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LIFE INSURANCE
Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone.
The right life insurance policy will be unique for you and dependent on your personal and financial needs. As your life changes, you life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” and our help at McElroy, Wharton & Boldrick include:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse’s health has deteriorated
- You are providing care of financial assistance to a parent
- Your child or grandchild requires assistance or long term care
- You recently purchased a new home
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse received an inheritance
- You have a sizable estate
There are several different types of life insurance products available to our customers. The most common include:
- Term Life Insurance
- Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to a 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
- Whole Life Insurance
- Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
- Universal Life Insurance
- Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but it is usually guaranteed not to fall below a certain percentage.
What are the advantages of life insurance?
Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
Advantages of the life insurance death benefit: When you pass away, your life insurance provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out interests of a deceased partner and prevent forced liquidation.
Advantages of living benefits: The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
Don’t leave the future of you and your loved ones to chance. McElroy, Wharton & Boldrick can help you find the right life insurance coverage for you, and help ensure that your policy continually meets your needs.