LIFE
insurancE

Why Life Insurance?

We insure our homes and vehicles because we’re required to. No one is required to purchase insurance on the most important thing… You! Life insurance protects what’s most important to you; your spouse, your children, your home, your business and your financial well being.

Life Insurance Today

The original purpose of life insurance was to protect your loved ones at the occurrence of an untimely death. While that is still true, today life insurance has evolved to include “living benefits”.

What are “living benefits?”

Living benefits provide the insured the ability to access the death benefit in the event of a “chronic, critical or terminal illness.” Depending on the severity, a monthly or lump sum payment would be paid in advance to the insured to cover medical and/or personal expenses and may be considered non taxable. Now, your beneficiaries aren’t the only ones who can receive benefits. You can too!

Types of Life Insurance

• Term Insurance – The most basic and common type of life insurance purchased for a specified period of time (typically 10, 20 or 30 years) and can be paid on a fixed monthly or annual basis.
• Permanent/Whole Life – A more expensive option would be a whole life or permanent type plan which could provide for cash value growth through a moderate return and lifetime coverage.

*There are several other options but the ones listed here are the most common.