LIFE INSURANCE

Life insurance is a very valuable tool for providing for one’s family, and other beneficiaries,
as well as one’s business partner in the event of the spouse’s or other partner’s death. Life insurance
provides ease and comfort for many things in addition to a death benefit. For example, benefits can be used to:

· Provide income for surviving family members
· Provide funds to pay federal and state death taxes
· Provide funds to pay other estate settlement costs, such as probate costs, executor’s fees, etc.
· Pay debts
· Provide for children’s education
· Meet the special financial demands of physically or mentally handicapped dependents
· Shift wealth from one generation to another in the most cost-effective manner possible
· Relieve survivors of financial burdens by providing a lifetime income
· Help a person meet his or her charitable objectives (Making a charitable gift is a goal shared by many people, and a life insurance policy’s death benefit can create an enormous benefit for a favorite charity for a relatively modest premium. Although a substantial gift may be impossible for many donors, a policy owner can use life insurance to multiply the value of his or her gift.)

Life Insurance is not what it used to be though. In the past, you really only had a couple of options for Life Insurance between a Term Life Product or a Whole Life Product with minimal investment options. These days, there are many products available to cater towards the many different appetites of investment. Let’s briefly review the different products here.

Types of Life Insurance

· Term Life – Temporary Life Insurance that lasts for the duration of the policy. This is the lowest cost form of life insurance and simply provides a set amount of Death benefit. The Term can be 10 years, 15 years, 20, years or 30 years depending on your needs.
· Permanent Life – This type of insurance lasts for the duration of the insured’s life as long as the minimum premiums are maintained

Within Permanent Life Insurance, you have several options of products depending on the type of investor you are.

· Whole Life Insurance – With Whole Life Insurance, you get a guaranteed Death Benefit and guaranteed Cash Value based on a small guaranteed amount of interest. Cash Value and returns do not grow as quickly as other products but are Guaranteed.
· Universal Life – Universal Life is a very flexible product that allows you to decide how the policy is funded and how it gets used. As the policy owner, you get to decide how much your premium is and how the funds are invested. The amount of death benefit and the cash value growth is based on the amount of premium you make as well as the performance of the investments you make. These policies allow a lot of flexibility but not as much in Guarantees.

Determining which type of life insurance is best to fit your needs does not have to be complicated. We at Lifelong Insurance are very knowledgeable and have the resources to help with this important decision. Our commitment is to help walk you through this process to make it the easiest decision you may face.

Give us a call today for a consultation and see how easy it can be.