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Life Insurance

Life Insurance is an extremely important component of your overall financial plan.  If an unexpected death should occur, the proceeds from a life insurance policy create an estate to help settle debts, pay for final expenses, and provide income for surviving family members.

The amount and type of life insurance needed will vary with each person’s situation.  You may be single with few assets, married with children, a single parent, or perhaps a grandparent wanting to leave a legacy.  Future changes in family size, assets, or increasing income may affect the amount of life insurance you will need as well.

 

Please Contact Us for a personal consultation
to address your life insurance needs.
(253) 661-8978

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Term Life Insurance offers a lower premium which is based on a set face value, and locked in for a certain period (ie: $500,000 20 yr. Term). Your premium is determined by the rate class you are given based on many variables such as your health, age, sex, and smoking status. If you want to renew your Term Insurance after the period ends, the new premium will be based on your then attained age and health status.

Permanent Insurance like Universal or Whole Life has a higher premium than Term Life, but coverage continues throughout your lifetime and you won’t receive a rate increase even if your health deteriorates. Premiums build cash value and earn interest within the policy, and you are allowed to take loans against the cash value. Universal Life plans are very flexible; you can let your cash value pay the premiums for awhile if needed, or you can opt to boost your cash value with higher premium payments. You just want to make sure not to overfund your policy which would then create a Modified Endowment Contract.