Lifestyle Protection
Life Insurance
There are two major types of life insurance: term and permanent.
- Term life is coverage that lasts for a specific period of time, such as 10, 20, or 30 years. Term coverage is ideal for a temporary need, such as providing funds that could pay off a mortgage.
- Permanent life insurance is designed to last for a lifetime. Permanent life provides a death benefit and may build up cash value that can be accessed during the insured’s lifetime, such as providing funds for a college education or providing a tax-advantaged stream of income during the insured’s lifetime.
There are a variety of term and permanent life insurance solutions available to provide for the specific needs of a family or business.
Annuities
Annuities are insurance contracts that allow the client to accumulate money on a tax-deferred basis. The client makes a lump-sum premium payment or a series of payments, and then may receive periodic payments that can continue for a specific period of time or for an entire lifetime.
There are two types of annuities: immediate and deferred.
- Immediate annuities begin payments immediately, which is usually defined as within 13 months of purchase or less.
- Deferred annuities accumulate funds on a tax-deferred basis and begin payments at a later date, usually a pre-determined date or after a certain event has occurred.