Life Insurance

Life insurance helps to ensure that your family and loved ones are protected against financial difficulties in the event of a premature death. Combined with investments, retirement and estate planning, life insurance is a fundamental part of a sound financial plan. At Sinclair, Billard and Weld we can develop a complete plan that will protect you and your family.

Types of Insurance

There are two basic types of life insurance: permanent insurance that provides protection for life and term insurance that provides insurance coverage for a specific number of years. Both types pay a death benefit if you should die while the policy is in force.

Whole life is a permanent policy that provides a guaranteed death benefit, expressed as the face amount, for premiums that are usually guaranteed to remain level regardless of age or health changes throughout your life. Whole life policies often pay dividends. These policies accumulate cash value that may be borrowed against, used to continue coverage if premiums are missed, or withdrawn.

Universal life is a permanent interest ­ sensitive policy that is more flexible and is divided into basic insurance and an investment account. You can decide how much goes into each and increase or decrease your premiums and the death benefit with some limitations. Premiums and benefits can be readjusted at specific times, despensing on your insurance needs and on what choices you make in the investment side of the policy.

Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of the term, which can be from one to 30 years. The premium rates increase at each renewal date. Many policies require that you present evidence of insurability at renewal to qualify for the lowest rates.

To determine your life insurance needs you have to consider how much will be needed at death to meet immediate obligations and how much future income is needed to sustain the household.

Contact us for a more detailed analysis.

Contact Marlene Moore Phone (902) 442-1122 Email mmoore@sbwdirection.com