Life Insurance

You work hard to ensure that you can provide for your family, but when preparing for the future, just putting away a few dollars each paycheck will not adequately prepare your family for the day when they may be without your salary.

Discussing life insurance policies is not an easy conversation to have with loved ones. However, it’s important to make sure that in the event of your death, your family’s needs and goals will not go unserved. When you plan for life's inevitable uncertainties by having a life insurance policy, you gift your family the opportunity to:

   * Help eliminate debt.

   * Pay for college.

   * Replace lost income.

   * Keep a business alive.

   * Protect and shield wealth, while 

     they recover from devastating loss. 

Life insurance policies generally fall into two categories

Term insurance

– This type of policy will cover a specific period of time, such as 10 to 20 years. Then, at the end of that period, you typically cease paying the premiums and your coverage stops. A term insurance policy is typically purchased to help replace lost income in the case of premature death.

Permanent insurance - A permanent insurance policy provides coverage for you until your death, no matter what age you are when you die. The only stipulation is that your premium payments need to be up to date at the time of death. Unlike term, permanent insurance usually also includes an investment component, which is why this type of insurance is commonly used for estate planning and wealth transfer purposes.