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Life Insurance

Secure your family with the financial protection they deserve!  Life Insurance will ensure that your family will be able to afford the same lifestyle that they are accustomed to if something should ever happen to you.

Life insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future.

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Term Life

Term life is the dominant segment of life insurance these days. It is the lowest cost and simplest product available. Term insurance provides protection for a certain “term” or number of years. The death benefit is only payable during the agreed-upon term. If the insured survives the time period, the policy expires. It has no cash value. Term is basically designed to provide a maximum amount of protection for a certain period of time. Almost all modern life insurance is some form of term insurance. Today, you can even buy term to age 120.

Term is sold in a variety of forms and for a variety of purposes. The most common type is Level Term. This form has a level (or constant) death benefit and a level premium for a specified number of years. The most common are 1, 5, 10, 20, and 30 year terms. Decreasing Term is another version of term insurance. It is generally sold with a level premium and a decreasing death benefit. A variation of decreasing term is Mortgage Life Insurance. This is designed to decrease at the rate in which a mortgage balance decreases. Mortgage Life is sometimes offered as a rider in connection with a cash value policy.

Whole Life

Virtually no-one buys Whole life anymore. It’s just too darn expensive. Explore Universal life or term.

Variable Life

The purpose of variable life is to combine the protection features of life insurance with the ability to allocate premium dollars to various types of investment options. This type of policy allows for the potential of building a significant cash value that can increase on a tax deferred basis.  The insured has the option of choosing between several different investment options.  These contracts provide a minimum guaranteed death benefit.  The actual death benefit could be higher depending upon the performance of the investment options chosen.  Growth of cash value also fluctuates.  This form of insurance is dramatcially unpopular because of fluctuations in the investment market.

Survivor Life

Survivor Life Insurance is a type of whole life insurance that is used for estate preservation. Survivor Life Insurance insures two people and pays benefits only after the second person dies. It is generally designed to provide funds to pay estate taxes. Also called second-to-die life insurance and “joint and last survivor”.

Universal Life

Universal life is a combination of term insurance protection with some cash value features. The premiums are dramatically lower than whole life.  Minimum interest on the cash value is usually guaranteed, but will generally follow trends in the long term bond market.  Each month deductions are made from the cash value fund to support the costs of the insurance protection. Most UL policies today are designed to perform as Term-For-Life. This design gives lifelong protection without the extra cost of maintaining a cash value in the later years.

There is no better time than right now to purchase life insurance.

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