What is Life insurance?
Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.
- Universal life or Whole life - Life insurance which is permanent, as long as you pay premiums on time, and has a cash value or investment feature.
- Term life - Life insurance provided for a period of years with no investment or cash value feature. This is just basic life insurance protection, however, we recommend an option which fixes your premium payment for a specified number of years.
- Indexed Universal Life (IUL) - provides both premium flexibility and death benefit flexibility of a universal life policy, allowing to you adjust your policy according to your life insurance needs. Indexed universal life also offer the option of having your cash value accumulate at interest based on the changes of a major market index.
- Living Benefits - Most people purchase life insurance to provide a legacy of financial security at the time of their death. But doesn’t it make sense for the benefits to extend and be available for the difficult financial times they have to face if a chronic, critical or terminal illness precedes death? The industry calls the benefit an “Accelerated Death Benefit Rider.”
Why is life insurance important?
You may not think about it, but your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons we recommend life insurance.
- To replace income the family would need to maintain their standard of living after the death of a wage earner.
- To pay off a mortgage loan and other personal and business debts.
- To create a fund for children's education.
- To pay final expenses, such as funeral costs and taxes.
- To create a family emergency fund or a fund for a family member with special needs.
Our firm takes pride in providing comprehensive retirement planning services. The first step to evaluating your retirement scenario is to fully understand what you currently own. A Custom Annuity Policy Review can help you view your assets in an entirely new way.
Protecting Your Family
By preparing in advance, you'll have the peace of mind that comes from knowing you're protecting your family's financial future. And since Life insurance benefits are generally not taxable at the federal level, your loved ones can use the benefits to help take care of their living expenses in a variety of ways.
Annuities are sometimes aggressively marketed to seniors, very often by those who do not have your best interests in mind. Annuities may not be a good choice for a senior depending on your personal needs and finances. The senior information guide is provided to help you decide if an annuity is right for you.