Life Insurance
The future can’t be predicted, yet we can prepare. Safety nets are available for today’s families, and they help protect their quality of life. We provide a holistic approach to solutions for achieving financial security. Life insurance is one of the most important purchases families will make. Starting with term to universal life – our solutions are designed for you. Life happens.
Basic Life Insurance
| Types of Life Insurance | Coverage Length | Builds Cash Value? | Death Benefit | Best for | Pros | Cons |
| Term | Fixed period. Usually 10, 20, or 30 years | No | Fixed | This is a simple, low-cost policy. The purpose is to replace your income after death. | It’s cheap and provides only the necessary for most. | If you outlive your policy the benefits will not be paid. |
| Whole | Lifetime | Yes | Fixed | This is a straightforward permanent policy. | It covers you for your entire life, builds cash value, and simple. | It’s more expensive than term. |
| Universal | Lifetime | Yes | Flexible | Permanent life insurance that is flexible for future needs | It’s adoptable to your needs. | The death benefit and cash value are not guaranteed. |
| Variable | Lifetime | Yes | Flexible | This is for people with a higher risk tolerance who want control over their cash valued investments. | Potential for considerable gains if your investment choices do well | It’s a hands-on policy because the cash value can change as the market. |
Speciality Life Insurance Products
| Group Life | This is usually offered by employers as part of the company’s workplace benefits. Premiums are based in the group compared to each individual policy. Basic coverage is typically free with employers with an option to purchase supplemental life. |
| Mortgage Life | This covers the current balance of your mortgage and pays out to the lender upon death. |
| Credit Life | Pays the balance on specific loans, like a home equity line of credit. The bank may offer to sell you a credit life policy when you take out the loan. Like the mortgage life, it pays directly to the lender. |
| Accidental Death & Dismemberment | This covers you if you die in an accident, such as a car accident. AD&D also pays out for the loss of limbs, sight, and hearing. This is typically offered through the workplace. |
| Joint Life | This policy insures two lives – usually a couple and/or family within one policy. |
Strategic Business Life Insurance Policies
| Key Person Protection | Also known as Buy-Sell Agreements, this policy allows business partner(s) to buy out their share of the business. This allows the family to receive the financial support they need. |
| Shareholder Protection | Also known as Buy-Sell Agreements, this policy allows business partner(s) to buy out your share of the business. This allows the family to receive the financial support they need. |
| Business Loan Protection | This policy is designed to help your business pay off any outstanding debts in case of a critical illness or death. The debts can range from directors’ loans, commercial loans, and mortgages, to venture capital loans, overdrafts, and personal guarantees. |
| Relevant Life | This policy is designed to help your business pay off any outstanding debts in case of a critical illness or death. The debts can range from directors’, commercial, and mortgages to venture capital loans, overdrafts, and personal guarantees. |
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