Life Insurance

There are three major risks we all face in life and choosing the right life insurance can help with each.

The Risk Of Dying Too Soon

For Families Life Insurance Will:

Provide financial resources for our family should they die too soon
Pay off a home mortgage
Provide a college fund for our children
Provide a source of income for our spouse to continue to cover living expense
Pay for our funeral and final expenses

For A Business Life Insurance Will:

Becoming disabled and not being able to pay our bills
Living too long – out living our money

Life insurance is designed to help one or more of these financial risks.

There are many good reasons to purchase life insurance and the type of coverage you need depends on the amount needed to cover both anticipated and unanticipated expenses for your family and loved ones. Life insurance can be used to pay funeral expenses, replace lost income, pay off debts or loans, create a fund for your children's or grandchildren's education, or care for dependents or loved ones with special needs.

There are two types of life insurance:

Term life is the least expensive type of policy and builds no cash value. It pays only if death occurs during the term of the policy, which is usually one to thirty years. A term life policy is designed with only one function: upon your death, it pays a lump sum to your designated beneficiary.

Permanent life insurance, also known as permanent life insurance, provides coverage throughout the insured's lifetime has a death benefit and builds cash value on a tax-deferred basis, and the insurer cannot cancel the policy as long as you pay your premiums on time. Whole life insurance premiums are larger than term life premiums, because they fund the cash value in addition to buying insurance coverage.

Universal life insurance is also permanent life insurance and is similar to whole life insurance. These policies also provide coverage throughout the insured's lifetime, have a death benefit and build cash value on a tax-deferred basis. However, unlike whole or term life, universal life is a more flexible product. Because the death benefit, premiums and cash value are treated as separate components, as the policyholder's circumstances change, the components can be reviewed and altered.