Life Insurance
Life insurance offers peace of mind as it relates to the equitable distribution of assets to heirs; providing ready funds to pay estate taxes and settlement costs without the delay and costs of probate; and by furnishing a significant increased cash death benefit to beneficiaries.
Life products offer specialized options to help protect and manage your estate.
- Term Life Insurance is relatively inexpensive and provides a tax-free death benefit to your beneficiaries with coverage for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase. Term life does not accumulate cash value.
- Final Expense or Simplified Issue Whole Life Insurance helps pay for final expenses upon death. These plans usually provide up to $25,000 to $30,000 in benefits and often do not require medical examinations. However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application.
- Whole and Universal Life Insurance accumulates cash value and earns interest, income tax-free while providing an income tax-free death benefit to your beneficiaries. If an emergency arises the insured has access to these funds by borrowing against the acquired cash value or by asking for a partial surrender of these values.
Please keep in mind that life insurance typically requires health underwriting and, in many instances, financial underwriting. Policy loans and withdrawals from a life insurance
policy will reduce available cash values and death benefits and may cause the policy to lapse or affect any guarantees against lapse.
Additional premium payments may be required to keep the policy in-force. In the event of a lapse, outstanding policy loans in
excess of unrecovered cost basis will be subject to ordinary income tax. Withdrawals are generally income tax free unless the
withdrawal amount exceeds the amount of premium paid.
Guarantees are based on the claims-paying ability of the issuing insurance company.