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Life Insurance
Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents will not have to sell assets to pay outstanding bills or taxes. An important feature of life insurance is that generally no income tax is payable on proceeds paid to beneficiaries. The death benefit of a life policy owned by a C corporation may be included in the calculation of the alternative minimum tax.
The following life insurance product types are available:
- Term Life Insurance for temporary simplified coverage and no cash value.
- Whole Life Insurance for permanent coverage, with guaranteed premiums, death benefits and cash value growth.
- Universal Life Insurance for permanent coverage, flexibility and less emphasis on cash value.
- Survivorship Life Insurance for lifetime protection for two people that pays a benefit upon the passing of the surviving insured.
- Variable Universal Life Insurance for permanent coverage, and potentially higher cash value through investment options, but you accept some risk.
Contact us for more information.