Your family is your most prized possession and number one priority. A life insurance program is ultimately the best solution to protect your loved ones from unforeseen circumstances. Planning ahead and taking this step will put you and your family on the right path. We want you to feel confident about your decision. For this reason, we will discuss the best options for your family. Additionally, we will develop a plan that will give you the peace of mind that you deserve.
There are two basic types of life insurance: temporary & permanent.
Temporary Insurance
Needs include home mortgages or short-term debt reduction, family income and educational expenses and can last as little as one year or last 20 to 30 years or longer. Term insurance is the most cost effective method of insuring many short-term needs. There are a variety of plans to choose from, ranging from an annual renewable term (1 year plan) to a level term plan that could last 5, 10, 20 or 30 years.
Permanent Insurance
Needs include those that last for your entire life or potentially for periods of 15 years or more. Permanent insurance needs include final expenses, funds to cover estate taxes and retirement savings protection. Permanent and universal life plans are ideally suited for meeting these goals.
The primary purpose of life insurance is to provide cash for your family in the event of your death to ensure that they can remain in their home and continue to maintain an adequate standard of living.
There are a number of factors that determine the cost you pay for life insurance including:
- Age
- Health
- Tobacco Use
- Occupation
- Hobbies