Insurance Products

Insurance PolicyLife insurance is a crucial step in planning for your future. The right kind of life insurance for you depends on your current life responsibilities, the length of time you want the insurance to last, your budget, and the purpose of the insurance.

There are two basic types of life insurance:

  1. Term insurance. Typically lower cost at younger ages with increasing costs beyond the number of years you select when you receive the policy: ie. 10yr, 15yr, 20yr or 30yr. This insurance is renting protection. As long as you pay the premium, it is in force. When the policy ends, you have no value.
  2. Permanent Insurance. Typically higher cost and several variations are available. It is typically purchased for life or until you decide to terminate it. This is like buying a house.  It costs more than renting, but it accumulates equity, so when you chose to borrow against it, or cash it in, you receive funds for the value accumulated. When done correctly, these funds can be used without paying income tax, which can be very important for retirement planning.

Recently, the industry has designed policies with additional benefits such that life insurance can provide assurance for your family if you are no longer around, but can also offer benefits while you are living.  Health issues can be the source of the ‘surprises’ of aging. These products can be designed to fit your own unique situation.