Life Insurance
Protection when it matters most.
The big question is, does that policy actually protect your income, your family, and your future?
A financial professional can help you answer that and find a plan that's tailored to your unique needs. They can help you understand the different types of policies, figure out how much coverage you need, and make sure your policy truly serves your goals.
Types of insurance
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Whole life insurance can provide reassurance in the form of permanent coverage with fixed premiums and cash value growth.
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Universal life insurance is a type of permanent life insurance like whole life insurance, with a little more flexibility on premiums and death benefits.
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Looking for growth? Variable life insurance provides lifelong coverage with investment options.
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Need affordable coverage for a temporary need? Term life insurance might be what you need, with policies that often last 10, 20, or 30 years.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges; if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Any guarantees are contingent on the financial strength and claims-paying ability of the issuing insurance company.
Life insurance permanent policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Loans are income tax free as long as policy is not a “modified endowment contract” (MEC) and policy must not be surrendered, lapsed, or otherwise terminated during the lifetime of the insured, and withdrawals must not exceed cost basis. Partial withdrawals during the first 15 policy years are subject to additional rules and may be taxable. Excess policy loans can result in termination of a policy. A policy that lapses or is surrendered can potentially result in tax consequences. You should consult a qualified tax professional for tax advice on your own personal situation. All guarantees are based upon the claims-paying ability of the issuer.
Working with a financial professional to navigate your life insurance options can be a huge help.
