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.