Being able to protect your loved ones, even after your death, is one reason so many people turn to life insurance.  The comfort this assurance gives can be immeasurable.  

What is Life insurance?
Life insurance can help you make sure your family is provided for, your child’s educational needs are taken care of, and that your children won’t have to worry about their future.  Life insurance has the possibility to provide protection for those who are most important to you.  It may help prevent impactful changes in the lifestyle of your loved ones.  Life insurance can be strategically positioned to offer additional tax and estate benefits. It is recommended that your insurance needs be evaluated annually in order to assess any changes in your family situation.

Life insurance provides a death benefit that can be used to help:

  • Replace lost income

  • Pay off a mortgage

  • Pay for funeral and settlement costs

  • Provide for a child’s college education

  • Help transition a business

  • Supplement retirement income

  • Estate benefits

If you are not in a position to purchase permanent life insurance, term insurance may be the right choice.  By helping protect your loved ones for a specific length of time, term allows you to devote more of your financial resources to a new family, mortgage, small business or other goals.

​Types of Life insurance

Term Life Insurance

Term Life Insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term.

You choose a coverage level, a term (usually 10, 15, or 20 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.

At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.

Term insurance can help you meet a number of personal and business needs and is often a good choice:
• when life insurance is essential but dollars are scarce
• for a well-defined period of time
• to protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
• to protect your business (benefits can ensure business continuation by helping to cover business expenses)

Whole Life Insurance
 Life insurance with a lot of bang for the buck
Protect your family or business no matter what lies ahead with a permanent policy that remains in effect from the day you purchase it until you die, as long as premiums are paid.

 The policy’s death benefit can be used for:
•Survivor needs
•Mortgage protection
•Wealth transfer
•Charitable giving
•Business needs

The cash value that accumulates in whole life policies can also be accessed during your lifetime through a policy loan and used for:
 •Supplementing retirement income, as your need for life insurance decreases
•College tuition expenses
•A down payment on a home
•Emergency and other needs

*Please note that loans against your policy accrue interest at the current variable loan interest rate and decrease the death benefit and cash value by the amount of the outstanding loan and loan interest.*

We know your financial goals are unique. With that in mind, we don’t just offer a one-size-fits-all life insurance solution. We offer options from several TOP RATED insurance companies based on your needs and goals.

For more information contact our in-house Life Specialist, Diane Murray today.

Diane L. Murray

(908) 686-4609