LIFE INSURANCE

Life Insurance is not a necessity but it should be if you have a spouse or children.  There are many types of and variables with life insurance policies.

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Term Life Insurance

Term life insurance can be a good band-aid for things like debt or catastrophic coverage. 

is insurance, not unlike whole life in its coverage, but does not accrue a cash value over a period of time, rather it's a type of coverage that lasts over a designated period of time. Terms range from 5 to 30 years, depending on an individual's needs. It is much cheaper than whole life, but again only lasts a certain term and then ends, while whole life is permanent. Term is good for someone who may be certain financial obligations over a period of time that would need to be fulfilled in the event of death, in order to prevent a financial burden on other family members. Whether you purchase a whole life or a term insurance product, both are a necessity for the security of your family and business.

 

Universal Life Insurance

If you are young and in good health,  Whole life or Universal life insurance is a must.  Universal life insurance policies have really become safe and diverse over the last few years.  You could even purchase a Universal life policy that is based off of the performance of an index, such as the S&P 500.  Some of these policies are so varied that they can deliver on multiple objectives such as:

• Tax-Free death benefit for your family

• Excellent Long-term care coverage for your later years

• Tax-Free retirement money, pulled directly from your cash value

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