Insurance

Life Insurance is not for you, but to insure that your family is financially secure and can maintain their standard of living if and when you die.  There are a host of types of life insurance: term cash value or while life, universal, variable and universal variable life.  We assess your needs to provide you with a recommendation on the best option.

Term Insurance

• This is temporary insurance protection for a specified number of years.  Such policies only pay benefits if the policyholder should die during the term.  If the insured lives beyond the period of coverage, the policy will expire with nothing due the insured.
• Term insurance can be issued as level term (a level death benefit and level premium during the policy term) or as decreasing term (death benefit decreases but the premium remains level for the term of the policy.
• Initially, the cost of term insurance is low, however, over a longer period of time, term insurance becomes very expensive.

Cash Value or Whole Life Insurance

• As the name implies, this policy offers insurance coverage for the whole life (or up to age 100).  If the insured lives to 100, the cash value equals the face amount and is paid to him or her in a lump sum).
• This policy has level premiums and is guaranteed for life.  Also the face value of the policy remains level.
• Unlike term insurance, whole life insurance provides a guaranteed living benefit in the form of the policy’s cash value.

Universal Life Insurance

• The key feature with universal life is flexibility.
• The policyholder can increased or decrease the death benefit subject to insurability requirements.
• Premium amounts may be changed as long as enough premium is paid to maintain the policy.

Variable Life Insurance

• The policy is designed to protect the policyholder and the beneficiaries from erosion of their life insurance dollars due to inflation.
• This type of policy consists of two accounts.  One is a general account that usually contains primarily safe, conservative investments.  The premium from traditional life insurance contracts is placed in the company’s general account and the entire contract is fully guaranteed by the insurer.  The other account is called a separate account which consists primarily of common stock and security-based investments with few guarantees.

Universal Variable Life Insurance

• This type of policy is a combination of variable life insurance and universal life insurance.
• This policy is variable in that benefits vary according to the investments backing the contract.
• This policy features a flexible premium, adjustable benefit, a term insurance component.

Disability Insurance

• This form of insurance protects your greatest asset- your ability to earn income.
• Such policies provide the insured with periodic payments when the insured is unable to work because of injury or illness.