Life Insurance

Although there are many uses for life insurance, its traditional function remains the same. Life insurance protects individuals during the loss of a loved one and helps provide a sense of security for their future. That is why having a thorough understanding of life insurance is important in providing your customer and their families with optimum protection and peace of mind.  Click here to contact us to discuss your future with life insurance today.

Types of Life Insurance

Term Life Insurance
Provides coverage for a specified period of time, usually 10, 15, 20, 25, or 30 years. Once the period for the policy runs out, the life insurance coverage expires. Some policies can be automatically renewed at the end of the coverage period, and some can be converted to permanent insurance without the need for a medical exam.

Universal Life Insurance
Offers flexible premium options and a death benefit. Allows changes to the death benefit, the amount of premium, and payment frequency. Most policies pay a minimum guaranteed interest rate.

Variable Life
Contains death benefits and cash values that vary with the performance of underlying subaccounts. The death benefit and cash value are not guaranteed and can fluctuate according to the current market. Most policies offer a guaranteed minimum death benefit for protection against poor markets.

Variable Universal Life
Combines the flexible premium and death benefit options of universal life with the investment flexibility and risk of variable life. Most policies offer a guaranteed minimum death benefit.

Whole Life Insurance
Provides a fixed guaranteed rate and builds guaranteed cash values. There are two variations of traditional whole life:

Joint Whole Life (Also known as first-to-die)
Insures two lives and pays the death benefit to the surviving insured person when the first one dies.

Survivorship Life Insurance (Also known as second-to-die)
Insures two people and pays a death benefit only when the second person has died. It is designed for married couples who want to provide funds to pay estate taxes that may be due after their deaths.

Benefits of Life Insurance

In addition to providing security and peace of mind, life insurance has many added benefits:

• Provides income for surviving family members

• Offers a tax-free death benefit to beneficiaries

• Pays debts

• Can pay federal estate and state death taxes

• Avoids the probate process

• Tax-deferred growth

• Loans

• Flexible death benefit options

Other Uses for Life Insurance

• Fund a Buy-Sell Agreement

• Retirement and Estate Planning Needs

• College Planning

• Vehicle for Charitable Gifts

• Fund a Split Dollar Arrangement