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Two types of Life Insurance.
1-Peremanent life insurance- This type of life insurance you buy when you want to be guaranteed that the policy will be inforce when you die. This type will not expire after a 10, 20 or 30 year limit. Conceptually, you may want to consider this similiar to buying a home. Where the cost of the mortgage would typically be higher than the cost of renting an apartment. With permanent insurance there is an equity portion of a permanent policy similiar to the equity buld-up in a home. The equity is called cash value. This cash value is best used for long-term savings as there could be surrender charges if you cash in your policy within an approximate 15 year period. The cash value does accumulate tax-deffered. The type of interest you receive varies from year to year and by type of permanent insurance. I suggest you consider this after you have started to purchase your home, have an emergency fund established, saving money in your retirement plans and you have plenty of discretionary funds available each month. Term insurance is great for most of your insurance needs however permanent insurance can be extremely valuable in the long run.
2-Term Insurance- This type of insurance is purchased for a specific period of time. The premiums are gauranteed not to increase during that time period. Most common plans are 10, 20 and 30 year term periods. There are some small variations of the type of term plans available. These policies do a great job insuring the highest death benefits for the lowest costs during that time period. However, these plans are not a long-term solution to have a policy inforce in your golden years beyond your 70's. Some policies maybe convertible to a permanent policy without a medical exam. This is typical as long as the time period has not run out.
A combination of permanent and term life insurances is common once your cash flow is very strong.
In the event of something happening to your spouse, life insurance proceeds or death benefit (lump sum of cash) can help cover certain family expenses and future needs. Typically we categorize them into two areas, cash needs and income needs.
Cash needs may include things that you would like to have a lump-sum become available at death. Your cash needs often include final funeral expenses, debt repayment, college education funds per child, mortgage payoff and possible day care needs while the other spouses goes to work. Day care needs go away as the children get older. The cash received from a policy (the death benefit) can help protect your family from being burdened in many ways.
Income needs are calculated by looking at the standard of living that they wish to leave their heirs. If all the cash needs are taken care then we calculate the cash flow needed or desired. We look at any other income sources that are available as earned income, social security, trust income or rental income, etc. The shortage is calculated then based of of interest rates and inflation a lump sum is determined to produce the needed income. You add the Cash need total with the Income need total and that gives you a great figure to apply for your customed designed life insurance plans.
It is our belief that our Financial Coaches can help you calculate how much life insurance you need, what type is best for you and why.
In addition to helping meet your family's immediate financial needs, life insurance can also be used to help keep a business thriving. It has it usefullness when partners are involved. It helps the surviving partner by not having to borrow funds to buy out the other partners spouse. For the spouse of the deceased it locks in a value to be received so there aren't any law suits over the value of the business. Life insurance can help retain key employees and give them incentive to stay with the company.
Ownership of life insurance can give a certain comfort, a certain satisfaction that your financial stability is solid, secure, and even permanent. Wouldn't you like to feel that way about your family's financial future – even if you weren't around to provide for them?
As a value added service, our Financial Coaches may conduct an interview virtually if you requested one to help design your life insurance plan.
Life Insurance Application Process
FGP's application process is easy to follow and will help ensure that you are getting the very best life insurance policy for your needs. Here's a breakdown of what you can expect:
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It is my goal to make this a pleasurable visit and to help educate you so you feel comfortable in applying for the lowest possible life insurance rates available on this planet.
Listed below are answers to the most common questions that our clients find useful to understanding life insurance and the best process to buy it.
Founder, President & CEO