With the myriad of life insurance companies and types of policies, each with their own “bells and whistles” to choose from, it is important to learn about and include only those appropriate to your unique needs and goals. Take a look at the answers to some of our most common questions about Life Insurance, so that you can get an idea of what insurance you’re looking for, and see where we can help you.
What is Life Insurance?
Life insurance is a financial vehicle that protects those who depend on your financial capacity– be it a spouse and children, or a business partner, by providing an infusion of cash in the event of an untimely death.
Which Life Insurance Works For Me?
Whole Life Insurance.
Some life insurance will only cover you for a certain period of time. If you don’t die within that period of time then your loved ones will not receive a pay out when you pass. If this is a concern for you, I would recommend that we look into which Whole Life Insurance plan works for you. A Whole Life Insurance plan will last your entire lifetime, so your loved ones will be covered, no matter when you die.
Term Life Insurance.
This Life Insurance covers you for a shorter period of time, but it is more economical and can be simpler than Whole Life Insurance. Term Life insurance has lower initial premiums, so it is often seen as the most affordable option.
How do I Define the Premiums I’ll Pay?
We’ll help you. There are four different ratings insurance carriers use to define premiums, and we can get you set up to fill out those forms and obtain your rating. Then we’ll take it from there.
How Much Should I Be Leaving my Loved Ones?
We will conduct an analysis based on any existing debts (mortgage, businesses, loans). Next, we take into account any foreseeable financial costs, such as college expenses, to calculate how you will be able to cover that in any eventuality. That way, you can rest assured in the knowledge that you know exactly how you are providing for your family.
What Other Benefits Can I Get From Life Insurance?
Your Life Insurance policy may include optional benefits (called “riders”) such as life insurance for your spouse and children, a disability rider, as well as access to your “cash value” throughout the life of your policy, if applicable.
Additionally, due to the incredibly favorable tax treatment of life insurance, certain types of policies may even concurrently add a creative advantage to your current overall financial plan. Our team of advisors is here to take a look at your financial situation and talk you through the policies that will benefit you the most.
Contact a Life Insurance Advisor for your free hour-long consultation: