Be Prepared For the Unexpected
When you start thinking about life insurance, odds are you're thinking about protecting the ones you love both now and in the future. That's a great place to start but life insurance can do so much more. Life insurance can provide help building an estate, tax advantaged retirement income, charitable contributions and so much more.
While everyone can benefit from life insurance, you may want to consider one type more than another at different points in your life. Our advisors will review all your needs and develop a plan to maximize the benefits.
“Buying insurance cannot change your life but it prevents your lifestyle from being changed. You will not turn bankrupt because of buying insurance but you will cause your loved ones to turn bankrupt if you don’t.” ~Jack Ma~
what is Term Life Insurance?
Term life insurance provides coverage for a set period of time, typically from five to 30 years or to a certain age, such as 65. If you die before the term is up, the insurance company pays out benefits to your beneficiaries.
Term life policies are simpler and usually less expensive than whole and universal life.
KEY TAKEAWAYS
Guarantees a set payment during a specific period of time. Usually 10, 20 or 30 years.
No Cash Value.
Cost-Effective premiums.
Usually convertible to a permanent policy.
what is Whole Life Insurance?
A Whole life policy is the simplest form of permanent life insurance, because it provides coverage that lasts your entire life as long as premiums are paid. Most policies have a cash value component that grows on a tax-deferred basis.
Whole life policies can provide tax advantaged income during retirement.
Key Takeaways
Premium remains the same for the life of the policy.
The death benefit is guaranteed for the life of the individual as long as premiums are paid.
Guaranteed interest rates for the cash value.
Typically used for estate planning.
what is Universal Life Insurance?
Universal life insurance is a sort of hybrid of term and whole life insurance. Like whole life insurance, it offers to build cash value and a long-term death benefit, but unlike whole life insurance, it has flexible premiums.
Key Takeaways
Flexible premiums.
Cash value earns interest rates usually in line with current money market rates.
Flexible death benefit.
The death benefit is guaranteed for the life of the individual as long as the policy has a net surrender value.
What is Final Expense Life insurance?
Final Expense Life Insurance is a Whole Life product that generally has a max benefit that can be applied for and is usually easier to get approved for.
Modified or Simplified Issue policies can insure most health conditions.
Key Takeaways
Easy, Simple and Quick application process.
Benefit amounts usually between $2,000 and $50,000.
Graded Death benefit policies available (a type of policy that will cover almost every pre-existing condition.
Payout can be used for any purpose.