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Life Insurance Information

The purpose of life insurance is simple: to make sure that your kids - or other people who depend on you for financial support - will be financially protected if you die prematurely, in short it offers your family and beneficiaries financial protection when you die.

For instance a Term policy when you have a young family and can not necessarily afford an expensive life insurance policy would guarantee that your family's financial well-being isn't left to chance.  As your needs and income changes there are other types of insurance policies that may fit your needs.  Contrary to what you have been told, you almost certainly don't need to have life insurance for your entire life.  You need it most when you're a young adult with young kids, when you have yet to build up assets that your family can fall back on if something happens to you.  If you die while your children are still in diapers, where's the money going to come from to raise and educate them?

As you age you needs change, when you turn 60 purchasing a Long Term Care Insurance policy is something you should discuss with other family members.  Check some local nursing homes and consider in the cost averages to determine benefit amounts since they vary nationally.  Take longer elimination/waiting periods to reduce costs.  Never consider less than a five year benefit period . . . lifetime is best.

Do your due deligence when purchasing any type of life insurance policy to make sure it fits your long or short term goals.


There are two main kinds of life insurance:  Term Insurance - which is pure insurance, without an investing component.  Cash-value Insurance - also referred to as "permanent insurance."  Cash-value insurance, such as whole life, universal life and variable life - is basically just a term insurance policy with an investment component stitched on.  The investment component is known as the cash value.  Some insurance companies have added living benefits to their Term and Cash-value Insurance, allowing you to accellerate benefits if you have a chronic, critical or terminal illness.

Life insurance can also be used to help you provide a tax free retirement plan, college funding, and allow your beneficiaries to receive a tax free death benefit.   While life insurance proceeds are generally distributed to beneficiaries income tax free, those proceeds may be subject to estate taxes.  The amount of death benefit that would pass income tax free to named beneficiaries will be included in the gross estate of the owner, subject to estate taxes.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.  But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.   We are an independent broker, so if your need is Term or Permanent Insurance we will find the best fit to meet your specific needs.


Because of old age, mental or physical illness, or injury, some people find themselves in need of help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living–sometimes referred to as ADLs. In general, if you can’t do two or more of these activities, or if you have a cognitive impairment, you are said to need “long-term care.”

Long-term care isn’t a very helpful name for this type of situation because, for one thing, it might not last for a long time. Some people who need ADL services might need them only for a few months or less.

Many people think that long-term care is provided exclusively in a nursing home. It can be, but it can also be provided in an adult day care center, an assisted living facility, or at home.

Assistance with ADLs, called “custodial care,” may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing testing (e.g. blood pressure), or other similar services. This distinction is important because generally Medicare and most private health insurance pays only for skilled care–not custodial care.


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