Life insurance is a type of insurance policy that pays out a sum of money to a designated beneficiary upon the policyholder's death. The purpose of life insurance is to provide financial protection for the policyholder's loved ones, in the event that the policyholder is no longer able to provide for them. There are several different types of life insurance, including term life insurance, whole life insurance, and universal life insurance, each of which has its own unique features and benefits.
Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. It is typically the most affordable type of life insurance, but it does not build cash value and the coverage ends when the term expires.
Whole life insurance, also known as permanent life insurance, provides coverage for the entirety of the policyholder's life and also includes a savings component known as cash value. Premiums for whole life insurance are typically higher than those for term life insurance, but the policy accumulates cash value over time that the policyholder can borrow against or withdraw.
Universal life insurance is a type of permanent life insurance that offers flexibility in terms of premiums and coverage. Policyholders can adjust their premiums and coverage amounts within certain limits, and any excess premiums are credited to the policy's cash value.
Index Universal Life Insurance, also known as IUL, is a type of permanent life insurance policy that combines the death benefit protection of traditional universal life insurance with the potential for cash value growth based on the performance of a financial index, such as the S&P 500.
A life insurance retirement plan (LIRP) is a type of financial product that combines a permanent life insurance policy with a tax-advantaged growth component. Also known as a "hybrid" policy, a LIRP is designed to provide both death benefit protection and the potential for cash value growth that can be accessed during retirement.
Living Benefits term life insurance is a type of term life insurance policy that includes additional provisions that allow the policyholder to access a portion of the death benefit while they are still alive under certain circumstances. These provisions, also known as "accelerated benefits," are typically triggered by a qualifying event, such as a terminal illness, chronic illness, or long-term care need.
Mortgage life insurance, also known as mortgage protection insurance, is a type of life insurance policy that is specifically designed to pay off a borrower's mortgage in the event of the borrower's death. The policy pays the death benefit directly to the lender to pay off the remaining mortgage balance, providing financial protection for the borrower's loved ones and ensuring that they are not left with a large debt to pay off.
A second-to-die life insurance policy, also known as a survivorship policy, is a type of life insurance policy that covers two people, typically a married couple, and provides a death benefit upon the second policyholder's death. Second-to-die policies are typically used to provide financial protection for the surviving spouse and ensure that there are sufficient funds to pay for expenses such as estate taxes, funeral costs, and debt obligations.
Business partner life insurance is a type of life insurance policy that is specifically designed to provide financial protection for a business in the event of the death of one of its owners or key employees. The policy pays a death benefit to the business, which can be used to cover expenses such as the cost of finding a replacement for the deceased individual, outstanding business debts, and any buy-sell agreements that may be in place.
My goal is simple, protect what is important to you. I focus my energy on discovering your exposure to risk and building a comprehensive plan to protect you against those risk.