Expertise in Life Insurance 

Life Insurance can protect your family’s future if you pass prematurely.

Life Insurance offers a way of providing financial funds to beneficiaries following your passing. Especially if you have dependents such as young children or a spouse who does not work, the “death benefit” paid out upon your passing helps to alleviate financial stress placed upon your family in a worst-case scenario.

The cost, availability, and financial practicality of life insurance depend on factors such as your age, health, financial profile, and overall lifestyle. While there are many different types of life insurance available, the specialists at Craig James Financial Services can help you ascertain what type of life insurance is optimal for your family makeup and financial profile.

Term Life Insurance

Term Life Insurance is the most basic and usually the most affordable type of Life Insurance. Annual-renewable term is purchased year-by-year and has no investment component. The life coverage lasts for a set period of time provided you pay the premiums, and policies can be purchased for a specified period of time, such as 10, 20, or 30 years. If you pass within the time period defined in your policy, the insurance company will pay your beneficiaries the face value of your policy.

Permanent Life Insurance

The other major category is Permanent Life Insurance, which encompasses plans such as Whole Life, Universal Life, and Variable. In Permanent Life Insurance Plans, you pay a premium for as long as you live, and a death benefit will be paid to your beneficiaries upon your death. Permanent Life Insurance typically comes with a “cash value” savings element, meaning that the account’s worth may accumulate and act as a source of equity in the plan holder’s lifetime. Policyholders may also remit payments more than the scheduled premium to accumulate the contract’s value.

As with most financial decisions, there are expenses associated with Life Insurance. Generally, Life Insurance policies have contract limitations, fees, and charges, which can include mortality and expense charges, account fees, underlying investment management fees, administrative fees, and charges for optional benefits. Most have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the policy. For these reasons, it’s important that you speak to an advisor about choosing and actively managing your policy.