LIFE INSURANCE
For Protecting What You Love
As you grow older, start a family, or build a business, you realize how indispensable life insurance is to a sound financial plan. Life insurance can give you peace of mind knowing that there are funds available to protect your loved ones should anything happen to you. Life insurance is helpful in a number of ways, including:
To pay final expenses
To cover child expenses
To pay off debts
To pay off estate taxes
To supplement loss of spousal income
If you're a business owner, funds can be used buy out shares in a
business partnershipCan be used to cover long-term care expenses
There are two main types of life insurance -
Whole Life Insurance
With whole life insurance, or senior life insurance, premiums are generally higher than a term policy of the equal face value, but these plans are guaranteed for the duration of the owner’s life. These plans can offer easy access to funds and tax-advantaged growth of wealth. Whole life insurance sponsors will also sometimes invest a portion of your premiums so that the annual cost won’t increase as you age.
Term Life Insurance
Term life insurance is a more stripped down model. The premiums are always lower than whole life, but there are no guarantees beyond the duration of the term, which can range from 1 to 30 years.
Elements to consider when selecting a life insurance policy are present and probable future incomes; any special circumstances affecting you, your business, or your family; and your current budget for paying premiums. Our life insurance specialists can help you navigate the process of selecting a life insurance policy fit for your needs.