Life Insurance can play a key role in protecting your loved ones, should you unexpectedly pass away. Yet, it can be painful to select the right policy to meet your needs and not blow up your wallet. Here are a couple questions to consider:
- Do you need temporary coverage or coverage for life?
- What is a suitable amount of coverage?
- Is a policy replacing income, paying off an outstanding liability (ex: Mortgage), covering future family expenses (ex: Kids’ College), ensuring final expenses aren’t a burden on others, and/or to grow your wealth in a tax-free manner?
We work with you to identify the best options, given your family’s financial landscape and goals. There are many types of life insurance policies, but these are the primary options we review with clients:
Term Life Insurance
Provides death benefit protection for a specific period of time (ex: 10, 20, or 30 years). It is typically the least expensive life insurance a client can get without going through a group policy at work. Many times, we pair the death benefit protection with living benefit riders that protect you during your life, not just after death.
Universal Life Insurance
There are a couple flavors to this that we typically discuss with clients – indexed or variable. These policies offer flexible premiums and adjustable coverage amounts. Universal Life policies allow you to build tax-free wealth through the use of loans against your cash value. These policies are often enhanced by using living benefit riders.
