Life Insurance & Financial Services
Life insurance is a personal matter, and every individual is unique. We will take the time to learn everything there is to know about you and your family, so we can confidently recommend the right life insurance plan. Individual life insurance is arguably the biggest investment you can make in your loved ones’ security.
Financial Services is a complicated field, but don’t let that put you off. It’s tough to find the right balance between effort and benefit (or time spent and value) …especially when it comes to financial services. We’ll be happy to talk you through the options. It’s never too early to start saving money, but it can be too late!
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Term Life Insurance
A popular life insurance policy option. These have a set expiration date and are a cheaper, build no cash value and more popular option.
Term policies are less expensive than permanent life insurance policies with the same face value.
When you make your payments (known as your premium), you’re paying for the death benefit that goes to your beneficiaries in the event of your death. The death benefit can be paid out as a lump sum, a monthly payment, or an annuity. Most people elect to receive their death benefit as a lump sum.
Whole Life Insurance
A form of permanent life insurance that has a premium and cash value. These are typically more expensive and complex, but can satisfy specific needs, like large estates or inheritances.
It has a death benefit but also a cash value, which is a tax-deferred savings account that is included in the policy. The cash value accrues interest at a predetermined fixed rate. Each month, a certain portion of your premium will go into the cash value of the policy.
You can borrow the money from cash value but you have to repay it with interest. Otherwise at the claim it will deducted with interest from your face amount. If you don’t borrow then at the claim, all cash value will go to the company.
Universal Life Insurance
Universal Life Insurance has a cash value, just like a whole life insurance policy. Your premiums go toward both the cash value and the death benefit. But there’s a twist: You can change the premium and death benefit amounts without getting a new policy.
If your financial situation changes, the ability to change the death benefit amount within your policy is appealing.
The cash value of a universal life insurance policy has an interest rate that’s sensitive to current market interest rates. If the interest rate being credited to your policy decreases to the minimum rate, your premium would have to increase to offset the reduced cash value.
IUL (Index Universal Life Insurance)
Indexed Universal Life Insurance allows you to adjust your death benefit, your premium payment, and how often you make payments. Mostly millennials like this IUL due to it’s good for investment, supplement retirement and protection.
Cash Value The policy earns interest in either a fixed account or indexed account, which helps your premium grow, increasing the cash value accumulation and growth in your policy.
Floor Both the fixed account and indexed account have floor, which is the guaranteed minimum level of interest you will be credited in that specific account.
Cap The cap is the maximum amount of interest for that segment the insurer will credit to your indexed account.
Variable Universal Life Insurance
A variable life insurance cash value is more akin to investing. The money paid into it goes into a series of mutual fund-like sub-accounts where you can get some decent growth, but you can also lose money depending on the market. The cash value is more or less placed in the stock market.
While this makes variable life insurance policies a better investment option than whole life insurance policies. While fees can be lower with a variable life insurance policy than a whole life policy, the product is riskier. Why? The same reason investing in stocks is risky.
Most people don’t know much about the stock market and don’t know enough to make changes in their investment. There’s too much management for the average person to do it effectively.
Long Term Care
Long Term Care (LTC) can be used for medical conditions when one gets on claim when they cannot perform 2 out of 6 Activities of Daily Living (ADL).
These 6 Activities of Daily Living are: (1) Bathing (2) Eating (3) Dressing (4) Toileting (5) Transferring and (6) Continence.
Long Term Care claim can also be approved in certain cases of Alzheimer’s Disease as well. There are three ways to obtain long term care insurance. The first way is through stand only long term care policies. The second way is through linked based life insurance and long term care policies. The third way is life insurance policies with long term care rider. The cost of long term care is very expensive and having long term care coverage is essential as health insurance does not cover all of the costs.
Life Insurance Riders
Life insurance riders are additional terms and conditions that go into force along with your policy, but often come at an extra cost. Each rider may increase your premium, but they include benefits on top of normal life insurance coverage. Such extras include the ability to convert a term life insurance policy into a whole life insurance policy, temporarily waiving premiums if you become disabled, Critical Illness, Chronic illness, Long Term Care, Accidental Death, Return of Premium, etc.
We can help you through every step of the application process, including answering your questions about riders and which ones are right for you and which aren’t worth the additional cost.
Group Life Insurance
Group life insurance is an employee benefit provided by some employers. It isn’t technically a life insurance type, but it’s important to know how it’s different from privately purchased term life.
Make no mistake: If your employer is offering life insurance at no extra cost to you, it’s a great benefit. By all means, get insured.
YOUR COVERAGE ENDS IF YOU LEAVE YOUR JOB.
LIFE INSURANCE THROUGH YOUR JOB IS PROBABLY THE BARE MINIMUM.
YOU WON’T HAVE A RANGE OF POLICY OPTIONS.
YOUR EMPLOYER’S LIFE INSURANCE POLICIES DON’T COVER YOUR SPOUSE.
Final Expense Insurance
Final expense insurance is a unique type of policy. It covers the cost of anything associated with your death, whether it’s medical costs, a funeral, or cremation — whatever your literal final expenses are. It’s usually issued only to people of a certain age and the policy is valid only up to a certain age.
Final expense insurance is usually attractive to older people who don’t have other life insurance coverage (maybe they outgrew their term life policy) and don’t have enough savings to pay for their own funeral.
It’s good if you don’t have another way to pay for your funeral and don’t want to burden your family with the costs.
In its simplest terms, an annuity is a contract between an individual (or married couple) and a life insurance company. You can purchase an annuity with a portion of your retirement savings in either a single payment or with multiple payments, depending on the type of annuity. Once you own an annuity, any growth in your account may be on a tax-deferred basis while you continue to have control of your money, as needed.
Annuities can be an important part of a diversified retirement portfolio because they can ensure that your retirement income is protected even when there are downturns in the market.
When you’re ready to take income, you may receive payments in a variety of ways depending on your needs and the type of annuity you purchased.
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It’s mission is to empower financial services entrepreneurs with many tools to help the community and families to have better futures.
The platform provides the following as key resources to help one become successful:
(1) Solid Technology (2) Smart Marketing (3) Proven System (4) Back-office support (5) Helpful Training (6) Recognition (7) Growth Potential (8) Life Changing Events