Life Insurance is the foundation of financial security for you and your family. You will need different amounts at different times for different reasons but you will need it. Life insurance can protect a hard earned estate, or replace missing income when a family member passes. You may need to make sure children have money for post-secondary education. Life insurance might be a help a charity at the time of the insured's death, or be used to keep a company running at the loss of a key employee. It can be used as a semi-compulsive savings plan or as a retirement asset.

Different types of life insurance meets different types of needs:

• Term insurance is for those that have high needs of protection and low financial resources. Term insurance does not build any cash value and, unless otherwise specified, policy owners will need to buy another policy when the first expires. However, if you need a simple, affordable solution to protecting your family, the cost benefits of a term life policy may make it the most practical choice. 

• Permanent (whole life or cash value) is for people with an insurable need and also an asset preservation need. Permanent insurance policies offer protection throughout your lifetime.  The policy provides a fixed amount of life insurance coverage while building cash value (a savings feature). The premium remains the same until the maturity date (usually age 100). Benefits are payable upon the death of the insured or on the maturity date. The cash value accumulates from premiums paid and increases over the years. Policies with cash values include provisions that allow you to take out loans on your policy for up to the amount of the cash value. The loans accumulate with interest but repayment is not required prior to death. If you die and the loan has not been repaid, the loan amount with interest is deducted from the amount paid to your beneficiary.

Your Life Insurance plan should be personalized to reflect your individual situation. It should protect your financial resources against the uncertainties of life so you can plan for the future. For a free no obligation life insurance quote, please fill out our life insurance quote form. We will be sensitive to your insurance budget and suggest ways to maximize your insurance premium dollars.

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