Protect Your Family
Perhaps the biggest worry we have as responsible adults is being able to provide for our families. During our lifetime, we dedicate most of our energy to protecting and providing for our loved ones. Once we're gone, we not only leave an emotional void, but a financial one as well.
- Will the family have enough income?
- Who will pay off our debts?
- Will our children have enough for their education?
Having a proper life insurance plan provides you with peace of mind, knowing your loved ones will be protected. Our advisors can work with you to design a plan that incorporates the following:
Setting a Solid Foundation
Financial experts agree the foundation of most good financial plans includes life insurance. A well-designed life insurance program can improve and enhance your retirement, estate planning and family protection plans.
Understanding Your Goals
As your life changes, so do your needs. It's important to periodically review your financial plan to be sure your foundation remains solid. The amount, type, and duration of your life insurance policy depends on your family situation, financial goals and personal health.â€¨ An individual life insurance policy is normally purchased to accomplish the following goals:
- Support family members in the event a wage earner dies prematurely
- Compensate for the loss of a spouse who raises children
- Financially support parents, family members or children with special needs
- Repay any mortgage, personal or business debts
- Pay final expenses such as medical, burial, legal or probate costs after death
- Pay for educational or retirement needs
- Fund an inheritance or charitable bequest
- Pay for federal estate taxes that may be due upon death
Our Client Advisors can help you select an insurance policy to suit your budget as well as your personal needs and financial goals.
- Term Life Insurance – Provides coverage for a specific period of time or “term,” which can be 10, 20 or 30 years. Policies may offer level premiums (no premium increase for a set number of years) or inflation-adjusted premiums (premiums increase over time). If the insured dies during the term of the policy, the death benefit is paid to the beneficiaries. There is no cash value for this type of policy.
- Universal Life Insurance – Combines the low-cost feature of a term life policy and the savings feature of a whole life policy. Premiums are variable and are split between insurance and savings, enabling policy owners to make adjustments according to their financial situation. Accumulated savings and interest can be used to pay premiums.
- Whole Life Insurance – Offers protection with level premiums while accumulating cash value that can be withdrawn or borrowed against.
- Survivorship Insurance – Insures two people (usually a married couple) and provides benefits to heirs upon the death of the last survivor. This type of policy can be used to pay estate taxes or support surviving dependents.