Life Insurance
Choosing an appropriate life insurance policy can protect the future of your family and loved ones in the event of your death. In return for premiums paid to an insurance company, you can ensure the financial future of your beneficiaries.
Life insurance can even provide benefits while you are living.
What types of life insurance policies are available?
There are several types of life insurance policies available. The most common include the following.
Term Life Insurance
Term life insurance provides protection for a specified amount of time. If you new to life insurance, term life insurance can be a good place to start. It generally costs less than a permanent life insurance policy and is available in varying term periods.
A term life insurance policy is sometimes convertible to a permanent life insurance policy if your needs change.
Whole Life Insurance
Whole life insurance is a form of permanent life insurance. It remains in force during the insured person’s lifetime as long as premiums are paid as specified in the policy. Whole life insurance can build cash value.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance characterized by flexible premiums, flexible face amounts, and an unbundled pricing structure.
Universal life insurance can build cash value which earns an interest rate that can be adjusted periodically.
What are the advantages of the death benefit?
A death benefit provides tax-free money to your beneficiaries that they can use to cover funeral expenses, debt, tuition, estate taxes, or almost any other financial needs you leave behind.
The death benefit also can provide business security by enabling partners to but out the interests of a deceased partner and prevent a forced liquidation.
What are the advantages of living benefits?
The cash value growth of a permanent life insurance policy is tax-deferred which means you don’t pay taxes on the growth of the cash value unless the money is withdrawn.
Loans or withdrawals can be taken out against the cash value of a permanent life insurance policy to help with expenses like tuition and a down payment on a home.
Contact us to learn more about life insurance and how it can protect the future of your family and loved ones.
