Life Insurance

Life Insurance is not for the dead, it is for those left living:


To plan for the future means to make certain commitments today.  Life insurance is a crucial element of family planning because it ensures the financial security of the beneficiaries after the policyholder's death.


A life insurance policy provides you and your family with peace of mind. After all, it's nice to know that your loved ones are protected and can benefit from the fruits of your labor so they can invest in their own future.


Some things to consider about Life Insurance:


Consider Supplementing your Group Life Insurance.  Many employees receive group term life insurance as an employer provided benefit.  Usually, the amount is not much, maxing out at several times one's salary.  It is usually not portable, so if you lose your job, it does not go with you.  Also, as you grow older and your health possibly deteriorates, it can become more expense to purchase Life Insurance.  The point is to also consider owning your own Life Insurance policy outside of work, so that you are the one who "owns" it.

 

 

We also consult on the following life insurance policies:

  • Permanent life insurance, including Whole life, Universal life, and limited pay
  • Term Life insurance

Here is a short and by no means exhaustive start to Life Insurance:


Term Life Insurance offers an income tax-free benefit, has fixed premiums and no investment risk.  The young one is, the possibly less expensive the premiums can be.  The policies also have a pre-determined expiration date and can ususally be extend beyond that date at a cost.  Whole Life Insurance also provides an income tax-free death benefit and generally has fixed premiums.  The main difference is the permanent, lifetime coverage afforded by whole life insurance, it has no expiration date, and cash values that build up over time can be acessed by the policy holder.

For more information, please contact our life insurance specialist:

 

 

Michael O'Shea


 

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