Products and Services

 Life insurance is an important part of a well-thought-out estate, business succession or charitable giving plan. Permanent life insurance offers many living benefits, such as tax-deferred cash value accumulation. For all of these reasons, life insurance can be important for someone starting out — or for someone who's starting over. 

Following is a brief synopsis of the various types of life insurance that are available.

• Whole Life - Whole Life insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.
   
• Term Life - Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
   
• Universal Life - Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change.
   
• Survivorship Life - Survivorship life insurance – available as whole life, or universal life  covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals.

 Protecting your income should be part of your overall estate planning. Disability Insurance pays a monthly or weekly amount if the policyholder is disabled and cannot work. Some policies pay only in case of an accident, others pay only if the policyholder has an illness and some pay benefits in either case. 

There are two types of disability policies: Short-Term Disability and Long-Term Disability:

• Short-Term Disability policies have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.

• Long-Term Disability policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

 Long-term care insurance is a type of insurance developed specifically to cover the costs of long-term care services, most of which are not covered by traditional health insurance or Medicare. These include services in your home such as assistance with Activities of Daily Living as well as care in a variety of facility and community settings.

There is a great deal of choice and flexibility in long-term care insurance policies. You can select a range of care options and benefits that allow you to get the services you need in the settings that suit you best. The cost of your long-term care insurance policy is based on the type and amount of services you choose to have covered, how old you are when you buy the policy, and any optional benefits you choose, such as Inflation Protection. 

If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance, or you may only be able to buy a more limited amount of coverage, or buy coverage at a higher “non-standard” rate. 

Level Term Life Insurance

Advantages:

·  Lowest initial cost.

·  Premiums are guaranteed.

Disadvantages:

·  Policy provides coverage for a temporary period of time.

·  No cash value build up.

·  Extremely high cost to extend coverage beyond level period.

Current Assumption Universal Life 

Advantages:

·  Coverage for lifetime.

·  Policy can build up substantial cash value over time.

·  Total outlay could be lower if crediting rate increases and/or mortality cost decrease.

·  Flexibility with premium structure.

Disadvantages:

·  Premium outlay and cash value build up is based on current interest, expense and mortality assumptions which are not guaranteed.

Guaranteed Universal Life

Advantages:

·  Coverage for lifetime.

·  Complete certainty of cost. As long as the premiums are paid on a timely basis, the death benefit      is fully guaranteed.

·  Lowest guaranteed cost to provide death benefit for lifetime.

·  Moderate cash value build up.

·  Flexibility with premium structure.

Disadvantages:

·  Policy cash value is dissipated over time to pay for the cost of the secondary guarantee.

·  Loans or withdrawals of policy cash value could adversely impact policy guarantees.