Individual life insurance helps safeguard the financial future of your family.
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Get the reassurance that your loved ones will have what they need with individual life insurance.
An important investment you can make for your family.
Individual life insurance is arguably one of the biggest investments you can make in securing the future of your loved ones. It’s a complicated subject, but don’t let that put you off. Discussing and understanding the different types of life insurance will help you make the decision that works for you and your family.
How to choose between term, whole, and universal life insurance.
First, you’ll need to determine the type of life insurance you want to
buy, with the most common types being term life insurance, whole life
insurance, and universal life insurance. Each has its own way of paying
out, and the plan you choose may be determined by your individual needs.
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What is term life insurance?
With term life insurance, you pay regular premiums for a set period and the policy only pays out if you pass away during this period. You may want to consider a term life policy if you need a large amount of coverage but have a small budget, or if you need to have life insurance for a specific time period. It’s important to know that premiums typically increase the older you get and that certain policies may require a medical examination.
What is whole life insurance?
With whole life insurance, there’s no set period. You usually pay regular premiums until you pass away, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you pass away. This is the most commonly held type of life insurance, as it provides both a savings account as well as a death benefit.
What is universal life insurance?
Universal life insurance works in a similar way to whole life insurance, but you have more flexibility about taking money early. You may even borrow money and repay it later; although, if there’s any loan outstanding when you die, the policy’s payout can be significantly affected.
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Spousal Support / Income Replacement
Protecting Your Small Business
Providing for Your Family
Funeral Costs
Mortgage Payments
Protecting Your Retirement Savings
Spousal Support / Income Replacement
Risk Factors
Many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone.
Solution
Life insurance can replace the income you would usually bring in and help support your spouse or adult children, ensuring your loved ones are able to maintain the lifestyle they're accustomed to.
Protecting Your Small Business
Risk Factors
If you passed away, would your business suffer? There are many
complications and financial issues that can arise due to the death of a business owner. Many people overlook this predicament.
Solution
A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for trainingand hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.
Providing for Your Family
Risk Factors
Raising a child can be a rewarding life experience, but it is also very expensive. It costs hundreds of thousands of dollars to raise a child to age 18, with college tuition, fees, room, and board resulting in another potentially enormous expense. If you were to die tomorrow, would funds be available to provide for food, clothing, day care, and educational expenses for your child?
Solution
Having life insurance could secure the future for your children if you
have an untimely death. With a life insurance policy, there could be
enough income to help pay for everything your child might need while growing up.
Funeral Costs
Risk Factors
An average funeral can cost tens of thousands of dollars, and that's
without unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that
stress?
Solution
A life insurance policy can easily cover the cost of a funeral. Your
family will be able to think of you and have peace of mind without being burdened by funeral costs.
Mortgage Payments
Risk Factors
After your death, any outstanding debt and financial obligations do not disappear. Your home is probably the costliest and most significant property you own. A mortgage payment is a large burden for a spouse or partner to carry.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home.
Protecting Your Retirement Savings
Risk Factors
Once you retire, you will be living off social security, and if you are
lucky to have them, a pension or retirement fund, too. But what if the surviving spouse has been relying on you to fund retirement for the couple? Premature death of an earner can affect sources of retirement benefits such as Social Security.
Solution
Life insurance can help support a surviving spouse during their retirement.
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