Life Insurance
We understand that life insurance can be a very delicate and confusing subject. Yet it's no secret that if the primary income earners in your family were to die prematurely, the surviving family members might face financial difficulty. Without the primary earner's income, how will they deal with ongoing living expenses, debts, or tuition costs? Combined with investments, retirement and estate planning, life insurance is a fundamental part of a sound financial plan. With the help of an insurance professional you can develop a complete plan that will fully protect you and your family.
Despite the importance of this type of coverage, we have found that many of our clients were not given the opportunity to thoroughly evaluate their life insurance needs by the companies they had previously dealt with. As a result, they were over-insured, underinsured, or had the wrong kind of insurance. To assist us in properly meeting your life insurance needs, we have developed a unique assessment tool that generates a 'snapshot' of your insurance and financial needs and compares them against plans you currently have in place.
Two key factors we consider when we do this analysis are the amount and type of life insurance your family needs. The appropriate amount is obviously an individual matter. Below are links to brief descriptions of the main types of life insurance we carry; this information will help you make the right choice when you meet with one of our customer service representatives.
Note that the products we offer may be used as mortgage insurance or for estate planning, including funding of capital gains tax liabilities.
I have done well for myself. Do I still need Life Insurance ?
Term
This is the least expensive form of life insurance available. It protects your family against income loss for a fixed period of 10, 20, or 30 years. You can also purchase a term life insurance plan that covers you to a certain age, such as 65, 75, or 80. Your premiums will stay level throughout the term during which you are covered, but will increase if the policy is renewed. When the term ends, you may or may not need to provide medical evidence in order to renew. Death benefits are paid only if you die during the term covered by the policy. More info..
Permanent Life Insurance
Universal
Universal life insurance policies are considered an excellent choice for families seeking to avoid large sums in taxes should a primary income earner die prematurely. These policies provide lifetime rather than term coverage; a portion of the premium is assigned to an investment fund partially sheltered from taxes. Unlike the case with a whole life insurance policy, the nature of the investments is controlled by the policy holder and not the insurance company. More info..
Whole
This type of insurance also lasts for life. Some whole life policies require premium payments for only 15 or 20 years. A portion of the premium is assigned to an investment account, from which dividends are regularly paid; the amount depends on the investment success of the insurance carrier. One disadvantage of these policies is that premiums are significantly higher than for term life insurance. On the other hand, premiums do not rise and death benefits are paid out tax-free. Another advantage of whole life policies that require lifelong premium payment is that after 15 or 20 years, the monies in the investment account can pay for the cost of the insurance.
