Life Insurance
Why Do I Need Life Insurance?
Life insurance is there to help your loved ones with financial needs if you aren't there anymore. Consider your mortgage and other debts, how much income would need to be replaced, money to cover a funeral, and college for the kids. Add those up, and you'll have a good idea of how much insurance you'll need.
Contact us today to learn how we can help you plan.
Types of life insurance
There are many kinds of life insurance. Ask us how you can use your life insurance policy for living your life.
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Temporary protection
It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
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Lifelong protection
As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
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Flexible lifelong protection with cash value
With a universal life policy, you typically can adjust the premium and death benefit. Increases in coverage are also subject to underwriting.
You are also able to take out a loan or a withdrawal from your cash value while keeping your coverage. Loans will accrue interest, and any withdrawals or surrenders could result in a taxable event.