Life Insurance



The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value.

    —F. C. Oviatt, Economic place of insurance and its relation to society

In simple terms, there can be a significant financial loss when an individual dies. A life insurance benefit is intended to compensate the beneficiary for this loss. The needs covered by life insurance would include the following:

  • Outstanding Debt (mortgage, car loans, etc.)
  • Income Replacement
  • Final Expenses (medical bills, funeral costs, probate costs)
  • Emergency Fund Education
  • Fund Specific Family Objectives
  • Estate Liquidity / Estate Equalization

What types of insurance are available?

    Term Insurance – the lower premium alternative, term insurance protects our families if we die during a given time frame. It generally renews every 10 or 20 years and premiums can increase significantly as we age. There are no cash values with these plans.

    Permanent Insurance – though initially more expensive than term, permanent insurance protects our families when we die. Premiums generally stay the same and the death benefit and cash values can increase over time.