Life Insurance

Protecting your loved ones

There are many different types of life insurance available to you.

We’ve provided a brief description; please call with your questions.

Buy / Sell Insurance
A lot like Key Person, except these benefits are used to buy out the shares of a deceased business partner. Proceeds are generally used to buy the partners shares of stock from the heirs of the deceased.

Convertible Term Option
One of the many optional riders available. The option allows the policy owner to convert their tem policy for a permanent policy without evidence of insurability.

Key person life insurance
More of a reason to buy rather than a product. This policy protects a business which would suffer a loss in the event of a death of a key employee. The insurance is purchased by the business to reimburse for the loss of that person. Proceeds may be used to hire and train a replacement.

Level Term
Term insurance premiums typically start out low and increase as the insured person gets older. With level term, the premiums remain constant through the life of the policy. These policies can have terms of 10. 20, or even 30 years. The policyholder will typically pay a little more in the early years of the term, but will pay less as the policy ages.

Life Insurance
A policy, or contract, between the insurance company and the owner, guaranteeing a payment of a set amount of money if the insured dies. The insured is not always the owner. A parent can insure a child, and a business can insure an employee.

Permanent Life Insurance
This is any form but term and will include a cash value feature. Universal life and whole life are examples of permanent life insurance. Unlike term insurance, once a permanent life policy is written, the premium does not increase as you become older.

Term life Insurance
Term insurance is bought for a specified period of time. It is usually bought in order to provide protection for a specific need or liability, I.E. car of home loans. Older tem policies would renew each year at a higher rate. Newer tem products have "locked in" features. Term insurance has no cash value feature.

Always consider the following key points when buying life insurance:
  • Life insurance is not for you, but for those who you leave behind.
  • Life rates are based on may factors: age and health status being the most important.
  • Most carries will not offer coverage until a medical examination (at your cost) is completed.
  • The best time to buy is when the insured is young.
  • As we age, premiums increase - if illness or disease occurs, affordable life insurance may be unobtainable.
Life Insurance