Life Insurance

Do you have enough life insurance to meet your family’s needs?

There are many different types of life insurance to fit the unique needs of individuals and families.  Some clients only desire life insurance for a period of time while others desire policies that last their entire life.  Other clients have estate planning needs that are focused on asset and wealth protection.  Whatever your needs may be, we can assist you in finding a policy, or a series of policies, that meet all of your needs.

Types of Life Insurance

Term insurance — The simplest form of life insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy. There is no investment component.

 Whole life — Similar to term, but you purchase the policy to cover your “whole life” not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer “a relatively low guaranteed rate of return,” but in reality pay at a rate in excess of the guarantee.

Universal life — You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build. With some policies, sometimes called Type I or Type A, the cash account goes toward the face value of the policy on the death of the policyholder. With a second variety, sometimes called Type II or Type B, the beneficiary receives the face value of the policy plus all or most of the cash account. While Type II is meant to provide a partial hedge against inflation, it demands higher premiums as you get older than Type I.

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