Life Insurance has many uses for Companies and Individuals. For Employers, it may be group life , or single policy life coverage for key employees. For the individual client, Life Insurance provides protection for family members and when appropriate, for estate planning purposes. If the need is for financial planning for very large networth individuals, we would work with one of our professional partners to prepare a sound financial plan for our client.

Listed below are brief descriptions of individual Life Insurance products.

Term - Provides death benefit coverage for a specified time period. Premiums may increase annually (annual renewable term) or remain level for period of time (e.g. 10 years) before increasing. Typically provides the lowest initial cost and the highest long term cost for coverage. Policies may be convertible to a permanent insurance policy for a limited period of time from as little as 2 years to possibly as late as age 65. Term insurance differs from permanent insurance in that term insurance does not accumulate cash value while permanent coverage has a cash value component.

Whole Life - Permanent death benefit coverage characterized by strong guarantees and premium payments until death of the insured. A purchaser of whole life typically sacrifices premium flexibility for the guarantees found in the contract. If the premium is paid as scheduled, the death benefit is guaranteed. Deviation from the premium schedule normally results in loss of the death benefit guarantee. Premiums for whole life are normally the most expensive compared to the other policy types.

Universal Life - Permanent death benefit coverage recognized for its premium flexibility and cash value accumulation. The amount and timing of premium payments is flexible as long as policy cash values are sufficient to pay for the cost of insurance coverage. Typical death benefits options available include a level death benefit or an increasing death benefit. The increasing death benefit is usually a level amount plus either an amount equal to the cash value of the policy or an amount equal to the cumulative premium payments. When initially introduced, universal life insurance did not offer guarantees comparable to whole life contracts. However, in recent years many policies have begun to offer competitive death benefit guarantees if a minimum premium amount is satisfied. Of course, death benefit guarantes are dependent on the claims paying ability of the insurance company.