Life Insurance

The basic building block of financial planning is protection. By having enough life insurance, you are protecting your loved ones by ensuring that the financial resources are there to continue their lives without financial burden in your absence. It has been said that having life insurance is an honorable and selfless act. You are forward thinking and taking responsibility for the financial future of people you love.

It is my goal to help you find the best life insurance policy for your family.

Life Insurance Basics

There are many types of life insurance to fit individual needs and circumstances. The following are some of the basic types of life insurance available.

Term Insurance

The simplest form and lowest cost of insurance. You purchase coverage for a specific price for a specified time period. If you pass during that time, your beneficiary receives the value of the policy. There is no investment component and these policies are fully underwritten and require a paramedical exam. Premiums are based upon age and health of the client.

Whole Life

Like term, but you purchase the policy to cover your “whole life” not just a set period of time. Premiums remain level throughout the life of the policy, and the insurance company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer “a relatively low guaranteed rate of return,” but, pay at a rate in excess of the guarantee. Insured maybe able to take out a policy loan based on the policies accumulated cash value. These policies are fully underwritten and require a paramedical exam. Premiums are based upon age and health of the client.

Simplified Issue (SI)

Can either be a Term or Whole Life policy where you answer a few medical history questions rather than going through a full medical exam. You can get coverage in days or weeks compared to months with other types of insurance policies. Full face value (death benefits) is available immediately upon policy issuance

Universal Life (UL)

You decide how much you want to put in over and above a minimum premium. The insurance company offers investment vehicles, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build cash value.

• Known as flexible premium or adjustable life, is a variation of whole life insurance.
• Permanent policy providing cash value benefits based on current interest rates and premiums, cash values and level amount of protection can each be adjusted up or down during the contract term as the insured's needs change.
• Cash values earn an interest rate that is set periodically by the insurance company and is generally guaranteed not to drop below a certain level

These policies are fully underwritten and require a paramedical exam. Premiums are based upon age and health of the client.

Contact me today for more information!