Is your biggest asset protected?

What is Life Insurance?

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Life Insurance can be defined as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individuals or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy.

Most important to understand is that you don't have to die to use your benefits! Solutions that we offer are designed to let you use your life insurance benefits when you need them most. This innovative life insurance policy can help pay the direct costs of treatment for qualifying illnesses or conditions - or any other indirect expenses.

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Who Needs It?

If someone YOU love relies on your income - you might consider obtaining Life Insurance

If someone will suffer financially when you die, chances are you need life insurance because it provides cash to your family after your death.

This cash, known as the death benefit, replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What's more, there is no federal income tax on life insurance benefits.
To help you understand how life insurance might apply to your particular situation, we've outlined a number of different scenarios below.

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You're Single

Some single people provide financial support for aging parents or a sibling with special needs. Others may be carrying significant debt that they wouldn't want to pass on to family members who survive them. Insurability is another reason to consider life insurance when you're single. If you're young, healthy, and have a good family health history, your insurability is at its peak and you'll be rewarded with the best rates on life insurance.

You're Married

Most families depend on two incomes to make ends meet. If you died suddenly, could your family continue meet all their financial obligations-from paying rent or the mortgage to daily living expenses? Could your family continue their standard of living on your spouse's income alone? Would their plans for the future-like college stay intact? Life insurance makes sure that your plans for the future don't die when you do.

You're Married With Kids

Many people mistakenly believe that they don't need to think about life insurance until they have children. Not true. What it one of you died tomorrow? Even with your surviving spouse's income, would that be enough to pay off debts like credit card balances and car loans, let alone cover the monthly rent and utility bills? If you're planning to have children, you'll want to buy life insurance now instead of waiting until pregnancy-some companies won't issue policies to pregnant women.

You're a Single Parent

As a single parent, you're the caregiver, breadwinner, cook, chauffeur and so much more. Yet nearly four in 10 single parents have no life insurance, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children's financial future.

You're a Stay-At-Home Parent

Just because you don't earn a salary doesn't mean you don't make a financial contribution to your family. Childcare, transportation, cleaning cooking, and other household activities are all important tasks, the replacement value of which is often severely underestimated. With life insurance, your family can afford to make the choice that best preserves their quality of life.

You Have Grown Children

Just because your kids are through college and the mortgage is paid off doesn't necessarily mean that you no longer need life insurance. If you died today, your spouse will still be faced with daily living expenses. Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you've worked so hard to achieve now and into retirement?

You're Retired

Depending on the size of your estate, your heirs could be hit with an estate-tax payment of up to 45% after you die. The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of these taxes, funeral costs and other debts without having to hastily liquidate other assets, often at a fraction of their true value. Life insurance proceeds are also generally income tax free and won't add to your estate tax liability, if properly structured.

You're a Small-Business Owner

Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners or a key employee died tomorrow? Life insurance can help in a number of ways. For instance, a life insurance policy can be structured to fund a buy-sell agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money. To protect a business in case of the death of a key employee, key person insurance, payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.

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How Much Life Insurance Coverage Do I Need?

To find out how much Life Insurance coverage you need, follow this link

Life Insurance is NOT just for wage earners!

The contributions of every family member would be missed if they were no longer there to fulfill them

How Long You Term Life Insurance Should Last?

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When you're buying term life insurance, you have two main decisions: how much coverage to buy and how long the policy should last.

The duration of the financial obligations you want to cover will generally determine how long your term life insurance policy should last. You want the policy to continue until your last major obligation is taken care of.

Term life policies are generally sold with terms of five, 10, 15, 20, 25 or 30 years. You won't find, for example, an eight-year life insurance policy. The longer the length of the policy, the higher your life insurance quotes will be because you're locking in your rate for a longer time, and, as you age, health problems tend to crop up and your likelihood of dying increases. If your longest-lasting financial obligation falls in between available term periods, round up. For example, if your mortgage will be paid off in 17 years, round up your term choice to 20 years.

An option is annual renewable term life insurance, which guarantees your ability to buy coverage for a set period, but it renews each year at a potentially higher rate. You'll generally pay less by buying standard level-term life. Annual renewal term life insurance can be a good choice for people who have short-term financial obligations or who want to cover a short period until they get a new job with group life coverage.

If you're wondering how much life insurance you need, think about the following factors:

The length of your mortgage

Your mortgage is a big part of your monthly expenses and often the main reason people buy life insurance. If you want your life insurance to cover your mortgage, consider how many years you have left until you pay off your house. You don't want your policy to expire after 20 years if your mortgage payments will last another decade after that.

How long until children are on their own

Children are expensive, demanding food, clothing, camps, music lessons, education, various electronic devices and so much more. How long until you can expect your kids to support themselves? These days, that's probably at least a few years beyond age 18, particularly if you're planning to pay for college.

The number of years until you retire

Ideally you've been saving for the time when you will stop working. If you're buying term life insurance primarily for income replacement, you may not need it after retirement.
Once your kids are grown up, the house is paid off and you're living off your retirement savings, life insurance is one more thing you no longer need to worry about.

"Never leave that till to-morrow which you can do to-day." Thomas Jefferson

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