Life Insurance


What is Life Insurance? Do I need it? What kind and how much do I need?

If this sounds like you, you are definitely not alone.  Life insurance can sound complicated and hard to understand.  Quite frankly,  it can be difficult to discuss ones own mortality or that of a loved one or family member.  Life insurance provides coverage for the most important assets in your life; your family. 

WHAT KINDS OF LIFE INSURANCE ARE AVAILABLE TO ME?

There are 4 major types of life insurance: Whole Life Insurance, Universal Life Insurance, Variable Universal Life Insurance and Term Life Insurance.  

Whole Life Insurance is a permanent Life insurance contract that lasts until the death of the insured as long as premiums are paid.  This contract allows for cash value on the premiums collected.  Generally, with whole life insurance, your premium, death benefit and the guaranteed rate of return on the policy’s cash value remain level.    

Universal Life Insurance is the most flexible of the permanent life insurance options.  As your life and circumstances change, you can increase or decrease the death benefit, and adjustable premium amounts and payment schedules are available to policy owners.  As premiums are paid, the money is put into an interest bearing account where the cash value grows tax deferred.  Another advantage is the ability to partially withdraw or borrow money from the cash value of the contract.  The interest rate that is applied to the contract depends on the current market conditions.  

Variable Universal Life Insurance is a permanent policy that allows the contract owner to earn cash value over time by investing premium payments into investment funds.  This policy provides for life insurance coverage along with a cash value component that allows you options over how much and where you invest the cash value earned, thus creating a potential for greater earnings and market risk. This contract allows you to better control your individual risk tolerance. Flexible premium options are available.  

Term Life Insurance are insurance contracts that are suitable for most people.  Term policies are set for a specific number of years and payout amounts.  If the insured does not die within the specified time frame, the policy expires with no death benefit paid out.  These policies are typically the most affordable on the market.

Which asset is most important to insure against catastrophic financial hardship?

Don’t let this happen to you.  Ask me how with the right life insurance policy, you can protect your family against financial loss in the event of a loved ones death.