Life Insurance

Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living.

Life insurance will protect your family and /or specified dependents in the event of the policy holder’s death. In general, it is essential component in planning for the future. Life insurance comes in many shapes and sizes, but the different types of life insurance policies generally fall into two categories: term and permanent (Whole Life and Universal Life).

Advantages of the Death Benefit

• Provides income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind.
• Can provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Advantages of Living Benefits

The cash value growth of a permanent life insurance policy is tax-deferred¹, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn.

Loans² or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.