Family & Individual Planning

Family & Individual Planning

Life & Disability Income Insurance 

 Would your family have enough money to live if something happened to you?

Life insurance is all about providing for the ones you care about most. It can help protect against the financial impact of your death by paying out an amount of your choosing.

This money is more than dollars and cents: It can provide a means for your loved ones to help pay off debts and stay in their homes.  It could mean a college education for your child, the continuation of a family business, or a lasting contribution to your favorite charity.

Life Insurance Quote
 

Disability income insurance can help supplement your income if tragedy should strike and you become disabled. Short-term and long-term options are available for disability income insurance. Many times homes are lost to disability, not death.

Some Types of life/disability income insurance:

Term: One of the most basic/familiar forms of life insurance offers only a death benefit, It is called "term" because you will purchase this policy for a specific term - 5 years, 10 years, 25 years, etc. Typically, premiums will not rise during this term.

Term life insurance might be right for you if you:

  • Need affordable coverage for a specific length of time.
  • Need to cover short-term debts and needs, such as a car loan.
  • Require added coverage for only a short period of time - for instance, while you are raising a child.

Whole life: When you buy whole life insurance, your premiums will typically not rise for the entire lifetime of your plan.

Whole Life insurance might be right for you if you:
  • Have long-term life insurance needs.
Whole Life Insurance or others could be right for you if you:
  • Will need to cover final expenses such as credit card debt, health expenses, or funeral expenses.
  • Want to use your death benefit to provide for a young person.
  • Wish to supplement existing life insurance coverage.

Universal Life insurance: Universal Life insurance is flexible. Financial protection can last an entire lifetime or for the length of the selected policy term.

Premiums and benefit amounts are flexible with Universal life insurance. If you need to change your insurance during the life of the policy, it may be possible to increase or decrease coverage. Universal life insurance also has the potential to build cash value on a tax-deferred basis. 

You may want to choose Universal Life Insurance if you:
  • Need the flexibility to adjust premium amounts, death benefit amounts, and coverage during the course of the policy.
  • You want to save additional money for college funding, retirement income, or emergencies.

Living Benefits Riders
The following benefits are all included with Universal Life Insurance Products. Many are included with Whole Life Insurance Products as well.

Death Benefit
A death benefit that helps your loved ones deal with the financial fallout of your death.

Cash Value Accumulation
Provide the opportunity to build tax-deferred cash value through your insurance that can be used to help pay for college, retirement plans, or emergencies. Policy withdrawals are not subject to taxation up to the amount payed into the policy. Policy withdrawals will be taxable to the extent of gain if the policy is a modified endowment contract. Policy loans and/or withdrawals also reduce the cash surrender value and the policy death benefit and increase the chance that a policy will lapse. Taking a policy loan could have adverse tax effects. 

Flexibility
Adjust premium payment amounts and frequency, as well as increase or decrease the death benefit amount depending on your evolving needs.

Tax Advantages
Death benefit is income tax-free. Cash value accumulation is tax-deferred, and policy loans and withdrawals are free from income tax.*

Accelerated Death Benefits
Accelerated death benefits which offer early access to a portion of your death benefit in the event of a terminal or chronic illness.

CA – Chronic Illness Disclosure
* Death benefit proceeds from a life insurance policy are generally not included in the gross income of the taxpayer/beneficiary (Internal Revenue Code Section 101(a)(1)). There are certain exceptions to this general rule including policies that were transferred for valuable consideration (IRC §101(a)(2)). This information should not be construed as tax or legal advice. Consult with your tax or legal professional for details and guidelines specific to your situation.
For federal income tax purposes, tax-free income assumes (1) withdrawals do not exceed tax basis (generally premiums paid less prior tax free withdrawals); and (2) the policy does not become modified endowment contract. 

College Savings Plans 

One of your child's most valuable assets is their ability to get an education.

College tuition has risen 237 percent in the last 20 years* and has increased each year since 2012. Even if you can't start putting thousands of dollars into your savings plan today, the earlier you start saving, the more time your money has to grow. 

Many people are not aware that their financial advisor can help their family plan for college. Advisors can help you find the right investment for your child, such as a 529 account, the earlier you start the better. Paying for college is one of the toughest financial challenges that parents will face. A financial advisor can help guide you towards financial health.

We can help you answer questions like:
  • Will a 529 account affect my child's ability to qualify for loans and scholarships?
  • How much will college cost in another 20 years?
  • What type of investment options are most appropriate for me?

It's much more expensive to borrow money for an education than to save for it, and many times we're sad to see people dip into their retirement accounts to pay for their child's college. It doesn't have to be that way - start saving today.

 * U.S. News and World Report (2017, September 20). Web page: See 20 Years of Tuition Growth at National Universities. Retrieved Oct. 11, 2017, from https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-09-20/see-20-years-of-tuition-growth-at-national-universities.

Health & Dental Insurance 

If you experience a serious illness, how will you pay for it? What will the impact be on your financial future?

Choosing the right health insurance for you and your family is a serious decision. We understand how important it is, and we want you to make a choice you can feel confident about. Let us help you find the insurance plan that's right for you.

Share by: