A life-insurance policy can be used for estate planning purposes, tax-deferred savings, and wealth creation and transfer strategies.
Your life insurance specialist works with your advisor to devise a strategy to protect your wealth against life’s uncertainties so your loved ones can mitigate the high financial and emotional costs that might burden them in the event of your illness, injury or death. We take tremendous pride and responsibility in preserving your legacy.
Traditionally, life insurance is used as a vehicle to provide financial support to survivors after the death of a family member. You should take care to weigh any associated costs and determine if this product is suitable for your long-term life insurance needs. Please contact us today to speak to an insurance professional. We will help you better understand life insurance policies and determine if it would be a valuable addition to your finances.
Two common methods for determining how much life insurance you might need:
There are two basic types of life insurance: Term and Permanent
Term life insurance is appropriate for clients who have a specific need for a certain period of time.
Term life insurance protects a person for a specified period of time and pays a benefit only if the insured individual dies during this defined period or “term.” The length of the term can vary from policy to policy.
Permanent life insurance is appropriate for those clients who have a permanent need and would like the flexibility offered by permanent insurance.
Here are the most common types of permanent policies:
Whole Life - The most common kind of permanent life insurance, premium payments remain constant over the life of the policy with a fixed rate of interest, certain tax advantages and customization options.
Universal Life - Provides a lifetime death benefit with the flexibility to adjust the policy if needed. This type of policy accumulates a cash value that grows tax-deferred at a fixed rate.
Variable Universal Life - Provides a lifetime death benefit with investment features. This type of policy accumulates a cash value that grows tax-deferred, and offers access to professionally managed investments that can help you save for retirement.
All guarantees are subject to the claims paying ability of the issuing insurance company. Please keep in mind that the underlying investment options offered by variable universal life policies are subject to market risk, including possible loss of principal.
Variable products are sold by prospectus. Carefully consider the investment objectives, risks, charges and expenses. The product and underlying fund prospectuses contain this and other important information. Investors should read them carefully before investing.