What are the important things in your life: Spouse, children, grandchildren, leaving a legacy or giving to your favorite charity? Or it could be something as simple and mundane as protecting your assets from taxes or allowing your business continue without you.
Whatever the reason a Life Insurance Policy helps with financial obligations associated with your passing. Selecting the best Life Insurance policy for you is not a complicated as one might think, but it does take some research by your agent.
We, at Soloman Insurance, feel very strongly any life policy is an important tool to get a particular job done. We have a very large tool box. Let us share with you your options or review your current policy. We believe you need to want your policy not be talked into needing it.
Picking a Company & Agent
You need an advocate in this process, someone who will give you multiple options from multiple companies. Someone who will explain the ‘conversion options’. And someone who represents enough companies to offer a policy even if you have (had) health issues.
Term Life Insurance
Term policies are less expensive than Permanent policies but have drawbacks: Term Policies only last for a chosen amount of time (10, 15, 20 years) and then stop! Please talk with your agent to make sure they are right for you; a lot of the time they can be perfect.
Permanent Life Insurance
Permanent Policies (such as universal life and whole life) provides long-term financial protection and can have cash savings. These premiums are higher than a normal Term policy but for very good reasons.
Annuities Vs. Life Policies
A fixed annuity is a retirement/investment product that is designed to give you income, in fixed installments, for a period of time while a life policy is designed provided a death benefit. That is the quick version. Which one is right for you? We can find out only by discussing the options suiting your life situation. We love having this conversation with folks.
Caveat emptor – Buyer beware
We are a firm believer the company you chose makes all the difference in the world. Each company has a similar product but the wording in the contract makes all of the difference in the world. Will the policy do what you want? Will a Permanent policy actually last as long as you do? We tell you what is and is not possible with each policy so you can make an informed choice.