Life and Related Coverages

Help prepare yourself and your loved ones for life’s unexpected events with a life insurance policy that is tailored to your needs.

Those needs can often change, so keep your insurance agent informed, for example, if: you get married or divorced; your or your spouse’s health has deteriorated; you are provided care or financial assistance to a parent; you recently purchased a new home; or you or your spouse receive an inheritance.

It’s important to keep your policy up-to-date so your family and your loved ones are protected. The most common life insurance options available include:

• Term Life Insurance – Offers protection for a specified period of time. Less expensive than whole life insurance premiums, term life is a good starting point, and it is sometimes convertible to permanent coverage.
• Whole Life Insurance – Provides permanent coverage so long as the specified premiums are paid. These build cash value, so they can also be viewed as an investment opportunity.
• Universal Life Insurance – Also provides permanent coverage, but premiums, face value and unbundled pricing structure are flexible. This option can also build cash value, and though its interest rate may adjust periodically, it is usually guaranteed not to go below a certain percentage.

More than just providing financial security and peace of mind, some life insurance options offer additional benefits and investment opportunities.

• Life Insurance Death Benefit – Gives tax-free income to a named beneficiary or beneficiaries to pay for funeral expenses, debt, tuition, estate taxes or other financial need. It also can provide protection to your business, allowing partners to buy out the deceased partner’s interests to avoid liquidation.
• Living Benefits – Help pay for major expenses, such as college tuition or the down payment on a new home by taking out a loan or withdrawal against the cash value of a permanent life insurance policy.

Many individuals and families also need coverage for disability, supplemental health expenses, long-term care, and other related types of insurance. We would be happy to review those needs and possible solutions with you.