Life Insurance*

Individuals purchase life insurance for many reasons should they have a premature death. For example: paying off mortgages and other debts, providing income to your dependents, and to provide tuition for children's education. Businesses also purchase life insurance on key employees and partners for buyout and loss of business revenue upon death.

Types of life insurance-

Term insurance policies are either annual renewable (the premium increases every year), or level premium for a period (typically with ten year, fifteen year or twenty-year level premiums). Term insurance does not build any cash value, and is the lowest cost initially. 

Permanent insurance policies are  whole life, universal life, indexed universal life, and variable universal life. Permanent insurance can build cash values. Because they are designed to last a lifetime, the premiums are more expensive initially.

Second to die policies are permanent insurance policies that are typically used for estate planning purposes.

Disability Insurance*

One of your greatest assets is your ability to earn an income.  Disability insurance can assist in replacing part of your income if you have an illness or injury and cannot work.

Self employed individuals utilize disabilty insurance to provide an income for themselves if they should become disabled. 

If you have short term and long term disability insurance through your employer, it is a good idea to check into the level of benefits (most LTD is 60% of salary), and if the benefits are taxable to you. Many people purchase their own policy as a supplement to fill in part of the loss of income.

Types of disability policies: 

• Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years
• Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years, to age 65 or 67 or to the rest of your life
• Business Disability policies (Overhead Expense and Business Buyout) have provisions to pay for employee salaries, rent, utilities, and for business buyout.

Long-Term Care Insurance*

An individual turning 65 years old today has almost a 70 percent chance of needing long-term care services in the future. Long-term care insurance can be a solution, if deemed appropriate. 

*Since we are independent, we can assist you by researching and locating a quote from some of the leading companies that are competitive based on your situation.