Coverage’s and Products you may want to consider:
The basics are Term and Whole life coverage. You can typically use these to accomplish whatever circumstance you have.
Temporary - usually for 5, 10, 15, 20 or 30 years.
No Cash Value - it’s basically like renting death benefit coverage. If you cancel the policy or live past the term period, you do not get any money back.
Typically your cheapest option upfront. will have the lowest monthly or annual premiums.
Easy to understand. Term is the easiest product to understand.
Instant Issue Option. Some carriers are now offering instant issue, no medical exam term, up to $500,000 in coverage (visit my home page to apply)
Permanent – whole life coverage will last your lifetime, as long as premiums are paid.
Cash Value Growth – builds cash value. If you cancel the policy, you will get the cash value within it. Cash value can also be taken as a loan for immediate cash needs.
Typically more expensive than term upfront - but in the long run, can be cheaper. Initially has more expensive premiums than term life insurance, but if in force for a number of years, can potentially save you money over the life of the policy.
Can be used as a savings tool- cash value can grow beyond the amount of premiums paid in, allowing for tax deferred growth.
Coverage for Children. The loss of a child is never something you want to consider - but if something were to happen, having life insurance will give you one less thing to worry about during such a difficult time. Generally children are also healthier than adults, so getting life insurance at a young age will give them some coverage for life, if down the road they become uninsurable.
Coverage for business
Key Person– Do you have Key People in your company, that if something were to happen to them, the company would be at a loss? Employees that play a major role in the success of the company should be covered by a key person life insurance policy. This will ensure the company would be covered if something were to happen to them.
You can also use a key person policy as a benefit to your employee. It is the only benefit that can be designated for specific individuals within the company.
Buy Sell –Are you the owner or partial owner of a company? Do you have a buy sell agreement? Is that buy sell agreement funded properly? What would happen to the company if you or a partner would pass away? Life insurance can be used to buy out the percentage of ownership, rather than the ownership transferring to a family member that may not know much about the business.
If something happens to you and you are unable to work in your job, or sometimes any job, disability coverage will provide an income.
Long Term Care Insurance - Reimburses you for care needed due to chronic illnesses.