Life Insurance

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Whether you’re a "Boomer" an "X-er" or an "Empty Nester" it’s never too early – or too late – to think about life insurance.

Monetary Death Benefits
Even if you’re on your own for the first time, just getting married, starting a family, or simply enjoying retirement – life insurance can help provide monetary death benefits to those you designate as beneficiaries.

Cash Value Accumulation
But life insurance can serve for more than just "death protection." Some life insurance products combine death protection and savings. These products can be useful during your lifetime, not just after it. They can help you achieve your financial goals through cash value accumulation, which can help with college or retirement savings.

Why You Need Life Insurance
There are many reasons for buying life insurance. If you’re the primary wage earner in the family, life insurance is a good way to help provide your family with a stable financial future. If you aren’t the primary wage earner in your family, it’s important to have insurance to help cover the financial burden of childcare, funeral expenses, and other unforeseen costs.

While it’s difficult to face our own mortality, planning for it can ease the burden our loved ones will face later. Purchasing life insurance can help make a difficult situation easier by providing death benefits for:

• unpaid medical bills
• income replacement for survivors
• final expenses like burial costs
• unplanned or emergency expenses
• your mortgage balance
• future education funds for your children

Remember, you can also use some life insurance products:

• to help you establish an estate plan
• as a component to your savings strategy
• for retirement income
• even to pay for estate taxes

A Brief Explanation of Your Policy Coverages

Term insurance
Provides protection for a specified period of time. If the death of the insured person occurs within the time limits of the policy, the death benefit will be paid to the beneficiary. No benefits are paid if the insured person is still alive at the end of the covered term. This type of policy does not build cash value, but is less expensive than permanent life insurance.

Permanent insurance
Unlike term insurance, permanent life insurance has no specified term, subject to policy conditions. A permanent life policy calls for premiums to be paid for as long as the insured is alive. The biggest advantage to permanent over term life insurance is that permanent life insurance builds cash value.

Choosing your coverages will depend on your specific needs, desires and circumstances. If you want more information on other coverage options, contact us.