Life, Variable Life & Annuities
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It is impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
The best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a C.T. Lowndes & Company licensed life insurance professional. Our Life Insurance Team is lead by Rawlins Lowndes.
We offer life insurance for children too.
Variable Life Insurance
Variable life insurance is a permanent life insurance product that contains an investment component through separate investment accounts.
The best way to figure out if a variable life policy makes sense for your particular situation is to contact our agent, Erin Witt. Erin is licensed in Life Insurance and holds both her Series 6 and 63 FINRA registrations.
Annuities
Annuities are popular financial products used to distribute a sum of money over an extended period of time. Whereas the purpose of life insurance is to create an estate, the purpose of annuities is to accumulate and eventually liquidate funds over a certain period. Annuities achieve this goal by converting a sum of money into a series of income payments.
The cash value of annuities accumulates on a tax-deferred basis which provides the owner of the annuity a significant tax advantage.
There are several different types of annuities but most will fall into one of the following: fixed annuities, variable annuities, and equity-indexed annuities.
The best way to figure out the type of annuity product that makes sense for your particular situation is to contact our agent, Erin Witt. Erin is licensed in Life Insurance and holds both her Series 6 and 63 FINRA registrations.
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