Life Insurance Solutions

Life insurance is the cornerstone of your financial life, your ship's anchor for a safe harbor, and the foundation of all your wealth and assets over your lifetime.  Its application ranges from income protection against premature death to creating a tax-free inheritance or legacy contribution in your advanced years.  Simply put, there are two types of life insurance: permanent cash-value Whole Life and Term Life.

Whole Life

Whole Life Insurance is the King of all life insurance, insuring your entire lifetime, with triple guarantees, guarantee of level premium, death benefit, and cash value.  You want these guarantees that do not come with Universal Life.  You can select the death benefit or face amount and the amount, the frequency (monthly, quarterly, or annually), and duration (10 or 20 years or until a given age or lifetime) for your required level premium to meet your needs.  As you pay each premium, your policy accumulates a cash value that grows on a tax-deferred basis. You can borrow against a Whole Life policy for any purpose. You will pay interest on any borrowed amount; if you do not pay it back, it is deducted from the payout to your beneficiary at the time of your death.  A Whole Life policy is similar to buying a house, whereas a Term Life policy is comparable to renting it. The monthly cost is higher than it would be for a Term Life policy, but with each payment, you build equity. Often, the cash value in Whole Life becomes a temporary funding source for life's emergencies.  Final expense policies are Whole Life policies of small face amounts, generally $10,000 - $30,000.

Term Life 

Term Life insurance is life insurance that you pay for during a specified time or term – generally 10 to 30 years. You select the amount of the death benefit or face amount to meet your needs and pay a small fraction of a Whole Life premium for the same death benefit of a Whole Life policy.  If you die during the term of coverage, the insurance company pays the face amount to your beneficiaries, free of income tax. Like Whole Life, many Term Life policies include living benefits that cover terminal, critical, and chronic illnesses and unemployment.  Term insurance policies do not accumulate cash value and are generally less desirable but more affordable than Whole Life. 

How we can help

You should be insured for life insurance if you are the primary breadwinner or a significant contributor to family income or you carry a mortgage on your primary residence. Your death benefit can potentially mean the difference between homelessness and the basics like food, shelter, clothes, utilities, and transportation for those who you have financial responsibilities if you prematurely die. You may desire to use the Whole Life policy to help diversify your tax, retirement, or investment strategies or to protect your spouse, who receives less Social Security benefits. You may have estate planning needs or charitable intentions. Whatever your reasons for wanting a life insurance policy, talk to us. We can help you understand policy features and benefits, terms and conditions, and ensure you get the most suitable one for your needs and budget.