Life Insurance

Ask yourself this question:

Does someone depend on me financially? If you answered yes; chances are you need life insurance. Life insurance provides cash to your family after your death. This money or death benefit replaces your income and can help your family meet many important financial needs like mortgage payments, paying the daily bills and sending the kids to college. What's more, there is no federal income tax on life insurance benefits.

Most Americans need life insurance:

To figure out if you need life insurance, unfortunately you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially?

Here is one simple rule: If someone will suffer financially when you die, you need life insurance. If you are a breadwinner, life insurance can replace some or all of your income. It can also help cover funeral costs, wipe out debts, pay off your mortgage and fund longer-range needs like college or retirement. Even if you don't work outside the home, you still provide services that are expensive to replace, like child care and household chores.

Remember this simple saying: We don’t plan to fail; we fail to plan

Types of Life Insurance

There are many types of life insurance products available. The most common include:

Term Life Insurance
Term provides life insurance protection for a specified period of time(10, 20, 30 Years). It's generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a 10 to 30-year period. Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change. If you do not currently have life insurance, term can be a good place to start.

Universal Life Insurance
Universal life 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.

Whole Life Insurance
Whole life is a form of permanent life insurance that remains in force during the insured person's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.

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We always encourage you to contact us with any questions or concerns.