When we think about life insurance, it’s our loved ones we’re thinking about. It’s not about us — it’s a selfless act that’s about providing security in the form of a death benefit to our beneficiaries. It’s also a way for us to receive specific benefits while we’re alive and well to benefit our families.
Benefits available in the event of death:
- Your beneficiaries shouldn’t be thinking about expenses in the time of loss. A life policy will help pay your final expenses, debts, estate taxes, etc, or any other outstanding financial debt. And your beneficiaries won’t have to pay taxes on the death benefit amount.
- You and your business partners can use the proceeds to buy out the interest of a deceased partner, which will help ensure business continuity.
Benefits available while you’re alive:
- The increase that your policy accumulates in cash value over time will be tax deferred unless you withdraw the money before maturity.
- Your policy (as long as it’s a permanent life policy and not term life insurance) can be used to pay the down payment on a home or go towards your child’s college tuition (there will be possible tax issues, as mentioned above).
The amount of life insurance you need:
This depends on your individual obligations (spouse and dependent children) and your particular financial situation. We can review this with you.
Life insurance can also help support aging or disabled parents, funding your retirement needs or those of a spouse, or executing certain aspects of a large estate.
Life Insurance Plans Available
We have available different plans, including: Term Life Insurance, which is purchased for a specific period of time. You can also usually convert your term life policy to a permanent form of coverage should your needs change. Whole Life, which provides coverage throughout your lifetime as long as the premium is paid. With this type of policy, you get protection, up to the policy’s face value, and cash value growth over time. And there is Universal Life Insurance, which is a type of permanent life insurance, and typically offers more flexible premiums than Whole Life. What’s more, there are varying face amounts and an unbundled pricing structure. The policy also builds cash value at an interest rate that’s guaranteed not to go below a level specified in the policy.
What type of policy is right for you?
Advantage’s life insurance specialists will meet with you to discuss your specific needs now and into the future. For a free assessment of your specific requirements, call, email us, or fill out the form above.