Life Insurance Services
Life can get so hectic that we forget to take care of one of the most important things in our lives: protecting the ones we love with life insurance.
When you think about what could happen to your family if something were to happen to you, having life insurance makes sense.
Your actual life insurance needs could surprise you.
The most important part of preparing for the future is protecting it. As a licensed insurance agent, I can help you prepare for uncertainty. Whether you outlive your retirement, pass away unexpectedly or become disabled, there are products that can help protect the life you’ve built for you and your loved ones.
I’m here to help you with your insurance needs and every step in path to Financial Independence, so feel free to contact us to discuss your goals.
Term life insurance is the simplest (and usually the most affordable) type of life insurance you can buy. Term life insurance is temporary which means it only lasts for a specific amount of time (the term) and expires at the end of the policy. That’s because it’s insurance that does one thing and one thing only: pays the people you choose—your spouse, children, or other beneficiaries—a fixed amount of money when you pass away. This is an easy and inexpensive way for you to proactively take care of your loved ones so they don’t have to worry when you’re gone.
Whole life insurance, on the other hand, is considered a permanent life insurance policy because it does not expire. It has a death benefit but also a cash value, which is an investment-like, tax-deferred savings account that is included in the policy. The cash value accrues interest at a predetermined fixed rate. Each month, a certain portion of your premium will go into the cash value of the policy, which offers a guaranteed rate of return (the exact amount that goes into savings is determined by your individual policy). The policy’s cash value grows over time.
Whole life insurance may be worthwhile if you need the cash value to cover things like endowments or estate plans, or if you have long-term dependents such as children.
Universal life insurance similar to whole whole life has a cash value and death benefit. But unlike whole life policies, universal life insurance policies are a tax-advantage savings account and offer adjustable premiums—meaning you might be able to access some of the cash value to adjust your yearly payment. Or, you might choose to leave things alone and possibly rack up some cash value over time.
This type of policy is a perfect long-term investment “strategy”. Basically, part of the monthly premium of a universal life policy goes toward the death benefit and another part is invested as “savings.” The thought is that the investment will grow with time—and is accessible for use as a living benefit and potential retirement plan.