Life
Insurance
Protect What Matters Most!
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Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!
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For a couple with no children: If one of them dies early, it will usually create a financial strain as an income will disappear. Typically, they will get enough life insurance to cover the mortgage and maybe few extra things so that at least that expense will be covered upon death.
Recommended: Term
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For a couple with young children and mortgage: Same as above, but also the cost to finish raising kids must be taken into consideration. Typically, it costs around $200k to get a child from infancy to graduation.
Recommended: Term
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For older people with no kids or the kids are now adults: Assuming most debts are paid off or almost paid off: A small life insurance policy that would cover a funeral plus a few final medical expenses would be sufficient.
Recommended: Whole Life or GUL
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For people who are on track to retire with assets: a cash value policy may be considered, although it is more expensive, it provides life insurance that can be cashed out upon retirement and put towards investments. It is also worth noting that this is a tax-sheltered type of plan.
Recommended: Indexed UL or UL or Whole Life
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For people that are wealthy: Net worth of over 11 million for individual and 23 million for married couple: in this situation there would need to be enough life insurance to cover the death tax so that the heirs of the estate can pay the government to inherit the estate.
Recommended: Term, Single Premium Whole Life, UL, Indexed UL, or GUL
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Business Partner Insurance: Two people in business together: they will take out a policy on each other to be able to buy out the heirs of each other for ownership of the business.
Recommended: GUL, Term, Whole Life (depends on the situation)
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TYPES OF LIFE INSURANCE
Term Insurance: Lowest cost and offers affordable coverage typically for 10, 20, or 30 years. No cash value.
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Whole Life Insurance: Costs more money than term life but is intended to be kept forever as the premiums will stay the same. Policy builds cash value.
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Guaranteed Universal Life: A good compromise between whole and term life if someone wants death protection for life with no cash value component. Affordable premiums, rates stay the same forever, no cash value.
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Universal Life and Indexed Universal Life: These policies can be a great solution for building cash value for some people while also providing life insurance.
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