How much life insurance do I need?
Everybody’s needs are different. We do a personal needs analysis, free of charge, to help determine how much life insurance you need. We can then advise you of the best policy to cover your particular needs.
Whole Life Insurance
Whole Life, or permanent insurance, provides a lifetime benefit. This form of life insurance provides a guaranteed death benefit for a person’s lifetime. It also has a guaranteed premium that never goes up for the person’s lifetime.
Whole Life insurance has guaranteed cash value that accumulates on a tax-deferred basis over time. Cash value can be taken from the policy as a loan, if needed. Participating whole life policies have the opportunity to earn dividends.
Term Life Insurance
Term Life insurance is a life insurance policy that provides death benefit protection. The death benefit is level for a selected coverage period, e.g. 5, 10, 15, 20, or 30 years. The premium is level for the selected coverage term. Term life is often used for mortgage protection or it can be used for credit life on loans. There are options to convert to Permanent Life insurance at the end of term period.
Life insurance is the ultimate financial safety net for an individual or family. One of the largest financial commitments that one can make is buying a house. That is why Mortgage Protection insurance is a tremendous option for many home owners. This type of policy specifically addresses a family’s monthly mortgage payment.
A Mortgage Protection policy protects your family if the breadwinner passes away. It is a term life policy for a particular length of time. You buy coverage for a regular premium and it ends at the end of the term length. A death benefit is paid to your beneficiaries if you pass away during the term.
Burial Insurance is a whole life insurance policy that is for the purpose of paying for the funeral costs of a loved one. The benefit is payable for life of the insured and normally matures at age 100. The death benefit is usually smaller because it is primarily used for funeral costs.
Key Person Insurance
In business today, the key asset is people. All businesses have key people who make decisions that are vital to the company. Employees like these make the company flourish. But what happens if these employees are lost to a business? Can the employer afford the loss of a key person to their business? How does the company get through the change of personnel?
Key Person Insurance can help the business keep going when a key person is no longer present. The proceeds can help the employer to replace lost revenue that occurs when the death of a Key Person occurs. During a difficult time, Key Person Insurance can help the company keep going.
Buy Sell Agreement
A Buy/Sell agreement is a legal document affecting partnerships. It has a life policy on each partner individually and it covers the business in case one of the partners passes away or chooses to leave the partnership. A buy/sell agreement is a protection to the remaining partner(s).