LIFE INSURANCE

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You want to protect what matters most in your life: your loved ones. With life insurance, you help to ensure that the financial needs of your family are met in the event of your death. This means peace of mind for you now, knowing your family will be secure in the future.

Who Needs Life Insurance?
You need a life insurance policy if anyone depends on your income or stands to inherit a financial burden in the event of your death. The money your dependents will receive, “the death benefit,” can help pay essential day-to-day expenses, such as mortgage and medical bills, and help your family reach longer-term goals such as your children’s college education. Plus, life insurance can help ensure that your loved ones are not burdened with debt or forced to sell assets to pay outstanding bills or taxes.

How Much Insurance Do You Need?
This depends on a few factors. Generally, the rule of thumb is 7 times your salary; however, as life changes, your insurance needs might, too. It’s a good idea to reassess your needs annually to make sure you have enough to properly protect your family. Beyond protection, life insurance can be the cornerstone of your family’s financial security by providing savings and wealth transfer opportunities. In fact, the very first step in selecting life insurance is to decide how you want the insurance to work for your family. When you’re ready, I can help you determine the amount of protection you may need and the type of insurance that’s right for you.

Coverage Options
You want to select the right coverage to protect your family. Learn more about the options available:

Term Life Insurance

What Do You Want from Your Life Policy?
There are two types of life insurance available today: term and permanent . One is straightforward life insurance with a basic cash payout. The other works a little harder for you. The type you choose will depend on your financial situation and what you’re looking for in an insurance policy.

Term Is for a Time
Term insurance is the most basic type of insurance. You can buy protection for a certain amount of time (or term) such as 5, 10, 15, 20 or 30 years.* If you die before the term is over, your beneficiary gets the death benefit stated in your policy. If you live beyond the term, your beneficiaries get no payment. This type of insurance is usually the least expensive to buy.

Renew or Convert
Term policies often allow you to extend your coverage for another term without having to get a medical check up. In some cases, you may be allowed to convert your policy to a permanent policy. This flexibility allows you to decide how you want your insurance policy to work for you. One approach is to use the term as your “starter” policy and upgrade to a permanent policy once you become more financially established.

Is term insurance right for you?

Consider term insurance if:
You are currently unable to pay the premium of a permanent policy
You are looking for home mortgage or other loan protection
You have young children
You’re looking for additional protection to supplement another life insurance policy

Because:
Term life insurance is generally less expensive than permanent life insurance
You can select a policy with decreasing coverage to match your decreasing mortgage or loan balances
You can buy protection for the length of time it will take for them to be financially independent
Term life insurance offers affordable increments of coverage for the length of time you choose

Term Life Insurance

Permanent Life Insurance

What Do You Want from Your Life Policy?
There are two types of life insurance available today: term and permanent. One is straightforward life insurance with a basic cash payout. The other works a little harder for you. The type you choose will depend on your financial situation and what you're looking for in an insurance policy.

Permanent Is for Life
One main difference between term and permanent life insurance is that permanent doesn’t expire. As long as premiums are being paid, it stays with you permanently.

Cash Value
The other big difference is that with permanent life insurance, your premiums are invested to produce returns. This gives your policy a cash value, which usually accumulates at a guaranteed minimum interest and is available to help fund retirement, emergencies and more.

Tax Deferral
The law currently allows your cash value to grow tax deferred. Because of this benefit, a permanent life insurance policy has become more than a protection tool for some people—it’s also a financial tool.

Is Permanent Insurance Right for You?

Consider Permanent Insurance If:
You are looking for tax advantages You may need access to your money You are looking for a hedge against inflation

Because:
Earnings grow tax deferred You can take out a loan, withdraw or surrender the policy Universal policies allow you to adjust the death benefit to keep pace with the erosion of purchasing power.

Fixed
• Whole Life
Also known as straight life, whole life is the simplest form of permanent life insurance. You’ll pay the same amount of premium for the rest of your life. (Start young and the less expensive the premiums will be.) Your cash value will accumulate based on a guaranteed rate. As long as your policy is current, you can borrow against the cash value at the current policy loan interest rate.

• Universal Life
This type of insurance is broader than whole life in that it gives you more flexibility. You pay a set initial premium, but after that you decide when and how much you want to pay (subject to certain limits, of course). How does this work? The insurance Agency simply charges the insurance cost from your cash value account. You can even skip payments as long as you know your cash value is adequate enough to cover the insurance costs. You can also increase or decrease your death benefit amount without buying a new policy.

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