Life Insurance
Your Legacy. Your Plan. Your Protection
Finding the Life Insurance Coverage That Fits Your Goal
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When selecting the most suitable type and amount of life insurance, it's important to recognize that there is no universal solution. The ideal policy depends on a range of personal factors, including:
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Age
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Health status
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Income and overall financial circumstances
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Number of dependents
Additionally, life insurance needs are not static—they often evolve over time. Significant life changes such as marriage, divorce, the birth of a child, or changes in income can all impact the type and amount of coverage that’s appropriate.
As a general guideline, many financial professionals recommend maintaining life insurance coverage equal to approximately 10 times your annual household income. For instance, a household earning $30,000 annually might consider a policy with at least $300,000 in coverage to ensure adequate protection for loved ones.
Type of Life Insurance
Life insurance is available in a variety of options designed to accommodate different budgets, lifestyles, and financial objectives. While some individuals may only need coverage for a specific period, others may seek long-term protection with the flexibility to build cash value. As independent professionals, we take the time to understand your goals and help you choose a policy that aligns with your unique needs and financial plan.
Among the most widely used forms of life insurance are term life insurance and permanent life insurance, each offering distinct benefits depending on your situation.
Term Life Insurance
Permanent Life Insurance
Term life insurance provides coverage for a predetermined period of time, making it a cost-effective option compared to permanent life insurance with the same benefit amount. While it offers essential protection, term policies do not build cash value over time.
Permanent life insurance—including options like whole life—provides lifelong coverage as long as premiums are paid and the policy remains in force. Unlike term insurance, most permanent policies include a built-in savings component that accumulates cash value over time, offering both protection and potential financial flexibility.
¹ Availability and rate of guaranteed interest may vary depending on the specific type of permanent life insurance policy.
² Market participation applies to certain types of permanent life insurance, such as indexed or variable policies. Not all policies are tied to market performance.
³ Premium flexibility is not available with Whole Life policies. However, some types of permanent insurance—like Universal Life—may allow for increased, decreased, or skipped payments within policy limits. It's important to note that insufficient funding may increase the risk of policy lapse.
Finding the right life insurance starts with understanding your financial goals, debts, income needs, health factors, and existing assets. Work with a licensed agent to evaluate your options and secure a policy that fits your future with confidence.
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