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Life Insurance

It is a general belief that life insurance is meant only for those with families. It is true that Life Insurance Policies like whole-life insurance, joint-life-insurance, pension-life-insurance etc are essential for family's financial security, but they are equally important for individuals. Term Insurance policies protect your financial resources against the uncertainties of life so you can protect your family's future.

Some of the life insurance advantages are:

 If an estate owner has not accumulated enough assets for his family, Insurance quote helps create an instant estate for the sake of the Family's security.

Life Insurance provides the option to pass equal assets to the children who are not active in the Family business at the time the family business is passed on.

Life Insurance policies can help secure the future of children for college/educational purposes as the amount of life Insurance Policy increases on a minor's or parent's life.

The growth of a cash-value policy is tax-deferred - you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.

Life Insurance can be useful in paying estate taxes, along with other estate settlement amounts. Federal Estate Taxes are due nine months after death.

 If there’s a Business Transfer, life insurance can provide ready cash to finance a transaction between business owners who are ready to buy the deceased owner’s share from his or her estate after death.

If there’s a home mortgage, one can pass the family residence to their spouse/children to free them of any mortgage if one has a Life Insurance Policy for the same. It is preferred to have a decreasing term policy that decreases in face amount as the mortgage balance is paid down.

Life Insurance helps retain your Business from the loss of a key employee. Untimely death of a key employee can pose severe financial loss to the business.

The right insurance proceeds can provide liquidity to pay off personal loans or business loans.

Charitable Remainder Trusts provide tax benefits. Life Insurance helps replace a charitable gift.

A lot of Insurance products presently provide good returns, which could be a beneficial way for saving necessary funds for retirement years.

Benefits are available immediately and may be used to help pay expenses such as final illness and funeral costs, eliminating the need to sell estate assets to cover these costs.  

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Insurance 101 Library

Download helpful articles on various Health and Life Insurance topics by clicking on the titles below:

What is Health Insurance
Health insurance is one type of insurance you’re pretty much guaranteed to use. We all need medical attention from time to time, and some of us need it quite frequently When care is needed, you want to focus on getting better not on how you’re going to come up with the money to pay your medical bills. A good health insurance plan allows you to focus on what’s most important, your physical well‐being.
(PDF; 138K)

What is Term Life Insurance
As the name implies, term insurance provides protection for a specific period of time and generally pays a benefit only if you die during the "term." Term periods typically range from one year to 30 years, with 20 years being the most common term. One of the biggest advantages of term insurance is its lower initial cost in comparison to permanent insurance.
(PDF; 131K)

Who Needs Life Insurance?
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs. (PDF; 127K)

How Much Life Insurance Do I Need?
Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.
(PDF; 125K)

Second to Die Rider
An exciting concept in the area of life insurance products for estate planning needs is the Second to Die rider offered by a number of carriers. It is a concept that is simple by nature, yet provides tremendous planning capabilities. The Second to Die rider is generally attached to a permanent life insurance policy.
(PDF; 112K)

Survivorship Life Provisions
Financial advisors are often asked to prepare analyses or make recommendations concerning life insurance as an estate conservation tool. In many cases, the client’s team of advisors including a tax attorney, accountant and insurance agent will recommend the use of a "survivorship life" or "second to die" contract. (PDF; 142K)