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Life Insurance

While most people do not like to talk about insurances, they are incredibly important to creating a stable and healthy financial plan. Just like the foundation of a house, Life Insurance is the foundation to any well structures financial plan, as it protects loved ones in the unfortunate case of premature death.

Life Insurance, however, can be so much more than a death benefit. If structured properly, an insurance policy can be of huge benefit to you while you are living as well. Financing purchases, receiving tax efficient retirement income, and leaving a legacy for family can all be done using a well structured Life Insurance Policy. There are two types of Life Insurance: Term and Permanent. Both are good, but they are very different. You can find a comparison below. 


Term Life Insurance

Life insurance can be so much more than a death benefit. If structured properly, an insurance policy can be of huge benefit to you while you are living as well. Financing purchases, receiving tax efficient retirement income, and leaving a legacy for family can all be done using a well structured Life Insurance Policy.

Term Insurance can play a significant role in an overall financial plan. It protects income and brings financial safety to loved ones. This would definitely be the right choice for some people/families in their current situation. It can, however, be compared to renting an apartment. You pay regularly, your costs continually increase and at the end of the lease (insurance term) there is nothing to show for it.



Permanent Life Insurance

Protects you for your entire life (protection ends when you pass away)

Beneficiaries guaranteed death benefit proceeds when insured dies

Premium payments are level (cost doesn't change)

Cash values increase yearly (if insured cancels policy, they receive money from cash value)

Permanent insurance is sometimes compared to owning a home - you are always building equity in it. 

The two main types of permanent insurance are Universal Life and Whole Life.


UNIVERSAL LIFE

Combines insurance with an investment product.

Tied to an interest rate or the anticipated

performance of an investment vehicle.

WHOLE LIFE

   Properly structured whole life insurance (with dividends) is considered    

the most powerful and most predictable wealth building plan

available because it comes with guarantees and is very tax efficient.


The premiums you pay into your Dividend-Paying Whole Life Insurance policy create a growing cash asset, referred to as the policy's "cash value." The money built up in the policy's "cash value" can be used for whatever, whenever you want, making your policy act as both a savings account and a life insurance policy at the same time. Structuring your life insurance policy this way also gives you the opportunity to receive annual dividends. 

What are the Advantages of a Properly Structured Whole Life Insurance Policy?

Your

Principal is Guaranteed

Guaranteed 

Yearly

Growth

Tax

    Deferred   

Growth

Withdraw Tax Free, Now later

Liquid

and

Accessible

Stable &

 Competitive  

Return

What Can You Use The "Cash Value" for During Your Life?

An

  Emergency  

Fund

An

Education Fund

Finance

  Purchases  

(car/reno/etc)

      Pay       

Off 

Debt 

Build Your

  Retirement  

Account

Expand

Your Business


The "living benefits" provide a financial resource for you to use and enjoy during your lifetime. These "living benefits" are present in addition to the legacy provided by the death benefit that will be left to your beneficiaries tax free. Properly structured life insurance is a powerful tax savings tool and a guaranteed savings plan. The death benefit is an added bonus. 



We can help you understand insurance information

so you can choose what best suits your needs.

Contact Us!