discuss because the majority of people do not want to think about dying. Although some of us can identify with this process, it is important to think of life insurance as offering peace of mind for your loved ones.
- 68 million adults have no life insurance at all.
- 48 million households don’t own life insurance, believe they should or own life insurance & believe they need more.
- On average, households saying they need more insurance own enough life insurance to replace their income for 2.8 years, but thought they should have enough to cover 6 years of income.
The Need For Life Insurance
Life Insurance is a cornerstone of your financial protection. Coverage can provide you needed cash in the event of an unforeseen event and may help you provide funds to:
- Pay off a mortgage
- Pay for your final expenses
- Pay for education and childcare costs
- Pay off outstanding debts
- Provide Estate Liquidity
- Provide lifetime income to spouse or child
- Ensure business liquidity – Key Man Protection
- Fund business Buy-Out Arrangement
Types of Life Insurance
Policies differer based on the insurer and its coverage offerings. Variables may include, but are not limited to: death benefit, cash value, policy riders, coverage term, and convertibility.
Term Insurance has no cash value, lower premiums with level premium payments and coverage for a specific period of time (term). Typically, these terms can be 5, 10, 15, 20 and 30 years.
Permanent Insurance offers lifelong protection and builds cash value. Permanent insurance can offer flexibility of premiums and design options to the insured. Cash values may be accessed with loan, partial surrenders or surrender of the policy. Cash Value can be helpful for situations like: emergencies, supplementing education costs or retirement income.
A few common types of permanent insurance are:
- Whole Life
- Universal Life
- Indexed Universal Life
- Single Premium Whole Life
- Single Premium Universal Life