Life Insurance

Life Insurance not only protects your family, but can be the cornerstone of a successful retirement income planning. Let us show you all the benefits.

What Is Life Insurance?

Life Insurance can be confusing, and we all know what confusion creates. NO ACTION! Let LYFE Advisors eliminate the confusion and simplify your education! Life Insurance not only protects your loved ones after you're gone, but can also be used as a pension to fund your retirement, put your children or grandchildren through college, provide down payment assistance to purchase real estate, or be accessed as collateral to start a business. In a nutshell, it can be used for so much more than most people could ever imagine. And the best part, distributions or proceeds are TAX-FREE.

Having life insurance protects the beneficiaries upon the insured's death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance protects for a set period, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free.

There are many varieties of life insurance, Term life insurance, Universal life insurance and Whole life insurance.
 

Term Life Insurance 

Term life insurance is designed to provide financial protection for a specific period, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is less expensive than permanent life insurance.

Term life can be used to replace lost potential income; as opposed to life insurance benefits that are paid out in a lump sum.
 

‣  Provides death benefits only.

‣  Pays benefits only if you die while the term of the policy is in effect.

‣  Easiest and most affordable life insurance to buy.

‣  Purchased for a specific term, such as 5, 10, 15, or 30 years, known as a “term,” can be extended.

‣  Becomes more expensive as you age, more so after age 50.

‣  Can be used as short-term coverage with a permanent life insurance policy.

‣  Can be converted to whole life insurance.

Universal life Insurance

Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime typically with higher premium payments than term Insurance.

‣  Offer flexible premiums that may allow you to adjust how much you'll pay each year.

‣  Universal Life Insurance can provide you with a variety of different payment options, including flexibility of changing your death benefits, as well as the potential to accumulate cash value over time.

‣  Interest paid on universal life insurance is often adjusted monthly.

Whole life insurance

Whole life insurance is designed to provide lifetime coverage with higher premium payments than term life. Policy premium payments are fixed, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.

‣  Covers you for life with fixed premium.

‣  Provides death benefits and cash value that builds during the life of the policy.

‣  Can be purchased without a medical exam, but at a higher cost.

‣  Cash value is based on how much the return on investment is worth.

‣  A portion of the cash value can be withdrawn or borrowed during the life of the policy,

   the interest is typically adjusted annually.

‣  Initially has more expensive premiums than term life insurance, but can potentially save

   you money over the life of the policy.

Are you prepared financially for retirement, preserving your legacy, or a medical emergency?

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