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Life insurance can be an important part of your personal safety net, especially if you have financial dependents. The Cresthill Group can work with you to find easy and affordable life insurance solutions—so you know your loved ones will be taken care of.
Types of Life Insurance include:
Term Life Insurance
Term life insurance is generally the least expensive and least complicated type of life insurance. It provides insurance protection for a specified period of time, such as 10, 20 or 30 years. If your loved one passes away within the term period while the policy is in force, a death benefit is paid to the beneficiary. If your loved one still living at the end of the term, protection ceases unless the term life insurance policy is renewed. There is no "accumulation" element, or cash value with term life insurance.
Permanent Insurance
Permanent insurance can provide protection for your entire lifetime. Permanent life insurance policies can build a cash value—money that you can borrow against and in some instances, withdraw to help meet future goals, such as paying for a child's college education. You cannot outlive permanent life insurance as opposed to term insurance and that is why it is generally more expensive.
Estate Planning
Many families find life insurance to be an important tool in an estate plan. Life insurance can help accomplish families' financial objectives by providing immediate cash for payments of debts, costs of the last illness, burial expenses, costs of administration, other settlement costs, and, if necessary, payment of federal estate taxes and elimination of the possibility of a forced sale of assets to generate needed cash.
Key Man Insurance
Many small businesses depend on specific individuals for the company's continuing success. Some companies, in fact, could not survive if one or more key individuals suddenly died or were injured and could not work. To guard against financial loss due to the absence of an indispensable employee, many companies take out "Key Man" insurance, in the form of life insurance, disability insurance or both.
Buy-Sell Insurance
If you own a business with others, consider establishing a buy-sell agreement, which determines how ownership of the business will be transferred if one owner dies. Buy-sell insurance is a type of business insurance (also considered life insurance) that's used to fund buy-sell obligations.
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