Life insurance is a unique asset which can be a valuable addition to your overall estate plan. It provides protection against the financial strain that a premature death can bring. Life insurance is a versatile financial product that can be used to address a wide range of personal and business needs.
If you are married without children and both are working, then you probably need a limited amount to cover expenses associated with your untimely death. But if there are family members who depend upon your income, then life insurance will be a very important component of your financial planning needs. Don’t leave the future of your life to chance, contact The Sterling Cooper/OIS Group today to talk about keeping the promises you’ve made when you are gone.
Types of Life Insurance
The Sterling Cooper/OIS Group can help you find the right policy that fits your needs. The following are a few types of life insurance policies available in the market today:
Term Life Insurance
Term Life Insurance is the original form of life insurance. It provides protection for a specified period of time at a fixed rate. If the insured dies during the term, the death benefit will be paid to the beneficiary. After that period expires, coverage is no longer guaranteed. If do not currently have Life insurance, term can be a good place to start. It is generally less expensive than permanent life insurance and is available on at various term periods and rates.
Whole life insurance is a policy designed to stay in force for the duration of the insureds life while premiums are paid into the policy every year. Many whole life policies will build a cash value over time as well and can also be considered an invesment.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance primarily found here in the US. It can build a cash value which earns an interest rate that can adjust periodically, but usually guaranteed to not fall below a specified percentage.
When Life Changes
We all go through various transitions throughout the duration of our life. As these changes occur it is important to make the appropriate adjustments with our insurance policies so they reflect our current place in life. Some life changes that may occur include the following but are not limited to:
- Recently married or divorced
- New children or grandchildren
- Your health has changed
- You purchased a new home
- Retirement is approaching
- You opened or expanded a business
- Recently received an inheritance
- Your estate has grown
The Sterling Cooper/OIS Group also offers annuity products. An annuity can help you accumulate tax-deferred earnings as part of your overall retirement plan. Annuities offer the opportunity for lifetime payments and tax-deferred earnings, and provide a guaranteed death benefit for your beneficiaries. All guarantees are backed by the continued claims-paying ability of the issuing insurance company.
An annuity is different from most other retirement savings vehicles — it's actually a contract between you and an insurance company. In return for making one or more premium payments, the insurance company agrees to provide you an income stream — usually during retirement. You can elect to receive payment all at once or as a series of payments, even for the rest of your life.
Having the right policy in force and keeping it up to date is so important. Don’t wait for that fateful occurence to take place without consulting an agent at The Sterling Cooper/OIS Group. Let us give you and your family the peace of mind.