There are several forms of "permanent" life insurance. These include whole life, universal life, variable life, and variable universal life. (Variable Life and Variable Universal Life insurance products are offered through Lincoln Financial Securities Corp.) One common feature is that all of these products have a cash value component. The cash value features of each is distinctly different and therefore requires careful consideration in determining which product best suits your needs.
Permanent life insurance has advantages over term life insurance for those seeking long-term protection. Additionally, permanent life insurance can be used creatively in a variety of ways to accomplish personal planning objectives ranging from retirement and survivor's benefit needs, to income replacement and charitable giving. Permanent insurance is usually more expensive than term insurance for those who only need protection for a specified number of years. However, if your needs are indefinite or "permanent", this option is usually the most cost-effective and should therefore be considered as part of the financial planning process.
Business owners can use permanent life insurance policies to provide executive benefits and tax-advantaged solutions for retirement planning needs. When combined with proper estate planning, life insurance is also the product of choice among financial advisors, insurance consultants, estate planning attorneys, and CPA's who help their clients plan for the disposition of their estate by helping to reduce or eliminate any potential estate tax liability.
The Hughes Agency helps individuals and families plan for and achieve their long- term financial goals. We also help business owners provide executive benefits for themselves or for key employees creatively, effectively, and efficiently. Let us help you! Call us today to arrange for a no-obligation, no hassle consultation or feel free to call or email us for more information.
* Investments offered through representatives of Lincoln Financial Securities Corporation Member SIPC to residents of VA, NC, MD, TN, and CA. Branch Office: 1100 South Church Street, Smithfield, VA 23430. Phone 757-356-1200. Lincoln Financial Securities Corporation and The Hughes Agency are not affiliated.