Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!
Term Insurance, is the most affordable type of life insurance when initially purchased, is designed to provide protection against income loss of a spouse and for final burial expenses. The protection lasts for a specific period of time (the “term”). For example, you may decide that you only need term insurance until your children graduate from college or until mortgage debt is paid.
Final expense insurance pays for funeral services and final burial expenses.
Universal Life insurance was created to provide more flexibility than whole life insurance. Universal life allows growth of the policy cash values. Premiums which can vary pay for cost of the life insurance and the remainder is added to the cash value savings. The cash value savings grow tax deferred and can be withdrawn or taken as a loan. The cash value savings can be used for college expenses and for retirement income. The death benefit can be used in advanced to pay for chronic illnesses or terminal illnesses expenses while the person is living.
Whole life insurance is a level premium that pays the beneficiary the face value of the policy and builds cash value from dividends or interest. The policy can accumulate dividends or interest and the policy owner can take a withdrawal or borrow against.
