Your life insurance needs are unique to your situation and can change over your lifetime. For some people, life insurance is to provide assets to raise a young family in the event of early death. Other people may use life insurance to cover their debt to ensure it is taken care of if they die prematurely. In business, life insurance could be a tool to transition ownership when the company sells or to insure a key employee whose death would profoundly affect the business.
Whatever your situation is, there is a life insurance product as unique as you:
Term Life Insurance
Term Life Insurance is insurance that pays a beneficiary a set amount of money in the event of the death of the insured and for a specified time. It is temporary but may be necessary when there is a need for death protection.
Universal Life Insurance
Universal Life Insurance (UL) is often referred to as permanent or whole life insurance. This type of life insurance provides a guaranteed death benefit while accumulating cash value and may provide flexibility in the frequency of premium payments. UL insurance has two parts, the savings portion, and an insurance portion.
Indexed Universal Life (IUL)
Indexed Universal Life (IUL) provides a death benefit and a separate cash value that could increase over time. The performance will mimic an equity index, such as the S&P 500. Indexed Universal Life increases in value when the market performs and does not lose value when it underperforms. For this reason, an IUL policy may benefit the insured based on the possibility of a higher cash value accumulation than a universal life (UL) insurance policy. Many times, IUL policies are used as part of a business transition plan. They can also be used for ‘key-man’ insurance in a business setting.
Guaranteed Issue Life
Guaranteed Issue Life policies are guaranteed to issue, meaning that regardless of your health, you cannot be declined or turned down. However, this type of life insurance offers a lower death benefit limiting the amount of coverage to $50,000 or less. In some instances, insurance companies will issue guaranteed life policies for $100,000 or less. Guaranteed issue life insurance often has higher premiums in exchange for insurance coverage on a high-risk individual.
Life Insurance for Every Situation
Life insurance is not limited to these types. Policy riders can add to the life insurance policy, making it unique to the individual. I can help you create a life insurance strategy. One that meets your needs. I can answer any life insurance questions you have.
Disclosures: All product guarantees, including optional benefits, are based on the claims-paying ability and financial strength of the issuing insurance company.” This is not a comprehensive review of all features and benefits. All the material details of these/this product(s) should be reviewed prior to making a purchase decision.
This newsletter is being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial Professionals should ensure they continue to follow the current policies on the use of any advertising, third-party materials and/or social media as required by your broker/dealer and/or the carriers that you represent
In addition, McKellar And Company specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!