Insurance

Risk Management

Insurance should be used to help manage risk, protect against financial loss and plan for future expenses.  As Financial Planners we are dedicated to helping our clients use the best products as they strive achieve their goals.  

Term vs. Permanent Life Insurance

According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $168,000, or 3.4 years in income replacement. That's less than half of the recommended 7 year threshold.

More than half of consumers said their household would be in immediate or near immediate financial trouble if the primary wage earner died today.1

When considering life insurance, one of the most important factors to understand is the difference between term and permanent insurance. Here’s an inside look at both.

Term Life Insurance

Term life insurance is temporary; it provides a death benefit for a specific term, such as 10, 20, or 30 years. Unlike other types of life insurance, it does not accumulate a cash value. If the policyholder dies during that term, his or her beneficiaries receive the benefit from the policy. When the contract ends, so does the coverage.

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Permanent insurance

Permanent insurance remains in place as long as the policyholder makes payments. In addition, permanent policies are designed to build up “cash value,” a cash reserve that accumulates with the policy. Typically, this cash reserve pays a modest rate of return. However, the policyholder has limited access to the funds.

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