Life insurance is simply intended to cover the financial risk of death.  In general, anyone who wants to make sure that their family does not have to change its lifestyle after his or her death needs to have it.  Life insurance has several variables: duration of coverage, frequency and stability of payments, as well as payout method and amount of coverage.

You can use simple rules of thumb, but a real evaluation of your needs should take your whole financial picture into account.  Most advisors recommend an amount between 5 to 10 times your salary. 

Which type of life insurance is right for you?  Contact us for an extensive consultation:

Term Life:   Need a large amount of insurance for a period of time (1 year to 30 years) at the lowest possible cost – consider term life insurance with or without a return of premium rider.

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NEW Return of Premium Term Life: ROPTerm is one of the industry's first term life products to offer a full return of your premium at the end of the level-premium term

Universal Life:  Permanent life insurance with an investment component.  Typically accrues cash value which may be used for retirement and/or loans.  Generally more expensive than term life insurance.  Investment component is generally tied to a market indicator.  Premium may fluctuate (increase or decrease) based on investment component performance.

Whole Life:  Offers a guaranteed death benefit as well as a guaranteed cash value.  Guaranteed returns on cash value generally higher than guaranteed returns associated with Universal Life.  Premiums will not fluctuate from the original premium schedule deliver at policy inception.  Whole life policies often are employment as a component of your family’s financial plan.  Ask us today about financial planning.

Term life insurance policies offer insurance protection for a specified term or period of time - typically, one, five, 10, 15, 20 or 30 years, or until a specific age (such as 65). Premiums may increase each year (annually renewable term) or remain level for a set period (level term), and the insurance is generally less expensive than permanent (cash value) life insurance.

At the end of the term period the policy may be renewed without a medical exam, although the premium rate will be higher. Some term life insurance policies include the option to convert to a permanent insurance policy.

Term life insurance is typically purchased by individuals who need insurance coverage for a temporary period of time - or who need a large amount of life insurance at the lowest possible cost.

Since traditional term life insurance provides a death benefit only, the policies do not offer an opportunity to build cash values. However, a new product concept known as "return of premium term" provides a return at the end of the level-premium period in the amount of the cumulative premiums paid - an alternative to traditional term life and permanent insurance products.

Return of Premium (ROP) Term insurance is an exciting alternative to traditional term life and permanent life products. With ROP, individuals can look forward to a refund of their cumulative premiums at the end of the level-premium period, or prior to the end of the term depending on the product selected.

ROP Term Life is ideal for individuals interested in basic term protection but hesitant to invest in insurance they may not need, or permanent insurance they cannot afford or view as a poor investment. It addresses the primary objections to both basic term insurance as well as permanent life insurance.

WIN - The face amount is paid in the event of death

WIN - The term coverage may be converted in the event of sickness to protect future insurability (conversion can take place even if premiums are refunded).

WIN - The premium may be returned in full should client desire at the end of his/her term

The usual objection to permanent coverage is the cost. ROP is a fraction of the cost of permanent coverage, and with conversion rights clients can convert ROP to a policy providing permanent protection.

As one would expect, level term plans offering the ROP feature cost more than a typical level term plan. It is important to note, however, that this added premium is:

1. Returned also at the end of the term.
    
2. This added premium grows at rates in excess of 7% per year.

Universal Life
Universal life policies offer the policy owner more flexibility than whole life insurance - the flexibility to choose both the amount of insurance and the premium amount to be paid. As needs change, those amounts may be changed subject to certain guidelines. Premium payments are credited to a cash value account where the money earns tax-deferred interest at a rate set by the company, which may be higher than the minimum rate guaranteed in the policy. Policy expenses are deducted from this cash value account. Generally, cash values can be accessed by the policy owner through policy loans and withdrawals.

Indexed universal life products offer interest-crediting rates tied to the stock market, plus the safety of a minimum guaranteed interest rate. When the stock market is up, policy owners can benefit from the growth of the Standard & Poor's 500 Composite Stock Price Index.** When the market is down, clients have the security of a guaranteed minimum interest rate.

Universal life products with a no-lapse guarantee ensure that coverage will continue from the policy issue date for a specified period of time, as long as monthly guaranteed premiums are paid. These policies may be maintained with less than the guaranteed premium, for a catch-up provision allows the policy owner to restore the guarantees at any time if the policy is in force - without any interest charge.

A whole life insurance policy provides a guaranteed death benefit and guaranteed cash values. The premium may be level or increase after a fixed period, but it will not change from the premium schedule provided when the policy was issued. Part of each premium payment is applied to the policy's cash value account, which grows on a tax-deferred basis¹. Whole life policies may also pay policy dividends, and an excess-interest whole life policy may pay an additional amount of interest after a specified period of time.