Life Insurance general
- Living benefits
- Life insurance for kids
- Legacy coverage
Life insurance is a vital and very important part of everyone’s insurance portfolio but often times is overlooked. Let’s be real for a moment no one thinks they are going to die anytime soon but the realization is we don’t really know when that might be. Think what would happen to your family tomorrow if you were gone. Obviously, the biggest loss would be you not being there but there are more long term effects to you being gone. They no longer have your income anymore, which presents them with several harsh choices. Will they need to sell your family home, move to new schools, take on second jobs, or miss out on college?
Having a plan ahead of time with the proper amounts of life insurance coverage offers you the peace of mind knowing that your family will be taken care when you are gone. Another great feature of your life insurance policy is that it can provide a Living Benefits-(Link). Living Benefits riders are built into your life policies so you have protection in the event of any major health crisis such as Cancer, Heart attack or Stroke. This provides you access of up to 80% of your death benefit depending on the severity of your event. It’s life insurance you can use while you are still living to help pay bills, living expenses etc. whatever you might need money for if you were unable to work.
Kids should also have a life policy in place. A couple reasons it is important for your kids and grandkids to have life insurance policies in place is to build cash value for a college and so they are guaranteed to be insurable no matter what life brings. To build cash for college a education we can place a policy on a child as young as one day old, so they can be set up to have cash available to use later in life for college or whatever they choose. The second and probably most important aspect is to make sure they are guaranteed insurable. This means their life policy can never be taken from them as long as the premiums are paid. Even if they have a major health event later in life which might disqualify them from ever being able to get a life insurance policy, their policy will stay enforce.
Workplace Life Insurance
We do offer a program that will allow business owners to offer life insurance to their employees at a group rate, the best part is the policy is the employees to keep. Most workplace life programs the employee will lose his/hers life policy when they leave the company for retirement or another job. Not with our program. The employee owns their own policy and can keep it as long as they want.
Every business that has partners or shared ownership should have buy-sell insurance in place. This coverage is provided so that in the event of a partners death the other owners can utilize this money to purchase the departed's share of the business. Additionally, some coverages even offer insurance benefits if the partner is forced out.
Keyman insurance is coverage that can insure the life of or the potential loss of a key employee or business owner. This coverage is vital to a business in the event a key person leave your business, you would have funds to help during the replacement of the key position, it gives you the time and resources to train and pay any replacements and remain profitable.