Individuals

In these uncertain times life insurance is a must to have in anyone’s financial toolbox. Coverage you can count on – in good times and bad.

Help maintain heirs’ lifestyles. Your death may result in a significant reduction of your family’s current income. Life insurance proceeds can help to replace your lost earning power and pay the mortgage or rent.

Provide immediate liquidity. The death benefit can help pay debts, mortgages and expenses such as probate, funeral or final medical costs. 

Pay estate taxes. Even large estates are often cash poor if they are composed primarily of assets such as closely held business interests, real estate or collectibles. Estates can be decimated by federal and state death taxes that can approach 35% to 50% of its value at death. 

Equalize your estate. The death benefit can help keep the business in the family and balance inheritances among heirs. If one child, for example, is best suited to run the family business, the life insurance death benefits can go to the other children in lieu of business ownership.

Increase bequests. Because premium payments for a life insurance policy are often much less than the death benefit purchased, you can give a much larger gift to charities or family members. Premiums may also be tax-deductible.

NEW ALL-IN-ONE
LIFE + DISABILITY + LONG-TERM CARE

A revolutionary new type of life insurance is now available that provides a combination Death and Disability benefit. if you The monthly Disability benefits are paid out directly to you tax-free, if your personal  physician determines that you are unable to perform 2 out of 6 ADLs (activities of daily living). Unlike Long-term Care Insurance, proceeds can be used for any purpose and are not restricted to qualified care providers. Learn more.

WHAT TYPE OF LIFE INSURANCE DO I NEED?

The best type of life insurance for you depends on what your needs are and how long those needs, will last. The two main types of life insurance are term, which is for short-term needs usually of 30 years or less, and permanent Whole and Universal Life, which are designed to last a lifetime. 

HOW MUCH LIFE INSURANCE DO I NEED?

The simplest way to estimate how much life insurance you need is to multiply your annual earnings by the number of years you’d like to supply this income to your family or business. 

HOW MUCH WILL IT COST?

Your age, health, and lifestyle factors are part of the equation insurance companies use to determine your price. Many are quite pleased to find that their pre-existing conditions do not prohibit them from qualifying for affordable coverage. 

Business Owners

There is perhaps no better financial product for long-term planning for businesses than Life insurance. 

SUCCESSION PLANNING

A Life insurance policy is often the cornerstone of a business’s succession plan. The business uses Life insurance to fund a buy-sell agreement, allowing surviving partners to purchasing a deceased partner’s share of the business from their estate. In this way, surviving spouses and heirs receive their share of the business, and the living partner(s) maintain control of the business. Buy-sell agreements can reduce conflict and allow the business to keep running smoothly. The accumulated policy cash value can also be used or leveraged to help one partner purchase another partner’s interest in the business, upon mutual agreement. 

KEY EMPLOYEE POLICIES

No business would think of not insuring their buildings and equipment, yet often, they don’t ensure its greatest asset – the people whose skills, knowledge and experience are essential to its operation! Key Employee policies could be:

• A company manager

• The head chef of a restaurant

• An organization’s top salesperson

• Any employee whose absence would cause a severe disruption of a business

The policy provides a business with additional liquidity as well as additional benefits for the employee at retirement and to their heirs in the event of death.

ESTATE EQUALIZATION

Often times, business owners will have several adult children who may have varying degrees of interest and involvement in the family business. Life insurance provides the solution to this estate-planning dilemma by creating an additional asset that can be used in a multi-generational balancing act. 

TAX MINIMIZATION

The tax-free growth of life insurance cash value is an attractive benefit and one reason why banks and corporations fund permanent insurance policies. Cash value accounts grow tax-free, can be accessed in a tax advantaged manner and free of income tax.  This combination of tax factors may allow a life insurance policy to produce an internal rate of return that exceeds that of a taxable portfolio growing at a similar rate. In some situations, life insurance premiums may even be deductible.