Individual Life Insurance
Life insurance is more than protection for your family in the event of an untimely death. It is an excellent financial planning tool that can:
- Build value
- Perpetuate wealth
- Provide for heirs’ educational or subsistence needs
- Protect a family business
- Establish a bequest for a favorite charity
Our agents take your overall financial plan into consideration when recommending life insurance and can serve as trusted members of your asset management team.
A fully developed life insurance program will take advantage of multiple products with various durations, costs, accessibility, risk and tax exposure. Your needs change over time, so what was appropriate when you were young won’t be what’s best at retirement. Our agents have spent their careers understanding the advantages of each product we offer and how those products fit into different clients’ wealth plans—whether you are in the accumulation phase, maintaining assets or drawing down, we can advise you on the best offerings available and their most effective combinations.
If you have group life insurance available through work, your advisor will help you understand how that plays into your plan. We will look at your long-term health expense expectations, your assets and liabilities, and your desires for passing on wealth to heirs or charities. If you are willing to take on some risk, we can advise you on annuities that respond to stock market gains. If you need guaranteed income to supplement a pension or Social Security, our insurer partners have products that set known monthly payments.
Investing for Your Heirs
Life insurance is just one more tool in your long-term financial program, but it takes a little discipline to make it work. A solid partner like Signature can help you establish and maintain that program. There are standard types of life insurance, such as:
- Term life—typically meant to cover mortgages, other debts and dependents if the insured dies young
- Whole life—typically meant to provide funeral expenses and a payout if the insured dies at an old age
- Annuities—offered with many variations that provide a stream of income late in life with a payout when the insured dies
- Variable Universal Life—a very flexible, stock-market dependent product that allows varying contributions and no fixed limit on payouts.
There are also specialty life insurance products available to those who have business interests, such as keyperson insurance and buy-sell agreements that can help keep family businesses running even when the leader dies.