Life & Health Insurance

The Value of Life Insurance

Life insurance helps you protect what matters most - your loved ones. Life insurance helps ensure their financial needs are met, even after you’re gone. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living. Life insurance can be a very important part of your overall financial plan, regardless of your stage in life. Generally, the younger you are, the less you pay for life insurance

Advantages of the Death Benefit

• Can provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation
• Provides income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind

Advantages of Living Benefits

• The cash value growth of a permanent life insurance policy is tax-deferred, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn.
• Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home

We can assist you in determining an appropriate coverage amount and help you decide on which type of life insurance is right for you.

Generally, you should consider life insurance if you have:

• A spouse
• Dependent children

Life Insurance: What type is right for me?

There are two basic types of life insurance: term and permanent. Deciding which type may be appropriate for you depends on how you want your life insurance to work for your family.

Term Insurance

The least expensive and most basic type of life insurance. You buy coverage for a certain amount of time, such as 5, 10, 15, 20 or 30 years. If you die before the term is over, your beneficiary gets the benefit stated in your policy. If you live beyond the term, the policy expires. Many policies also offer the option of extending your coverage, subject to certain restrictions and limitations.

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