Life Insurance

Not only do you have to decide between options such as life insurance policies, disability income protection, and long term care insurance – you need to know how much to buy. All types of life insurance plans with various carriers are available for your review and consideration. Level Term insurance is popular in that typically the death benefit and premium remain level throughout the specific time period that you purchase. Inexpensive term insurance can be very valuable to a family or a business that shoulders the responsibility of providing the financial means to meet future obligations such as:

• Family Living Expenses
• Business Buy/Sell Agreements
• Children’s Education Needs
• Key Person Insurance
• Mortgages
• Miscellaneous Debt Obligations
• Business Loans
• Estate Preservation

Universal Life insurance can provide protection for any need such as those mentioned above; however it would be provided on a permanent basis versus a specific period of time. Cash value accumulation is also available, and these types of policies are very flexible. One of the biggest advantages of a Universal Life insurance policy is its flexibility. Premium payments can be designed to cover short-term needs as well as permanent needs. Many policyholders design their premium payments to end upon their retirement. From that date on their cash value accumulation is used to keep the policy in force until they die or decide to terminate the policy. This can be a huge advantage over term insurance where premiums must be paid every year until death, or expiration of the policy.

Term Life insurance premiums can be cost-prohibitive later in life causing people to drop coverage just when they may need it the most. This is one of the reasons only 5% of all death claims paid to beneficiaries come from term life insurance.

Whole Life insurance is similar to Universal Life insurance and is also available for your consideration.

Special Life insurance plans for children are also available and are quite in-expensive.