Life Insurance

Life insurance is a fundamental component of financial planning and critical for family or business protection. The right time to buy coverage is when you have financial obligations of any kind. The life insurance amount needed depends on how much income your survivors may need to maintain their lifestyle, pay down debt, educate children, etc. You and your spouse/partner should consider buying life insurance to protect one another in the event of death.

Term insurance is used for a temporary need like a mortgage or educational funding. Policies may be purchased for 10, 15, 20, even 30 years depending on your financial goals. It is also a very affordable plan therefore if a large amount of insurance is required, Term insurance is an excellent solution.

Permanent life insurance provides lifelong protection and cash value as a savings component within the policy. This is a higher-priced option however you have coverage throughout your lifetime for estate planning purposes, wealth accumulation and/or wealth transfer.

Many individuals determine the best strategy is a combination of Term and Permanent life insurance, covering both short-term needs and long-term goals.

Many employers offer their employees some sort of group life insurance. The amount of life insurance is typically a factor of your salary with a maximum limit. Often, the coverage amount is not enough to meet all your financial needs. Furthermore, group life insurance policies are generally not portable. If you leave your job, the policy does not transfer with you.

The death of a spouse/partner can be emotionally and financially devastating to a family. Typically, couples ensure the primary income earner however lower-income or non-income earning partners provide essential services which are expensive to replace – their income, childcare, transportation, household duties to name a few. Life insurance protection provides valuable funds allowing the surviving spouse/partner the ability to return to work without major financial concerns.

Children’s life insurance should be considered a gift of future insurability. Unfortunately there could be a change of health during childhood which could prevent them from obtaining life insurance as an adult at a reasonable price. There are several health factors that can affect your child's future insurability: diabetes, heart conditions, cancer, substance abuse, mental health and obesity are just a few examples.

Many life insurance policies provide guaranteed increases after children reach adulthood providing them the ability to purchase more death benefit. These incremental increases typically are offered starting at age 25 and available every three years or so, regardless of his/her health status. This allows the policy to escalate in value for their expanding needs, i.e. marriage, birth of a child, purchase of a home, etc.

Yes, you can get approved for life insurance in the United States even if you are not a citizen. A Social Security number and a green card or valid visa will be required. Some insurance carriers respond without issue while others not as favorable based on visa status and citizenship.