Individual/child life insurance helps safeguard the financial future of your family.

Get the reassurance that your loved ones will have what they need with individual/child life insurance.

An important investment you can make for your family.

Individual life insurance is arguably one of the biggest investments you can make in securing the future of your loved ones. It’s a complicated subject, but don’t let that put you off. Discussing and understanding the different types of life insurance will help you make the decision that works for you and your family.

How to choose between term, whole, and universal life insurance.

First, you’ll need to determine the type of life insurance you want to buy, with the most common types being term life insurance, whole life insurance, and universal life insurance. Each has its own way of paying out, and the plan you choose may be determined by your individual needs.

   What is term life insurance?

With term life insurance, you pay regular premiums for a set period and the policy only pays out if you pass away during this period. You may want to consider a term life policy if you need a large amount of coverage but have a small budget, or if you need to have life insurance for a specific time period. It’s important to know that premiums typically increase the older you get and that certain policies may require a medical examination.

  What is whole life insurance?

With whole life insurance, there’s no set period. You usually pay regular premiums until you pass away, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you pass away. This is the most commonly held type of life insurance, as it provides both a savings account as well as a death benefit.

  What is universal life insurance?

Universal life insurance works in a similar way to whole life insurance, but you have more flexibility about taking money early. You may even borrow money and repay it later; although, if there’s any loan outstanding when you die, the policy’s payout can be significantly affected.

What you need to consider before getting life insurance.

The premiums you pay depend heavily on your age and medical history, along with the amount you want the policy to payout. Some policies may also require a medical examination to qualify. Your situation is unique, and the life insurance policy you choose should fit your specific needs.

Are you interested in life insurance to protect the future of your family and loved ones? Contact us to go through the options so you can determine if you need term life insurance, whole life insurance, or universal life insurance.

Reasons to get a child life policy.

While life insurance is usually associated with breadwinners, there are some good reasons to get it for a child. But, it’s very much a case-by-case product, so it’s worth getting advice to see if it’s valuable for you to get a child life policy.

What does a child life policy cover?

Child life insurance is usually a whole life policy that starts much earlier in life than usual. Coverage may include funeral costs, counseling, and leave from work in the tragic event that your child passes away. These are costs that might otherwise create financial difficulties for you as a parent.

  Is child life insurance an option for you?

How relevant and significant these benefits are will depend on your financial circumstances, your other savings and investments, and your attitude toward risk.

Child life policies may be used as a form of savings.

Coverage may act as a form of savings, particularly for college fees. This allows you to build up a cash reserve that you can either withdraw (for a fee) or use as security on a loan. In most cases, the growth of this cash reserve is at a guaranteed rate but depends on the specifics of your policy.

Makes transitioning life insurance easier.

Starting a child life policy now reduces the risk of your child having trouble getting a life insurance policy themselves as an adult if they’ve developed a medical condition in the meantime. It may also offer perks such as discounts or the ability to get coverage without a medical exam.

Want to discuss the specifics of a child life insurance policy? Contact us to go over your needs and coverage options.