LIFE INSURANCE

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Term life insurance is the most basic and affordable type of life insurance.

It's called “term” because—just like it sounds—it lasts for a certain period of time (a term) and then it either expires or the policy will change whether premiums increase or coverage decreases, or both.

Some term life policies can be set up to convert into a permanent or whole life policy at a later date.

Term Life policies are typically great for:

• Families who have dependents

• People just entering the workforce

• People who want to pay off a mortgage if they die

• People who want to have additional coverage beyond their employer provided policy 

• Business partnerships that want financial security in the event one partner dies

Whole life insurance is a policy to designed to cover you for your “whole life.”

That means if you pay the premiums the death benefit will never change, and neither will the premium. Your whole life policy will also build cash value over time.

You can access that cash for any reason such as unforeseen expenses, paying off debt or part of your retirement planning.

Whole life typically appeals to people who:

• Want to purchase an insurance policy for children or grandchildren

• Need a policy to cover lost income in the event of a death

• Need the surety of a policy long term with predictable premium

Variable universal life insurance means permanent protection for you and your family, while giving you the opportunity to choose how to invest the cash value of your policy.

This type of policy has the potential to build cash value much quicker than traditional, whole life. Many of our clients want to capture the gains offered by a strong market, and don’t mind risk, but may or may not be right for your situation.

Variable Universal Life typically appeals to people who:

• Want the certainty of insurance coverage now and the potential of cash dividends to use later

• Want to use life insurance as an investment vehicle 

• Like the idea of having the aggressive growth of a strong market and don’t mind the risk of any downturns.