Create a Lifeline That Will Last a Lifetime

We know you cannot put a dollar amount on your family, but you can ensure their future is protected. And though costs are a real concern for most people considering life insurance, it never costs as much as you think.

Permanent Life Living Benefits

Permanent Life Living Benefits

Permanent Life insurance solutions can also provide living benefit features. Those include: 

  • Income tax-free or tax-deferred cash accumulation
  • Receipt of carrier dividends
  • Tax-free annuity income later in life
  • Chronic illness riders for long-term care needs
  • Accelerated death benefits for terminal illnesses
  • Creditor protection
  • Loan capabilities
  • Act as collateral for other loans

 No matter the situation, it is important to know what type of policy best suits your needs, the amount of coverage desired, and most importantly, who the beneficiary will be.

One of the helpful advisors at J. Krug can help you learn more about purchasing a life insurance policy.

It Happens More Often Than You Think…

After running multiple tests, doctors conclude you have an incurable medical condition that may affect the length of life you have remaining.

A million thoughts race through your head. You are unsure of what to do or whom to call. Your first priority is your family and who will look after their well-being when you are gone. You might be asking yourself:

  • How will your spouse stay afloat with the current debt accrued?
  • Who will save for your children’s college fund?
  • Where will your family be without you and your income?

Or will you be thinking instead of how you will choose to spend whatever time you have left secure in the fact you have a precisely calculated policy to cover your debt and funeral costs?

Recognizing everyone’s situation is unique, there are three types of life insurance policies to choose from:

  1. Term Life policies are set up to cover you for a specific period of time
  2. Term with Return of Premiums covers you for a specific time period but will return your premiums if you outlive your policy term
  3. Permanent Whole life or Universal life insurance covers the insured for the course of their life

So Permanent Life insurance can be designed as a valuable financial tool. Yes, Term Life is the least expensive way to purchase life insurance solutions but it only has value if the insured passes away during that term period. A Permanent Life policy becomes another one of your assets.

Most of our clients purchase a mix of both Term and Permanent.

Logan Simios, CPA, CPFA

Logan Simios, CPA, CPFA

Vice-President, Benefits & Financial Services Division