Life Insurance

Create a lifeline that will last a lifetime

We know you can’t put a dollar amount on your family, but you can ensure their future is protected. And though costs are a real concern for most people considering life insurance, it never costs as much as you think.

Term Life Insurance

Term Life Insurance

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Permanent Life Insurance

Permanent Life Insurance

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It happens more often than you think…

Life insurance is needed for a variety of reasons, the most notable of which are to:

  • Replace the income from the sudden or premature loss of a loved one
  • Provide for a legacy to your family’s next generation,
  • Buy-out a business partner or insure the loss of a key employee
  • Provide for additional executive compensation
  • Pay for estate taxes due
  • Supplement the cost of higher education or college
  • Supplement long-term care needs
  • Secure a bank or commercial loan
  • Provide children with an additional source of cash and guarantee their insurability
  • Provide an additional source of tax-deferred or tax-free income in retirement  

How are the premiums or cost of life insurance determined?

There are a few factors that determine the cost of insurance, most of which are intuitive and include the following:

  • Coverage Amount – The more coverage you seek or apply for, the greater the premium. This seems logical and is certain with all policies. 
  • Health rating – Each insurer has a rating scale which offers the best rates to those that are the healthiest. Your rating depends on your current and past health history, your family history, and your lifestyle choices. 
  • Age – Premiums are heavily based on your age at the time of application. Each year that goes by, you can bet that the cost will increase.
  • Gender – As a rule of thumb, if all else is equal, women will pay less than men. This is based on actuarial factors and not the result of discrimination. 

What are the types of life insurance?

Term Life

Term insurance is the easiest to understand and the most popular.  Its sole purpose is to address the risk of premature death as it lasts only for a specified term, usually 10, 15, 20, 25 or 30 years.  This is the kind of insurance frequently advertised on television or the radio and its primary selling point is that it is “cheap”.  You pay less for term because there is a high probability that you will still be living when the term expires, which is why insurers are willing to offer a lower premium for a seemingly high death benefit.  Term insurance is normally included as a company group benefit to some extent, so an analysis should be done to compare the rates and benefits offered through employment versus those available in the individual marketplace. 

Permanent Life    

Permanent insurance (also known as cash value insurance) comes in four main forms*: Whole Life, Universal Life, Indexed Universal Life, and Variable Universal Life. Here is a brief explanation of each, in order of risk level. 

  • Whole Life - these policies accrue cash value through a portion of premium payments and dividends, if declared, by the insurance company. The death benefit can also increase over time with paid-up additions. 
  • Universal Life (UL) -  this type of insurance is traditionally acquired by older policy holders near or in retirement. The main benefit is that it has flexible premium, but usually more limited cash value accumulation.   
  • Indexed Universal Life (IUL) - these policies accrue cash value through interest earned using the change (subject to a floor and cap) in a major stock market index, such as the S&P 500. Policy premiums are not directly invested in the stock market or any investment subaccounts (i.e. mutual funds). 
  • Variable Universal Life (VUL) - these policies accrue cash value through the performance of investment subaccounts, which may increase or decrease, and are invested directly in the stock market.  

*Please contact us to learn more about suitability and the risks and rewards of each type of policy. 

There are two key differences between permanent and term insurance

First, while term insurance covers the insured for a designated number of years, permanent insurance is permanent and will cover the insured until they are 100 or 121 years of age, depending on the insuring company. Second, permanent insurance policies usually accumulate or earn cash through dividends or interest.  The cash value may be accessed through withdrawals or loans against the policy, which is often tax-free when done properly.  Compared to term insurance, the premiums are considerably higher for the corresponding death benefit, but this is logical because the insuring company has a firm obligation to perform and payout a death benefit throughout the insured’s entire life expectancy as long as the insured makes the premium payments and the policy is not at risk of lapsing.  Permanent insurance has multiple uses and can be coordinated with other asset classes.

Why We're Different

While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you. After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your business.

Contact us today, and we'll help you protect what matters most.