Life Insurance

Why do I need life insurance?

Life Insurance is just another way to provide money for your family or business, when they need it most.

Here are some of the most common reasons given by our clients:

  1. Pay the mortgage
  2. Maintain our current standard of living if something should happen to me
  3. Fund our children’s college education
  4. Pay off debt
  5. To pay for Final expenses

What kind of Life insurance might fit my needs?

Term Life: This is the simplest and generally the cheapest form. You buy coverage for a specific period of time. It can usually be renewed, but premiums will increase based on age and health factors. There is no cash value.

All other types of life insurance are Permanent, but there are several varieties. However, they all include a savings element that builds cash value, in addition to the death benefit. Once that cash value accumulates, it is accessible to the policyholder tax-free. The following are some of the common types of permanent life insurance.

Whole Life: You purchase this policy to cover your entire life, as long as you keep paying premiums. Premiums remain constant throughout the policy, and the company invests a portion of your premium which becomes the cash value. These are more expensive than term policies in the early years, but even out because the premium does not increase.

Universal Life: This policy is similar to whole life, but has the potential for higher earnings on the savings component. It is more flexible in terms of changing premiums and face value throughout the policy. There is usually a guaranteed return on the cash value. Downfalls include it may be too much flexibility and the possibility of increasing premiums due to lack of client management.

How Much Life Insurance should I buy?

Many people decide this based on an income replacement calculation, between 5 and 10 times the amount of your current income. Also think about your personal circumstances: Is yours the sole income in your household? Are there other expenses, such as college tuition, that may arise in the future? Don’t forget to include potential medical and funeral costs. Above everything, you want to be sure your family does not get stuck with bills, debts or expenses that they cannot afford.

Debt + Income + Mortgage + Education = Life Insurance Needs

Why should I purchase life insurance now?

Buying life insurance may seem unmanageable right now, but it could be a smart decision. Unlike many other benefits, life insurance is actually more affordable right now than in the recent past. Plus, during this tough economic period, ensuring that your family will be financially secure in the future is more important than ever.

Key-Person Life Insurance for businesses.

Most organizations employ at least one individual who is essential to the company’s success. This person may be a partner, owner, majority stockholder or another individual who is crucial to the business. If this person unexpectedly leaves the organization due to a death it may be hard for the organization to survive. If your organization employs individuals who are vital to its success, key-person life insurance or key-person disability insurance can help protect your organization. These insurance solutions can give your organization options other than immediate bankruptcy should you lose the key person or people without warning.

How much does Life insurance cost?

You can now buy Life insurance for less than you might spend for your daily cup of coffee or bottled water!

Examples of Monthly Term Life Rates

10 yr. level Term, $200,000 Face amount, Best Class:

  • Age 25 – $9.36
  • Age 45 – $17.06
  • Age 55 – $34.56
  • Age 65 – $94.15

Whether you are looking to purchase a policy or just get a Life insurance quote, we’re here to help you develop a plan for your family or business needs.