Life Insurance

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Life insurance comes in many shapes and sizes. For the average consumer, making heads or tails of life insurance can be difficult and confusing. How do you choose the right life insurance options? How you select appropriate additional features? You may even ask yourself if you need life insurance in the first place.

The bottom line is that if you support others—either financially or through your efforts—you should consider the protection an appropriate life insurance policy provides. Replacing income, covering funeral expenses, and paying for recurring things like a mortgage can burden your loved ones, which is especially difficult when they are dealing with the emotional aftermath of your loss. The main draw for most consumers regarding life insurance is a death benefit to address the issues mentioned.

However, many consumers don’t realize that life insurance goes far beyond a death benefit. With a permanent life insurance policy, your contract accumulates a cash value that can be accessed through withdrawals or policy loans. With a long-term care or chronic illness rider, you can receive benefit payouts from your insurance contract while you deal with a debilitating condition. And a life insurance policy has several tax benefits attractive to many consumers such as tax-free growth, tax-free exchanges, and generally no income tax for beneficiaries.

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Life insurance can also be a tool for business owners. Commonly, life insurance is used in a key person arrangement, whereby a company purchases life insurance coverage on key personnel with the company designated as a beneficiary. In this structure, if an employee crucial to the life of the business dies, is injured, or retirees, the company as whole is able to recover some of the financial damage this represents. Disability insurance can provide coverage on a personal level, but business owners may also want to consider business overhead expense insurance to protect their business interests in the event of their disability.

Of course, this is merely a peak into the world of life insurance and insurance for businesses. There are many other options available to fit a variety of needs. With years of experience, I can guide you through your insurance options. Call 919.518.7728 or fill out the form to get started.

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