Life Insurance
If you have a family, a home or a business, chances are good you need the financial protection of life insurance.
When do you need it?
Your family relies on your paycheck
You're a stay-at-home parent who provides child care and other valuable family support
You're an empty nester who wants to provide for a surviving spouse
You want to leave a legacy to loved ones
You're a business owner who needs a transition plan
Types of life insurance
Term Life - Term is the least expensive form of life insurance. Your premiums remain level throughout the term period you choose - 10, 15, 20 or 30 years.
Universal Life - Universal is permanent insurance that allows you to increase or decrease your premiums at various stages in your life. A key benefit is the ability to withdraw the cash value or borrow against it at a low-to-zero net cost.
Whole Life - Whole life is permanent insurance with fixed premiums for the life of the policy. It provides guaranteed cash value, which you can borrow against.
What type of life insurance is right for me?
Term offers protection for a specific period of time, usually 10, 15, 20 or 30 years. One of the reasons it's so popular is that term permiums are initially lower than permanent premiums. That's a big plus for families who typically have the greatest need for financial protection. Term is a good option of you need to cover a specific expense that will eventually disappear, such as a mortgage or college for your kids. The idea, of course, is to make sure those expenses don't become a financial burden for your loved ones.
Permanent insurance, such as "universal" or "whole life", provides lifelong protection. In addition to the death benefit, the policy also has a "cash value" that grows until it reaches its full value (also called it's "maturity"), typically when you turn 95. Permanent is a good choice if you want long-term coverage with a predictable premium. As your policy's cash value grows, you may be able to borrow against your policy to pay for financial emergencies or other needs, like making a down payment on a house or paying your daughter's tuition. If you die before with an outstanding balance, whatever you still owe, plus accured interest, are simply deducted from the death benefit proceeds.
Remember, however, life insurance is designed to provide protection. Additional benefits, such as borrowing money from your policy, should be secondary considerations.
Term example:
30 year old male with a $500,000 life insurance policy
-A 10 year term policy is $22.75 per month
-A 30 year term policy is $59.94 per month
*premiums are based on personal factors such as age, height, weight, tobacco use, etc.
Please contact us for more information on these great products. 206-364-4230 or email