Having the right life insurance protection can make a big difference to your life and the lives of those closest to you. Life insurance can be used to help protect the people and things you love. It can mean the difference between leaving your estate financially secure and leaving behind debts and an inadequate income.
If you’re unsure, I can help you determine which type of life insurance may meet your short-term and long-term needs and preferences for flexibility and risk.
Types of Life Insurance
Term life insurance
Term life insurance generally provides the most coverage for the lowest initial cost.
Permanent life insurance
Permanent life insurance protects you for your lifetime by providing a death benefit. It also has the added benefit of building cash value that you can draw on later. There are two types of permanent life insurance: participating life insurance and universal life insurance.
Participating life insurance
Participating life insurance (or whole life insurance) provides permanent life insurance protection with a tax-advantaged cash value component. Participating insurance doesn’t require hands-on management by the policyowner. Instead, London Life’s professional investment managers manage the assets of the participating account which back the cash value.
Universal life insurance
Universal life insurance provides a traditional life insurance component with a tax-advantaged investment component. You select an investment mix that is as individual as you are—taking into account your financial goals and circumstances and the amount of investment risk with which you’re comfortable. This type of policy is attractive for people who want to actively manage their life insurance policy.
If charitable giving is an important part of your financial strategy, I can work with you to ensure the funding of your favorite charitable organizations is considered in your estate plan.