Life Insurance

When planning for what’s next for you and your family, it’s important to consider a life insurance policy. Life insurance can be one of those topics that people don’t want to deal with or even talk about. But it can help ease your mind knowing your family's financial security is being thoughtfully considered. And though costs are a real concern for most people considering life insurance, it may not cost as much as you think.

There are two types of life insurance policies to choose from:

1. Term life policies are just as the name implies; they cover you for a specific period of time. Term life insurance is often the lowest priced coverage option, but it is temporary. It is designed to help replace your income and/or pay off debt if you pass away during earning years. Your family can use the death benefit to help pay for expenses like housing, childcare and groceries. With term life insurance, you'll have:
• An income tax-free death benefit
• flexible policy lengths (as short as 10 year and as long as 40) 
• affordable rates & payments
• flexibility to convert to permanent insurance 
  
  
2. Permanent life insurance (whole life and universal life are examples) covers the insured for the course of their life. Universal life insurance offers flexible protection that can last up to your lifetime and includes various cash accumulation options. If you want lifelong coverage, but with flexibility down the road, universal life insurance may be a good option. With a whole life insurance policy, the amount of life insurance coverage you buy at the start of the policy remains the same throughout your lifetime. The cost is fixed, based on your age when you buy it. And the money paid to your family when you die is generally income tax free, which is a plus.

• Amount of outstanding debt left on things such as mortgage, loans, etc.
• Specific information regarding medical conditions
• Income level and occupation
• General medical information you may be asked about includes height, weight, blood pressure, and cholesterol levels

Recognizing everyone’s situation is unique, it is important to know what type of policy best suits your needs, the amount of coverage desired, and most importantly, who the beneficiary will be.

One of the helpful agents at our firm can help you learn more about purchasing a life insurance policy. Have peace of mind knowing that when you leave this world, your family will be better prepared to deal with uncertainty.