Life Insurance
Life Insurance pays a benefit upon the death of the insured. There are 2 main types: Term Life, and Flexible Whole Life. Each has its own strengths and special uses. Select a type of insurance below for more information.
Term Life Insurance is life insurance for a set period of time. If the insured dies during this period, the beneficiary receives a lump sum of tax-free money. Term Insurance is ideal for young families with a limited budget where as much insurance as possible is required to secure the family's well being. It is also used in business situations such as Cross Option agreements, for mortgage cover, or to fulfill other temporary needs.
Flexible Whole Life Insurance is permanent insurance with the added feature of having an investments portion built into the plan. Flexible Whole Life Insurance pays off precisely at the moment when significant costs and tax implications are triggered. This timing, along with the investments feature, makes Flexible Whole Life Insurance a powerful financial tool in estate creation, estate preservation, leveraging, and Cross Option agreements. The investments component can also allow it to help pay for itself.
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