Life Insurance

64% of Americans aged 58 and older die without life insurance and plunge their families into financial catastrophe.

A life insurance policy can help protect your family and business in the event of an unexpected event where you can no longer work as you used to, ensuring that your business will not close down and your family will be taken care of financially.

Life insurance is a special contract you make with a trusted insurance company. The insurance company will pay a benefit to keep your business running. The amount of the benefit is typically based on your age, health, and the amount of coverage that you choose.

We can help you choose the best coverage policy and products that will not eat into your business assets, but instead, augment them and prove to be a viable investment in the long run.

If you were diagnosed with a chronic, critical or terminal illness, how long would your savings last? What will happen to your business? How would you cover the costs? Would you resort to using credit cards or withdrawing from your 401k? What would happen to your plans for a comfortable retirement? Fortunately, there is a solution to this potential financial problem.

If you had taken a business loan with your personal assets as collateral, life insurance can protect your family from losing those assets. If you name your company as the beneficiary of a term life insurance policy, for example, your business can get the necessary capital to keep it running.

Life insurance is also important if your families rely on your income. It can provide them financial support.

Different types of Life Insurance to consider

Index universal life insurance

Indexed universal life insurance (IUL) is a type of permanent life insurance that provides lifelong protection.

Term Life Insurance

Term life insurance provides your family with financial support in case of unexpected death with coverage periods ranging from 10 to 35 years.

Frequently asked questions

How much life insurance coverage should I have?

Generally, a total death benefit of 10 to 15 times your gross annual income should be carried if you have dependents. The goal is to replace enough income long term while reducing debts. Also take into account specific costs associated with college savings, mortgage balances, etc.

When should I buy life insurance?

In the face of increasing responsibilities and expenses for more families, experts recommend that you purchase your life insurance policy at the age of 30 to ensure broad options. Lock in insurability early ensures broad coverage. Add more coverage as the children age, debts increase, etc.

What’s the difference between term and whole life insurance?

It is important to note that term life insurance is only intended to provide a death benefit payout in the event of passing during a specified term length (15-30 years), while whole life is designed to provide a lifelong income by allowing the accumulation of cash value assets along with the payment of an insured amount in the event of death.

What are the benefits of adding features like Waiver of Premium or Convertibility to a term policy?

It is possible to waive premiums for relatively small incremental rate increases so that the insured may remain on the policy without further payments if he or she becomes seriously disabled, as well as convert term policies into permanent cash value policies without undergoing additional health examinations. Both prove worthwhile.

What is the best time to involve my children in life insurance planning?

Once children have gained control of their financial and healthcare decisions at age 18, it is advisable to explain how life insurance is part of estate planning so they understand the purpose of a death benefit, along with any conversion provisions that transfer control at a certain age.