- Adjustable death benefit
- Adjustable premium payment
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The economic and social function of life insurance is to provide financial security to individuals and families at prices that are affordable and commensurate with the risks assumed. When it comes to you, and your family, life insurance is an integral part of long term financial planning. Life insurance primarily offers protection against the financial risk of premature death of a breadwinner and the loss of income to the surviving family. The main benefit of life insurance is to create an estate that can provide for survivors or leave something to charity. Importantly, life insurance also provides benefits to individuals while they are alive. Therefore, insurance involves a financial contract between an individual and an insurance company, which takes on the risk of paying an agreed amount to individuals, and or their loved ones, in exchange for periodic payments called premiums.
Insurance contracts can either be for a specific term (normally 10,15,20 or 30 years) or permanent, i.e. for the whole of one’s life. A significant benefit of permanent insurance is the opportunity to accumulate cash within the policy and withdraw it, or borrow against it, should you need to in the future. Naturally, loans and withdrawals will reduce the policy’s cash value and death benefits, and may even create a taxable event. It is advisable to consult your tax advisor should you wish to take advantage of this feature. In some instances, policy owners have the ability to adjust the death benefit and premiums.
Congratulations on your interest in life insurance. Lets discuss your needs, collect the required information and submit a proposal for a contract to the appropriate underwriter of one of our select partners. They are well trained in the area of risk management and will perform a professional assessment and provide us with the results. One of our agents will then review the results will you and guide you through subsequent steps.
You, or a family member, may be someone who view guarantees and protection as being more important than accumulating cash. A whole life policy provides:
The opportunity to accumulate cash from dividends that may be paid by the insurance company
Your risk profile may be such that you prefer to be paid a guaranteed minimum fixed interest rate on that is built up in this permanent policy. The death benefit and premium payments can be changed. Naturally death benefit increases may be subject to underwriting requirements.
In this instance you may be more focused on accumulating cash to boost your retirement income, while ensuring that you have sufficient protection. The benefits include:
You may the type of person who prefers to have a say regarding where to invest the cash that accumulates in your policy. This policy provides for that. Variable contracts are sold by prospectus. Features include:
The accumulated cash can increase subject to how well the stock , bond and money market sub accounts are managed by professional money managers. Importantly, cash values can decline based on the performance of these accounts.