Term Life is the simplest and least expensive life insurance.  It passes tax free to beneficiaries.  It pays the face amount if the insured dies within the coverage period and pays nothing if the insured outlives the term (unlike in whole life). Think of it as the difference between renting an apartment versus owning a home. Term life simply insures the life of the owner for a set period of time, at which point it must be renewed and the insured must again qualify medically. At this point a new policy is in force and the premiums are higher due to the insured being older than when the original policy was issued. Unlike whole life, there is no cash equity account growing. Term Life is often used to cover debts of the insured, assist in paying for probate costs and inheritance taxes. It is also frequently used in Key Person insurance for tightly held companies.

Permanent insurance is a generic term used to describe many whole life and universal life insurance policies. It offers the benefits of having life insurance while growing a tax free cash account. You may take tax free cash from the account when money is needed. As with term life, the death benefits passes on to beneficiary’s tax free. Because you own the policy for life, thus the term permanent, the policy never has to be renewed. It is an excellent way to protect your heirs while growing a retirement for yourself.

Why life insurance?  Quite simply, life insurance provides for the next generation while covering the costs incurred in one’s passing, assisting your beneficiaries to maintain their lifestyle in your absence. Life insurance policies have both life and death benefits.

Did you know that in most states, life insurance is fully exempt from garnishment, attachment, execution and other seizure?

Call us to discuss various uses of life insurance and learn more about the life benefits.

Key Person life insurance:  Life or disability insurance on one (or more) persons whose loss or lack of availability may cause loss of profit or increase in costs. This type of policy helps finance the search and training of a successor and compensate for fall in profits.

Call and speak with one of our advisors today at 480-286-0003 or click here to have one of our advisors call you to schedule a free consultation.