Choose the Life Insurance Coverage Your Family Needs

The question is simple however the answer can be complex. Depending on where you are in your life you should consider life insurance.
Are you:

• Married or Getting Married
• A Parent or are you about to become a parent
• A Homeowner
• A Business Owner
• Retired or Planning for Retirement
• Traveling over 50% of the time for work or lifestyle

When you meet with us we will review some basic guidelines in selecting insurance. A basic rule of thumb is to think about where you are currently with 8 to 10 times your income and or consider:
Debt owned
Income lost
Mortgage owed
Education for loved one in the future

This is known as a D.I.M.E. guideline. We look at the above items in relationship to your current resources which give us an estimate for us to discuss the level of your life insurance requirements.
We also want to understand from you what other items are important to you and your family such as:

• Final expenses
• Paying federal death tax
• Create Inheritance for heirs
• Replacement Income
• Significant Charitable Contribution
• Create source of savings

Each conversation is personal and individual.

The benefit of life insurance is that it is a death benefit paid in lump-sum to who you designate as your beneficiaries when you die.
Although, it is the major reason why most people buy it may not be the only one.
Many times life insurance becomes part of a longer view to an overall financial strategy. Here are examples of various forms of life insurance:

Term
Term life insurance protect you for a specific time period. Most common term policies are for 20 years but they can range from 1 to 30 years or even longer. This time of policy is designed for temporary circumstances, such as covering during the time your children graduate from school, or during a time where you are paying off debt i.e. college, new house
Term insurance usually offers the greatest amount of coverage for the lowest initial premium. Young families on a tight budget choose this option. We are here to help you on navigating what is best for your situation.

Permanent Insurance
If you are looking for a lifelong insurance protection you might consider Permanent Insurance. There are 3 categories of permanent Insurance Whole life, Index Universal Life or Universal Life.
The focus of permanent life insurance is to accumulate cash value on a tax-deferred basis. This cash account can be used for various purposes such as providing funds during tight financial times or supplementing for retirement, aside from providing a death benefit.
Initial premiums (payments) are higher. Here are some of the differences:

Whole Life Insurance
This plan is most common because it is the simplest. Premiums are maintained at the same rate for the life of the policy. The death benefit and rate of return on your cash value are guaranteed. So what you pay in, you will get out at the end of your life.

Indexed Universal life Insurance
I.U.L. insurance is a type of permanent life insurance that in it provide a death benefit and cash value component. Within the cash value component, the funds will grow, based on the underlying index, such as the S@P 500.

Universal Life
This life insurance plan allows you flexibility in your premium payments. There is a guaranteed minimum death benefit as long as your premium (payments) over the time are maintained. If you don’t maintain a minimum in premium your death benefit can be reduced.