Life Insurance Review
Term Life Insurance has never been more affordable. We are Independent Brokers and can help you find the best value. Use our link provide here to find competitive pricing from the insurance companies:
Small Business owners need to remember that “Key-Person” life insurance and “Buy-Sell” agreements can help protect both your family and your business in case the unexpected happens. Consult with us to learn more about the insurance tools available for dealing with your business upon your passing.
If you desire to be able to obtain the "living benefits" of Life Insurance, you should consider Whole Life Insurance Contracts can be used to grow your money without market risk and accumulate accessible cash value without taxation, allowing for tax free retirement funding, college planning and business funding.
How Much Life Insurance Do I Need? Use our Calculator - Click Here
Contact Us for a personal retirement income planning strategy using insured contracts with "living benefits" that allow access to cash value accumulation and death benefit proceeds before you die. These "living benefits" include funding for retirement and college planning, chronic illness, long-term disability and terminal illness while using dollar leveraging with tax savings.
Life Insurance protects against the unplanned hazards of life’s journey. As independent Insurance Consultants we assist you in selecting and mapping out affordable protection for you and your family.
Representing most major life insurance carriers, we pre-screen the underwriting process to fit the carrier to your underwriting requirements. Whether you need insurance for traditional family protection, mortgage protection, final expense, college funding, retirement planning, or business “buy-sell” planning, we can help you.
Types of Life Insurance
- Available in durations of 5, 10, 15 and 20, 25 and 30 years
- Death benefits can remain the same throughout the life of the policy
- Premiums are guaranteed not to change during the initial coverage period
- Policy may be guaranteed to be renewable until age 95
- Convertible to a permanent policy during the Guaranteed Term or until age 75, whichever comes first
- Some carriers offer “return of premium” so that you get your money back at the end of the term.
- "Living Benefits" for Chronic, Critical or Terminal Illness may also be available from some carriers
- Shopping for Term Life Insurance? Click Here
Universal Life Insurance can provide permanent protection for what matters most: your families and your business. Because of its flexibility, Universal Life Insurance can sometimes offer much more. Universal policies designed to offer account value growth can also help enhance retirement income security, help pay for your children's college, or otherwise help you meet unexpected financial needs while still providing a meaningful death benefit. You can fund a Universal Life policy so that it develops substantial cash values, or fund it so that it emphasizes maximum life insurance coverage.
Universal life insurance provides flexibility by allowing variables that you can adjust such as:
- The amount of death benefit
- The amount and frequency of payments
- The length of the guarantee period
You may also be able to borrow or withdraw funds against the account value. The death benefit and cash accumulation may be reduced and there may be tax implications, but as long as the account value remains at a sufficient level, your policy will remain enforced or you may use a "no lapse guarantee" to keep the policy inforced
Indexed Universal Life includes the features of standard Universal Life but earns credited interest based on the performance of the S&P 500 index. However, your money is not invested directly in the market and you are protected from market downturns. A credited interest rate of 3% is guaranteed even when the index is negative. The policy offers tax advantaged growth that can be accessed for college funding or retirement. Any gains in the account due to positive performance can never be lost because of negative performance, ensuring that you will not lose gains. Indexed Universal Life may also be purchased with “no lapse” guarantees so that the death benefit is guaranteed so long as a minimum premium payment is met.
Whole Life Insurance is an excellent financial vehicle for long term planning such as college funding or retirement. It offers lifetime insurance protection with strong guarantees and significant tax-deferred cash accumulation without regard to fluctuations in the stock market, interest rate changes or recessions.
When "mutual" insurance companies are used for Whole Life, dividends go to policy-holders rather than stockholders because there are no stockholders. In strong “mutual” insurance companies financial affairs are managed for the long term benefit of the policy-holders and not short term concerns of stockholders. Policy-holders are “participating,” meaning that they qualify for dividends as declared by the company. Dividends may be taken in cash, used to help with premium payments, or used to enhance the policy by compounding within the policy thereby enhancing the death benefit and the cash value accumulation.
Whole Life can be combined with riders and features that enhance versatility and benefits. A “Paid-up Additions” Rider allows for optional deposits to the policy increasing cash values, death benefits and dividends payable. A “Waiver of Premium” Rider will waive premiums when you are disabled and benefits will continue to accrue as if you were paying out of pocket.
Bishop Wealth Advisors represent the highest A+ and A++ rated “mutual” insurance companies for Whole Life and we provide illustrations without obligation. We also work with small businesses and partnerships to help in the establishment of "Buy/Sell" agreements for business transition planning and retirement planning using Whole Life.
Unique Universal Life Insurance products have been developed allowing for the dual purchase of Life Insurance and Long–term Care protection in the same policy. These "hybrid" insurance products are Ideal for the individual who is able to self-insure for Life and Long-term Care Insurance in one policy. As a general rule, every $100,000 invested will yield up to $200,000-$250,000 of death benefit, and/or up to $300,000-$500,000 of long-term care benefit. If Long-term Care benefit payments are not needed the full death benefit is paid. To the degree that Long-term Care benefits are paid the death benefit is reduced. In either case, benefits paid are tax free.
Accelerated Benefit for Critical Illness Rider...
...pays death benefit in part, or in full, upon certified illness requiring nursing home care.
Accidental Death Benefits Rider...
...pays heirs extra benefit if death is from accidental injury.
Terminal Illness Benefit Rider...
...for the insured that is diagnosed with a medical condition expected to be terminal within 12 months. This benefit pays part or all of the policy's death benefit while the insured is still alive.
Child Insurance Rider or Spouse Rider...
...provides economical protection for your children or spouse available for an additional charge.
Waiver of Premium Rider…
...continues to pay the Life Insurance premium in the event of a disability typically lasting longer than 6 months.
Your family is important to you and you have worked hard to provide for their welfare. Should the unexpected happen will they have sufficient income and resources to continue with their present lifestyle?
How much of your current assets may be subject to federal or state death taxes in the event of your passing? You have worked hard accumulating assets to take care of your loved ones, so why let the IRS be your beneficiary?
Life insurance proceeds are generally income tax-free, making life insurance a financial vehicle that can be useful in estate planning. If you are considering ways of transferring wealth to your children or grandchildren, ask us for assistance in evaluating your current financial circumstances and suggesting the proper type of life insurance for consideration.
Without proper estate planning your legacy could be significantly reduced in size and the inheritance you want to leave may be adversely impacted. To make sure your beneficiaries get the maximum possible amount from your estate, work with us to help you:
- Define your objectives
- Set up a plan
- Periodically review your plan
(Starting top right photos include our granddaughter Annie on her wedding day, our newborn grandson Ethan, granddaughter Lydia, our daughter Heather's wedding day, our daughter Shannon wind surfing, and our son Jim with this new bride Patty)