life insurance
Mar 3 2016 0

Life & Umbrella Insurance

Life Insurance

Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made to your family even after you are gone.

Life changes – so should your policy

The right life insurance will be unique for you and based on your personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs.

Some life transformations that may require policy modifications include:

  • Becoming recently married or divorced
  • Having a new child or grandchild
  • Opening or expanded a business
  • Your health or your spouse’s health has deteriorated
  • You are providing care or financial assistance to a parent
  • Your child or grandchild requires assistance or long-term care
  • You recently purchased a new home
  • You are planning for a child or grandchild’s education
  • You are concerned about retirement income
  • You have refinanced your home mortgage in the past six months
  • You or your spouse recently received an inheritance
  • You have a sizable estate

What you need to know about life insurance

We can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:

  • Term Life Insurance
    Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
  • Whole Life Insurance
    Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
  • Universal Life Insurance
    Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and Un-bundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

What are the advantages of life insurance?

Having the right life insurance is paramount to planning for your present, and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.

Advantages of the life insurance death benefit: When you pass away, your life insurance provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need. Your policy can help provide security for your business security as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Advantages of Living Benefits: The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans 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.

We are here to help and guide you through selecting the best insurance for your needs. Contact the Patrick Swaney Insurance Agency today, and we will educate and walk you through your life insurance options.

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