Individual Life Insurance

Life insurance is a crucial step in planning for your family’s future. In the event of your death, a life insurance policy can help fulfill the financial needs of your loved ones in exchange for premiums paid to your insurance provider. Life insurance can even provide benefits while you are living.

Most people don’t want to think about their own death. But it’s important to plan for the worst. That way if the unthinkable does occur, you’re loved ones will be provided for. That is the role of life insurance.

Advantages of Life Insurance

Advantages of death benefits

In the event of your death, life insurance provides income-tax-free money to your beneficiary, or beneficiaries, that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial needs you leave behind.

Life insurance can also provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Advantages of living benefits

The cash value growth of a permanent life insurance policy is tax-deferred. That means you don’t pay taxes on the growth of the cash value unless the money is withdrawn.

Also, loans or withdrawals can be taken out against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or a down payment on a home.

Types of Life Insurance

The type of life insurance you choose depends on your personal and financial needs. There are several different types of life insurance available. The most common types include:

Term Life Insurance

If you currently don’t have life insurance, term life insurance can be a good place to start. Term life insurance provides insurance for a specified period of time. It’s usually less expensive than permanent life insurance and is available in varying term periods with fixed premiums from a one-year annual renewable term to a 20-year level term. If your needs change, term life insurance is sometimes convertible to permanent coverage, making it a flexible option.

Whole Life Insurance

Whole life insurance is a form of permanent life insurance. It remains in force for the insured person’s lifetime. The premiums for whole life insurance are paid as specified in the insurance policy. Over time, whole life insurance can build cash value.

Universal Life Insurance

Universal life insurance is a form of permanent life insurance characterized by flexible premiums, flexible face amounts, and unbundled pricing structures. Like whole life insurance, universal life insurance can build cash value which earns an interest rate that may adjust periodically although it is usually guaranteed not to fall below a certain percentage.

Get a Life Insurance Quote

Our local agents can help you determine what type and amount of life insurance is best suited for you.

Generally, you should consider life insurance if:

• You have a spouse
• You have dependent children
• You have an aging parent or physically challenged relative who depends on you for support
• Your retirement savings are not enough to insure your spouse’s future against a rising cost of living
• You have a sizable estate
• You own a business