Life Insurance
You've worked hard to build a life you enjoy with the people you love, now it's time to protect it all. You won't have to wonder how much or what type of life insurance you need, we make it easy.
Since everyone's situation and goals are different, our policies are designed differently, too. Depending on what you need, our life insurance can simply be your safety net from the unexpected, or it can be the foundation of a smart financial plan, giving you more financial flexibility for the things that are important during your life like paying for college, growing your business, and having more income in retirement.
Reasons to consider Life Insurance
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If you have dependents who rely on your income to meet their financial needs, life insurance can offer a safety net. The death benefit can replace lost income, pay for daily expenses, cover outstanding debts (such as mortgages or loans), and help maintain the same standard of living for your loved ones.
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Funerals can be costly, often running into several thousand dollars. Life insurance can provide immediate funds to cover funeral and burial expenses, relieving the financial burden on your family during an already challenging time.
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Life insurance can be used to pay off outstanding debts, such as a mortgage, car loan, or credit card balances. This ensures that your loved ones are not burdened with these financial obligations after your passing.
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If you are a business owner or partner, life insurance can be essential to ensure the continuity of your business in the event of your death. The proceeds from a life insurance policy can be used to buy out your shares, settle business debts, or provide financial stability during the transition period.
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Life insurance can play a crucial role in estate planning. It can provide liquidity to pay estate taxes, ensuring that your heirs do not have to sell valuable assets to cover tax liabilities. Life insurance proceeds can also be used to equalize inheritances among beneficiaries or provide an inheritance to individuals who may not be receiving other assets.
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Some types of life insurance, such as permanent life insurance policies, build cash value over time. This cash value can be accessed during your lifetime and can serve as a supplemental source of retirement income or be used for other financial needs.
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Living Benefit Riders in life insurance provide financial support if the insured faces a chronic, critical, or terminal illness. These riders allow access to a portion of the death benefit while the insured is still alive, helping cover medical costs, caregiving, or other financial needs.
Chronic illness riders offer payouts if the insured is unable to perform at least two of six daily activities, such as bathing, dressing, eating, toileting, transferring, or maintaining continence.
Critical illness riders provide funds if diagnosed with severe conditions like cancer, heart attack, or stroke.
Terminal illness riders allow access to benefits if diagnosed with a life expectancy of 24 months or less.
These benefits offer financial relief for both the insured and their dependents, helping to ease the burden of medical expenses or lost income during challenging times.
What is life insurance
Life insurance is simple. You make recurring payments (your premium), and we pay a set amount of money, tax-free, to whoever you choose (your beneficiaries), including your favorite charities if you want, when you pass away.
Why do I need life insurance
Life insurance helps cover expenses like a mortgage, debts, your kids' tuition, even replacing lost income when you're no longer here. Depending on the type you get, it can be the foundation for a sound financial plan and help with expenses during your life.
Isn’t life insurance through my work enough?
Life insurance offered through your employer usually won't give you the coverage amount you may need, and the rates may go up year after year costing you more over time. Plus, if you ever leave your job, you can't take your coverage with you.
What is Accelerated Benefit Rider (Living Benefit)
An Accelerated Benefit Rider (ABR) is an optional add-on to a life insurance policy that provides policyholders with the ability to receive a portion of their death benefit in advance if they are diagnosed with a qualifying terminal, chronic, or critical illness. This rider allows policyholders to access funds from their life insurance policy while they are still alive to cover medical expenses, long-term care costs, or any other financial needs that may arise due to their health condition.
You Have Many Types Of Life Insurances To Choose From
Whole Life Insurance
Be protected your entire life1 and build cash value that's guaranteed to grow no matter which way the markets go. Use it for anything like helping to pay for your kids' college, upgrading your home, expanding your business, or as additional retirement income.2
Indexed Universal Life
Indexed Universal Life (IUL) provides a death benefit and the potential to build cash value linked to a market index.¹ Cash value growth takes time and depends on policy terms.¹ Withdrawals or loans may reduce benefits and have tax implications.² Consult your tax advisor or financial professional to understand the potential risks and benefits.²
Universal Life Insurance
It provides lifelong coverage¹ with the added flexibility to adjust your premium payments and schedule² to fit your changing needs and budget. This flexibility allows you to manage your policy over time, while still providing benefits you can access throughout your life.
Term Life Insurance
This is the simplest way to get life insurance coverage for a specific period, such as 10, 15, 20, or 30 years. Once the term ends, so does the policy. However, if your needs change during the term, you may have the option to convert to permanent, lifelong coverage, depending on policy terms.¹
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Disclosure: The information provided here is for educational purposes only and does not constitute financial or tax advice. Every individual’s situation is unique, and consulting with a FinZ Financial and Insurance Solutions professional will help you develop a retirement plan tailored to your specific needs. FinZ professionals are not tax or legal advisors but can collaborate with your tax or legal professionals to ensure your plan meets your objectives.