Insurance Planning

Family walking down a pathway outsideLife Insurance Planning and Your Family

There are many ways that a life insurance plan can help provide for your family. Understanding the different types of life insurance plans is important to know which plans are best for your family. There are 3 types of life insurance plans that you can choose from: Term Life Insurance, Universal Life Insurance, and Whole Life Insurance.

Term Life Insurance

Term life insurance is a type of life insurance that can be used as an income replacement. Term life insurance offers coverage for a period of time, such as 10 or 20 years. Term life insurance can be extended, but the premiums will increase.

Universal Life Insurance

Universal life insurance can be used as part of your retirement planning or estate planning. With a universal life insurance plan, capital invested in the life insurance plan will be tax deferred. A universal life insurance plan can be used an additional source on income after your working years, but it can also be an easy way to transfer wealth to your beneficiaries.

Whole Life Insurance

Whole life insurance is used mainly for estate planning. Similar to a universal life insurance plan, capital invested in the insurance plan will be tax deferred. The wealth accumulated within your whole life insurance plan can be easily transferred to your beneficiaries.

Our Certified Financial Planners©

When you choose your life insurance plan, you may also wish to set up an Irrevocable Life Insurance Trust (ILIT). Our financial advisors can walk you through creating your ILIT. We will work with your family to help you decide on the best options for your estate plan. We are highly knowledgeable in all areas of wealth management and retirement planning, so you can feel confident in your choices.

*The information in this material is not intended as legal advice. Please consult a legal professional for specific information regarding your individual situation.

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