Life Insurance

Life Insurance

The Value of Life Insurance

Because 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. Furthermore, it can also provide benefits while you are living.

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. So, it 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 fro life insurance

Because the cash value growth of a permanent life insurance policy is tax-deferred¹, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn. However, make sure to talk with your tax representative.

Loans² 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. As a result, you can use them for your financial gain.

Accumulated growth may be taxable upon withdrawal. If the policy is a Modified Endowment Contract (MEC), tax penalties may apply prior to age 59½. Consult a tax advisor on your specific situation.

Policy loans and withdrawals reduce cash value and the death benefit, and may be subject to other charges outlined in the contract. However, you can consult with your tax advisor.

Assessing Your Life Insurance Needs

The amount of insurance you select should be dependent on your personal and financial needs. So, we can assist you in determining an appropriate coverage amount and help you decide on which type of life insurance is right for you. Generally, you should consider life insurance if you have:

  • A spouse
  • Dependent children
  • Aging parents or a physically challenged relative who depends on you for support
  • Retirement savings that aren’t sufficient to ensure your spouse’s future financial well-being
  • A sizable estate
  • A business

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Life Changes — So Should Your Policy

As events happen in your life, your life insurance coverage may need to change to adapt to your current needs. So, some life changes that may require you to re-evaluate your coverage include marriage, divorce, a new baby, purchase of a new home, and/or retirement.

Types of Life Insurance

Because there are several different types of life insurance products available, you need to choose wisely. So, knowing all of your options is important. The most common include:

  • Term Life Insurance
    This insurance provides insurance protection for a specified period of time. If you don’t currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Term insurance can sometimes be converted to permanent coverage, providing you with flexibility as your needs change.
  • Whole Life Insurance
    This insurance is a form of permanent insurance that remains in force during the insured person’s lifetime, provided the premiums are paid as specified in the policy. This insurance can build cash value.
  • Universal Life Insurance
    This insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

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CUSTOMER REVIEWS

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