Life insurance offers protection for your family to ensure that they will have financial security in the case of your death.
There are many reasons to purchase life insurance:
Funding children's education
Paying off a mortgage or other debts
Business insurance to compensate a company upon the death of a key employee or partner
Funds for burial and funeral services
Funds to pay for estate taxes and other fees associated with estate settlement
Many factors are taken into consideration when determining the amount of life insurance you need. We invest in understanding your unique situation, and we make our recommendations based upon your specific needs and those of your family.
There are many different types of life insurance products available in the market. Following is a brief comparison of three popular options for coverage. As always, we take into consideration your unique situation and family needs when determining the most appropriate product for you.
Term Life - Protect your family during the period of highest exposure
Lowest cost
Does not build cash values
Runs out after pre-determined time (10, 20 years, etc.)
Return of Premium option available: if the policy goes unused all premium will be returned at the end of the term in a lump sum
Expensive to convert after the term has passed
Will not protect against exposures that occur after the expiration of policy
Universal Life with Guaranteed Death Benefit - Protect your family for your entire life, without setting term limits
Midrange cost
Protects for entire life
Guaranteed paid-up, level premiums
Cash values should not be accessed. Borrowing on values negates premium guarantee
Protects against unexpected financial downturns
Leaves a legacy for your family
Essentially a term policy that will not expire, protecting you regardless of your lifespan
Whole Life - Protect your family for your entire life, and build cash values that you can borrow against tax-free
Highest cost
Protects for entire life
Builds dividends that will increase cash value
You can borrow on cash values throughout the life of the policy
Cash value accural depends on dividend performance
Increasing Death Benefit can be added to the policy, protecting against inflation
Protects against unexpected financial downturns
Cash value is protected against creditors in Tennessee (statutes vary from state to state)
Leave a legacy for your family
A life policy with the added benefit of cash values to use in time of need
Available Carriers: AIG, AXA Equitable, Banner Life, Genworth Life Insurance Company, Guardian, John Hancock, Lincoln Benefit LIfe, MetLife Investors USA, Nationwide, Prudential Financial, United of Omaha, and West Coast Life