Life Insurance

Risk man­age­ment occu­pies an impor­tant foun­da­tion­al space in your com­pre­hen­sive finan­cial plan. It involves iden­ti­fy­ing and safe­guard­ing against threats such as loss of health, prop­er­ty, income, sav­ings or life. We offer a wealth of high-qual­i­ty insur­ance and annu­ity prod­ucts to pro­tect you.

Why is life insurance important?

Life-Insurance-458Life insur­ance pro­vides your fam­i­ly pro­tec­tion from finan­cial loss when you die. Ide­al­ly, it should allow your fam­i­ly to main­tain a stan­dard of liv­ing sim­i­lar to what it enjoys today. Pro­ceeds can be used to:

  • Replace lost income.
  • Trans­fer wealth.
  • Elim­i­nate debt.
  • Fund a col­lege sav­ings plan.

Who should own life insurance?

A good rule of thumb is as your fam­i­ly increas­es in num­ber, so does your need for life insur­ance. A sin­gle per­son with no depen­dents and few close rela­tions could get by with lit­tle or no life insur­ance. How­ev­er, as your fam­i­ly grows, you’ll want to con­sid­er adding life insur­ance to your com­pre­hen­sive finan­cial plan.

How does life insurance work?

Life insur­ance is a con­tract between an insur­ance com­pa­ny and you, the pol­i­cy own­er. When you die, the pol­i­cy pays a death ben­e­fit, typ­i­cal­ly on a tax-free basis, direct­ly to your ben­e­fi­cia­ries.

What kinds of life insurance are available?

Term Insurance

Term Insur­ance pro­vides pro­tec­tion for a spe­cif­ic peri­od of time and pays a ben­e­fit only if you die dur­ing the term. There are two types of term insur­ance:

  • Lev­el term — A pol­i­cy whose face val­ue and pre­mi­um are guar­an­teed to stay the same for a giv­en peri­od of time.
  • Annu­al renew­able term — A pol­i­cy that can be renewed each year with­out com­plet­ing an appli­ca­tion or pass­ing a phys­i­cal exam. The face val­ue remains the same but pre­mi­ums increase each year. This kind of insur­ance is gen­er­al­ly pur­chased by younger indi­vid­u­als because of its afford­abil­i­ty.

Permanent Insurance

Per­ma­nent insur­ance is an umbrel­la term for poli­cies that do not expire and com­bine a death ben­e­fit with a sav­ings por­tion. You hold and fund a per­ma­nent pol­i­cy through­out the course of your life. There are three types of per­ma­nent life insur­ance:

  • Whole life — A pol­i­cy with a guar­an­teed pay­out to ben­e­fi­cia­ries and a sav­ings por­tion that can be bor­rowed against or with­drawn to meet finan­cial needs.
  • Uni­ver­sal life — Uni­ver­sal life insur­ance pro­vides more flex­i­bil­i­ty than whole life insur­ance. The death ben­e­fit, sav­ings por­tion and pre­mi­ums can be reviewed and changed as your cir­cum­stances change. And, inter­est from the sav­ings por­tion can be used to pay pre­mi­ums.
  • Vari­able life — Vari­able life insur­ance guar­an­tees a pay­out to ben­e­fi­cia­ries and allows you to invest a por­tion of your pre­mi­um in insur­ance com­pa­ny secu­ri­ties and mutu­al funds.

With the prop­er life insur­ance, you can rest assured that your fam­i­ly will be pro­tect­ed. Please, con­tact us for more infor­ma­tion.