Life insurance may be necessary at all stages of life, depending upon your family, business and estate situation. Usually, the need for Life Insurance increases as your family and practice grow. As your wealth becomes substantial, life insurance is required to offset the significant impact of estate taxes that can consume up to 50% of assets at death.
Specialists often combine term life with permanent life to meet coverage needs. Term life provides initial, affordable protection. Permanent life is added later to start a base of lifetime coverage. Using this strategy, by retirement, Permanent life is maximized to cover estate taxes and final costs.
Life Insurance can be used to help:
- Provide living expenses for a young family
- Payoff mortgage and other loans
- Provide for children's educational needs
- Collateralize business loans
- Fund buyout agreements between partners
- Pay Estate Taxes
Term Life Insurances: Term life insurance provides life insurance protection and does not provide any savings element. Premiums start very low, but will increase at a predetermined point in time. Term life Insurance may be best utilized for needs that will diminish in the future.
Each policy is designed to provide low, guaranteed premiums for a specified number of years. You select the appropriate policy based upon the length of time you need the coverage.
Term Life Policies
Term Life Insurance
Level Term Insurance
These policies have level, guaranteed premiums for up to 30 years. At the end of the selected term period, premiums will increase. Re-entry provision is available.
Re-entry Provision
Premiums increase at the end of the level premium period. On the 10-, 15-, and 20-year policies, the insured may submit to medical underwriting to obtain lower rates than would otherwise apply. If successful, the new rates will be level again for the specific number of years. If unsuccessful, rates increase annually.
Additional Benefits that may be Available (additional cost):
- Accelerated Benefit Endorsement
- Waiver of Premium Rider
- Conversion Feature
Permanent Life Insurance
Permanent life insurance can provide lifelong protection. As long as you pay the necessary premiums to keep the policy in force, the death benefit will be paid. These policies are designed and priced for you to keep over a long period of time.
A feature of permanent life insurance known as "cash value, "cash surrender value," or "net surrender value" is the amount available when you surrender a policy before its maturity. This value is different from the policy face amount, which is money that is paid at death, or at policy maturity.
- You can cancel* or "surrender" the policy, in part or total, and receive the cash value as a lump sum.
- Provided sufficient value has accumulated, your cash value can be used to pay the premiums for your current insurance protection, or for a lesser amount of insurance.
- You may be able to borrow** from the insurance company, using the cash value as collateral.
Life Insurance 
