Life Insurance
Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living.a deceased partner and prevent a forced liquidation.
Advantages of Living Benefits
- The cash value growth of a permanent life insurance policy is tax-deferred1, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn.
- Loans2 or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
1Accumulated growth may be taxable upon withdrawal. If the policy is a Modified Endowment Contract (MEC), tax penalties may apply prior to age 59 ½. Consult a tax advisor on your specific situation.
2Policy loans and withdrawals reduce cash value and the death benefit and may be subject to other charges outlined in the contract.
Assessing Your Need
The amount of life insurance you select should be dependent on your personal and financial needs. We can assist you in determining an appropriate coverage amount and help you decide on which type of life insurance is right for you.Generally, you should consider life insurance if you have:
- A spouse
- Dependent children
- Aging parents or a physically-challenged relative who depends on you for support
- Retirement savings that is not sufficient to ensure your spouse's future financial well-being
- A sizable estate
- A business