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Protect The People You Love With Life Insurance
Get the peace of mind knowing your loved ones are taken care of after you’re gone.
Who depends on your income for their wellbeing? How are you helping protect their financial futures?
We work with individuals, families, and small businesses to make sure they have the most affordable and appropriate protection. Life insurance may be one of the most important insurance coverages to consider for your family. Knowing you have the coverage you want can help you face financial fears with confidence that you’re providing financial support for those you’d leave behind.
We want to understand your goals and discuss options so you can select the products you want, such as term life or universal life insurance.
Life Insurance Options:
Temporary Insurance: The simplest type of life insurance, and usually the least expensive to start.
- Provides coverage as long as you pay the premiums, typically up to age 90.
- Premiums guaranteed not to change for the first 10 to 30 years of the policy, then increase annually with age.
- Can be especially popular with younger families, business owners or those with debt such as a business loan or home mortgage.
Permanent Life: Offers the potential of life-long coverage, to age 121. But it allows flexibility in the timing and amount of premiums, and allows you to adjust the death benefit amount.
- You choose the amount of premium to pay, within contract limits. That payment goes into a separate account inside the policy, with the cost of the policy deducted from the account each month. Your policy stays in force as long as there’s enough value in the account to cover the deductions.
- You can build more cash value by paying more premium.
- When priorities change, you can reduce or even pause premium payments as long as there’s enough cash value to cover policy costs.
Combo Approach: If you’re considering life insurance, you may have been exposed to the age old argument of Term vs Universal. While Term is economical, it often times (hopefully) won’t outlive you- In other words, you might outlive your 10, 20 or 30 year term life policy. While Universal can be forever and can be an excellent source of cash, it can also be expensive if the benefit is too high. Often times, we recommend a combination approach to capture the upside of both types of policies.
Suppose you’re 35 and have a family with young kids, a mortgage and a total need of $1M in benefit. If you buy a 30 year term policy, it’s easy on the budget, but what happens when you’re 65? Do you really not need insurance after age 65? That’s the common line coming from the 35 year old, but not the 65 year old. While the 65 year old may not need as much insurance as the 35 year old, life insurance is still beneficial for a number of reasons such as:
- Protection for a spouse
- Paying off debts
- Long term care expenses
- Caring for a disabled grandchild
- Contributing to your grandchildren’s educational expenses
There’s not one solution for all, but a possible solution may look like:
Buy a $700,000 term policy and a separate $300,000 universal life policy. With this approach, you will have a full $1M for when the kids are young and the mortgage/rent is high. Then, when the term runs out and you’re still doing well into your golden years, you keep the universal life to the very end, while having access to a cash value at a time when you’re probably not working.
No one ever regrets having life insurance to pass on to a loved one.
Why do I need a Life Insurance policy?
When people associate Life Insurance with debts, they usually think about a home mortgage for very good reason. Life insurance can help your family retain the family home. But, life insurance can also be very useful in covering student loans, auto loans, business debts and more.
People can be a business’s biggest asset, and its biggest expense. Life insurance can help you cover your business against the loss of key employees, help fund the transfer of a business when one owner or partner dies, or help you retain valuable employees as a long-term benefit.