Life Insurance

Life insurance is designed to provide financial security for a family or business after the death of the insured. Among its many uses, life insurance helps guarantee that the dependents of the insured will have the financial resources needed to maintain their standard of living. It can also be used to provide a business with the funds to replace a key employee. Many high net worth individuals purchase life insurance to help assist with the payment of estate taxes, thus preserving their estates.

There are many different types of life insurance. Universal Life and Whole Life policies provide a death benefit and also accumulate savings that can be used as a vehicle for personal investment. Term Life products, on the other hand, are different in that they provide pure insurance coverage of a death benefit for a specified period of time without savings. For those clients concerned about maintaining their standard of living as they grow older, a Single Premium Annuity is a valuable option. It provides a guaranteed income stream that lasts for a specified period of time, or it can be structured so that it cannot be outlived.