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Life Insurance
There are many types of life insurance available to protect you and your family members. We can discuss the various types of life insurance with you and help you determine which plan bests fits your goals and overall investment strategy.
Here are some products we sell:
Term Life Insurance
Term Life Insurance is the most common type of life insurance. It is exactly what it sounds like: premiums are paid for a set term after which your policy terminates.
Generally less expensive than its counterparts, this type of insurance can help protect loved ones if the policyholder dies prematurely. These funds are provided to the beneficiary tax free. One consideration in purchasing a Term Policy is: “How much do I need?” Term policies assist you in providing the needed funds to cover your lost income. This can be used to pay short-term debts or paying long-term debt, such as a mortgage or funding your children’s education.
Another consideration is the policy’s term. Term policies can range from one to 30 years. The younger and healthier you are, the better the rate will be over the long term. If you should have to replace the policy down the road, advanced age and potential health concerns may trigger a larger premium or you may be denied coverage.
Whole Life Policies
Whole Life Policies pay your death benefit whenever you pass, even if you live to be 100 years old. This is called a permanent policy.
These policies generally come with a higher set premium that is constant as long as the policy is paid, whether or not your health declines. These higher premiums create a cash value, low at first, but can increase as you age, creating a tax-deferred cash value that can be used to pay future premiums, increase your death benefit, or used by your beneficiaries to cover expenses or as an inheritance. Some policies even pay dividends to the policyholder. These are considered a return of premium so they remain tax-free when paid to the policyholder.
Long Term Care Insurance
Long Term Care (LTC) Insurance assists you or your loved ones with the costs associated with activities of daily living. ADLs are defined as those functions you perform in your daily life such as eating, bathing, and dressing. Some LTC policies will cover costs associated with other everyday tasks such as taking medication, shopping, and light housework. These services may be provided in your home or another facility. It is important to note that these are non-medical in nature. Medicare does not cover the cost of custodial care.
Most individuals look into LTC insurance between the ages of 50-64. Most new policies’ coverage is between 3-5 years and some types of coverage allow spouses to piggyback their coverage.
Additionally, there exist hybrid plans that combine LTC with a life policy. LTC plans routinely have premium increases that may make them too expensive to retain over a long period.
Purchasing insurance coverage is based on individual need. Please call us for more information.