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Life Insurance

Life Insurance: Why is it Necessary?

Life insurance is essential in planning for the loss of a person who shoulders the financial responsibility of a family or a business. Benefits of personal life insurance can be used for family income, debt payoff, final expenses, and estate liquidity. Business life insurance can be used to insure a key employee, fund a buy/sell agreement, assure business continuation, and plan for estate disposition, to name a few uses.

There are many types of life insurance contracts:

  • Term Life: Term life insurance is inexpensive coverage that provides level death benefits for a specified number of years, typically 10-, 20-, and 30-year increments.
  • Whole Life: Whole life insurance offers permanent coverage for life with guaranteed cash values and level premiums.
  • Universal Life: Universal life insurance offers the most flexibility of any life insurance contract. Death benefits and premiums are adjustable to suit your specific needs. There are many options available when choosing this type of policy.