Enjoy the peace of mind that comes
with passing on a legacy.
Life insurance is a great way to create an immediate estate for your family. It can provide “peace of mind in knowing that your absence will not create a financial hardship for your loved ones. Life insurance policies can also be a tax-free source of supplemental income for you at retirement.
The Three Most Common Types of Life Insruance
- Term life insurance covers the insured for a specific period or “term”, typically 5, 10 or 20 years. Term life is the most affordable way to get the maximum amount of insurance. It does not typically build cash value, but can usually be converted at the end of the term to permanent life insurance. Term life is ideal for covering the remainder of your working years to replace lost income and pay outstanding debts such as mortgages or children’s education.
- Whole life insurance, as the name implies, is designed to cover you for your “whole life”. Whole life has level premiums and a level death benefit. It will also accumulate cash value that can be used to supplement retirement income. Whole life is ideal for someone looking for a simple, safe and permanent life insurance solution.
- Universal life insurance is also designed to cover you for your entire life, but provides more flexibility in regards to premiums, death benefit and cash accumulation. Universal life is ideal for someone that wants to maximize cash accumulation and provide an immediate death benefit for their family.
- The Universal life policy includes Long Term Care (LTC) with a benefit equaling two times the face value of the universal life policy.
LTC Pays 4% per month of life face value for in-home or managed care facility.
ex: life face amount equals $100,000
long care would be $200'000
therefore 4% of $100'000 would be $4'000 per month for 50 months
If you use the entire $200,000 you will always have $25,000 left for life.