Life Insurance

Most Americans Need Life Insurance

Businesses and their owners generally pass through several identifiable stages during their business life cycle. Business Preservation and protection is the first stage: Helping to ensure protection against unexpected pitfalls.

  • If you died tomorrow, how would your loved ones fare financially?
  • Would they have the money to pay for your final expenses?  (ex. funeral costs, medical bills, taxes, debts, lawyers’ fees, etc.)
  • Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, healthcare, etc?
  • What about long-term financial goals?
  • Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?

If someone will suffer financially when you die, chances are you need life insurance.  Life insurance provides cash to your family after your death.  This cash (known as the Death Benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.

Living Benefits

Most people purchase life insurance to provide a legacy of financial security at the time of their death. But doesn’t it make sense for the benefits to extend and be available for the difficult financial times they have to face if a chronic, critical or terminal illness precedes death? The industry calls the benefit an “Accelerated Death Benefit Rider.” We refer to it as Living Benefits. On most of our policies, Living Benefits are provided to you at NO additional cost.

Term Life

The low initial premiums make term insurance a practical alternative to permanent coverage. However, term premiums will eventually increase. At some point, if you continue to carry your term coverage, the annual premiums will likely exceed the level premiums that could have been had with a permanent policy and you will not have had the benefit of building any cash values. Term insurance often offers the opportunity to convert to permanent life insurance policy prior to the end of the term without having to provide evidence of insurability. Term insurance may be appropriate for young families with low cash flow and high protection needs, for consumers whose protection needs are temporary, or to supplement permanent life insurance.

Whole Life

Individual whole life insurance, often called permanent or traditional insurance, is precisely what the name implies: Life insurance that’s designed to protect you and your loved ones throughout your entire life. As long as the policy owner continues to pay the premiums, the insuring company will guarantee the death benefit. These policies are designed and priced for an individual to keep over a long period of time. These types of policies are another great option while planning final expenses.

Universal Life

Universal life insurance is considered to be the most flexible type of life insurance. Universal life insurance provides both premium flexibility and death benefit flexibility, allowing to you adjust your policy according to your life insurance needs.Universal life insurance also offers the ability to accumulate cash value under the policy on a tax-deferred basis.

Indexed Universal Life

Indexed Universal Life (IUL) provides both premium flexibility and death benefit flexibility of a universal life policy, allowing to you adjust your policy according to your life insurance needs. Indexed universal life also offer the option of having your cash value accumulate at interest based on the changes of a major market index.

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When’s the last time you had a business valuation? Do you have a plan in place should a partner get sick? How about a Key-Employee? Have you looked into benefits for employees? What about “selfish” benefits for you? Lot’s of important information to think about.

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