Life Insurance
Life insurance offers protection for your family to ensure that they will have financial security in the case of your death. Many reasons to purchase life insurance are:
- Funding children's education
- Paying off a mortgage or other debts
- Business insurance to compenstate a company upon the death of a key employee or partner
- Funds for burial and funeral services
- Funds to pay for estate taxes and other fees associated with estate settlement
Many factors are taken into consideration when determining the amount of life insurance you need. We invest in understanding your unique situation and we make our recommendations based upon your specific needs and those of your familiy. Click here for a worksheet to assist in analyzing your life insurance needs.
There are many different types of life insurance products available in the market. Following is a brief comparison of three popular options for coverage. As always, we take into consideration your unique situation and family needs when determinig the most appropriate product for you.
Term Life - Protect your family during the period of highest exposure
- Lowest cost
- Does not build cash values
- Runs out after pre-determined time (10, 20 years, etc.)
- Return of Premium option available: if the policy goes unused all prmeium will be returned at the end of the term in a lump sum
- Expensive to convert after the term has passed
- Will not protect against exposures that occur after the expiration of policy
Universal Life with Guarenteed Death Benefit - Protect your family for your entire life, without setting term limits
- Midrange cost
- Protects for entire life
- Guarenteed paid-up, level premiums
- Cash values should not be accessed. Borrowing on values negates premium guarentee
- Protects against unexpected financial downturns
- Leaves a legacy for your family
- Essentially, a term policy that will not expire, protecting you regardless of your lifespan
Whole Life - Protect your famliy for your entire life, and build cash values that you can borrow against tax-free
- Highest cost
- Protects for entire life
- Builds dividends that will increase cash value
- You can borrow on cash values throughout the life of the policy
- Cash value accural depends on dividend performance
- Increasing Death Benefit can be added to the policy, protecting against inflation
- Protects against unexpected financial downturns
- Cash value is protected agains creditors in Tennessee (statutes vary from state to state)
- Leave a legacy for your family
- A life policy with the added benefit of cash values to use in time of need
Available Carriers: AIG, AXA Equitable, Banner Life, Genworth Life Insurance Company, Guardian, John Hancock, Lincoln Benefit LIfe, MetLife Investors USA, Nationwide, Prudential Financial, United of Omaha, and West Coast Life