Life Insurance

Common uses for life insurance:

    • Continue to pay the mortgage

    • Cover outstanding debt

    • Maintain your family's lifestyle

    • Ensure children don’t have to struggle to afford attending college

    • Keep a business in the family

    • Replace income for family members who depend on business

    • Allow a partner to buyout the business

Term life & permanent life insurance

You may have heard of term or permanent* life insurance but weren’t sure how they differ. Here’s a quick look:

Term life insurance

  • Covers for a select period of time

  • Offers a death benefit with no cash value

  • Often an affordable type of life insurance

  • Appeals to families whose debt and future income needs are larger than their savings

Permanent life insurance

  • Provides a lifetime of coverage

  • Offers life insurance protection and potential for tax-advantaged cash value growth

  • Allows for cash value access through loans or withdrawals for retirement needs**

*As long as required premium payments are timely made.
**Withdrawals and loans will reduce the cash value and death benefit of the policy.

Universal life & whole life insurance

Universal life insurance

Universal life insurance is a type of permanent life insurance policy that offers financial protection for the people you love and the potential to earn cash value over time.

Benefits

  • Lifetime protection with added flexibility

  • Guaranteed death benefit

  • Tax-deferred cash value growth

  • Available policy types offering options for growth based on accumulation objectives and risk tolerance

Is a universal life insurance policy right for you?

  • Do you like the idea of having permanent, lifetime protection?

  • Do you want the potential to build tax-deferred cash value over time to help you with long-term financial goals?

  • Is it useful to you to have the ability to use your cash value to offset premium payments in the future?

If your answer to these questions is “yes,” then you might want to consider a universal life policy.

Whole life insurance

Whole life insurance offers permanent protection and builds cash value at a set rate. And as long as you pay the required premiums on time, your benefits are guaranteed.

Benefits

  • Lifetime protection

  • Guaranteed death benefit

  • Tax-deferred cash value growth at a fixed interest rate

  • Sometimes used as a child's gift, taking advantage of their current insurability

Is whole life insurance right for you?

There are a few simple questions that can help you determine if a whole life insurance policy will meet your needs:

  • Do you want a life insurance policy that will last a lifetime?**

  • Do you feel the potential for earning cash value over time is worth the additional premium?

  • Do you have a family history of health concerns that might make it difficult for you or a loved one to secure affordable coverage later in life?

  • Do you think cash value could be a future benefit for liquidity, retirement, or estate planning?

  • Do you need money to cover funeral expenses or to offset the cost of inheritance or estate taxes?

If you answered yes to any of these questions, then a whole life insurance policy may meet your needs for locking in permanent coverage and benefits for the future.

**Policy premiums must be made in order for policy to remain active.

Common questions about whole life insurance:

  • Whole life insurance policies provide immediate, guaranteed death benefit coverage for the insured's lifetime, as long as required premiums are maintained. Whole life policies grow cash value at a set rate, which can be used for future needs.

  • While term life policies provide coverage for a limited time, i.e., 20 years, whole life policies offer a guaranteed lifetime death benefit (when required premiums are maintained) and grow cash value at a set rate. These tax-advantaged funds can be borrowed against for future needs.

  • Whole life insurance works by creating an immediate, guaranteed death benefit, with permanent coverage as long as required premiums are maintained. Whole life policies also grow cash value at a set rate, which can be borrowed against for future needs.

  • Several factors determine the cost of whole life insurance premiums, including the amount of coverage and the insured's age and health. Whole life offers a guaranteed lifetime death benefit (when required premiums are maintained) and cash value growth, which can make it more expensive than temporary policies.

Final Expense Policy

Final expense life insurance covers funeral and related costs, offering peace of mind by ensuring loved ones aren't burdened financially.

It typically features lower coverage amounts (generally $5,000 to $25,000), no medical exam requirements, and fixed premiums.

This policy type helps families manage expenses during a difficult time, focusing on honoring the deceased rather than financial strain.