Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living. It’s never too early to establish a life insurance policy.
We recommend you have one in place if you have:
- A spouse
- Dependent children
- Aging parents or a physically-challenged relative who depends on you for support
- Retirement savings that is not sufficient to ensure your spouse’s future financial well-being
- A sizable estate
- A business
ASSESSING YOUR NEED:
The amount of life insurance you select should be based upon your personal and financial needs. Our staff can assist you in determining an appropriate coverage amount and help you decide on which type of life insurance is right for you.
Advantages of the Death Benefit
Provides income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind.
Can provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Advantages of Living Benefits
The cash value growth of a permanent life insurance policy is tax-deferred, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn.
Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
Contact us today to discuss a custom life insurance plan.
Universal life insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life insurance can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage rate.