P.O. Box 665
New Canaan, CT 06840
Protecting Families Since 1923
The foundation for family protection, present and future...
Our Agency began with Life Insurance, and we continue to believe that it is the single most important insurance policy that you can buy. Houses, cars, and personal belongings can all be replaced.
Family members are irreplaceable.
Whether you need to protect against the loss of Family Income by a breadwinner, to pay off a Mortgage or to pay for your Children's Education, Life Insurance is an essential aspect of your Family Financial Plan.
Click here to view the Life Insurance Needs Worksheet that can assist you in evaluating your general life insurance needs.
WHY WHOLE LIFE INSURANCE
Whole Life Insurance is an asset which has a long-term horizon – it adds stability and security to your financial portfolio. In fact, after the first two years of the policy, Whole Life Insurance is one of the few assets that actually increases in value every year (assuming that there are no policy loans or withdrawals) since it is not correlated to the financial markets.
In addition to providing the legacy value of a guaranteed death benefit for your beneficiaries, your Whole Life policy also accrues significant cash values – living benefits – that can help meet planned goals or unexpected financial obligations.*
By continuing to pay premiums when due, the guaranteed cash value will increase as specified in the policy. Each year the guaranteed cash value will become an increasingly significant part of the policy. In addition, while not guaranteed, annual dividends can also steadily increase the policy’s cash value and death benefit.
What other asset provides the guarantees that Whole Life Insurance offers?
What else has tax-deferred growth and an income tax-free death benefit
payable to beneficiaries?
What other financial instrument is not impacted by market volatility?
What else provides the flexibility with built-in options and features to keep pace with a lifetime of changing financial situations and goals?
*Any outstanding loan on the policy reduces the amount available for surrender and reduces the death benefit.
Life Insurance Checkup
Life changes, and so should your Life Insurance. Your initial analysis is important to us. You may wish to consider the following:
Family Changes: Do you have a new child or a change in marital status? Should you update your beneficiaries?
Employment Changes: Should you rely on an employer to provide for your life insurance?
Health Changes: Have you quit smoking or lost weight? Insure your good health now!
Coverage Changes: Do you have any Term Life Policies which might expire soon? Are you paying for Universal Life Policies which have increased premiums every year?
Let your family benefit from our experience! Call us to make an appointment today.
WHY WOMEN NEED LIFE INSURANCE
Traditionally fewer women have life insurance policies than men. However,that should change. There are more women now in the work force, there are more female sole/primary earners than ever and in order to maintain a standard of living, a two-person income might be necessary. Women need life insurance in order to protect their families.
Single parents need life insurance. Many single mothers are without life insurance. Insurance is really for your loved ones, not you. If you are the only parent in your child's life, you need to make sure that they will have a secure future.
If you are a stay-at-home mother, your daily activities amount to a financial contribution to
your family. The cost of these services can't be replaced cheaply. The cost of services provided by a stay-at-home mom are estimated to be $118,000 per year. A mother with an outside job provides approximately $70,000 worth of services at home each year on top of her salary.
Many women in the workplace do have group life insurance. However, that coverage might be limited and would likely cease when losing or changing jobs. A personal life insurance policy would provide additional security for their family.
There are many types of life insurance policies and they can be structure to fit your personal finances and needs.
BUY/SELL AGREEMENT LIFE INSURANCE
For Small Businesses
A buy-sell agreement is designed to protect a business, the owners and their heirs if one of the owners was to die unexpectedly. Basically, this agreement protects the continuity of the business for the remaining owner(s) by buying out the deceased owner’s share from their heirs. This is done by each owner purchasing a life insurance policy on the other owners of the business.
The most common version of the agreement is called a “Cross Purchase Buy/Sell Agreement” and is especially used for a small business with no more than 4 owners. The reason for no more that 4 owners is that such an agreement requires each owner to buy an individual life insurance policy on each of their partners. The amount of life insurance is equal to their respective share of the net worth of the business. A business with just 4 owners would need a total of 12 life insurance policies. Each owner would buy a policy on the other 3 partners (3x4=12). With more than 4 owners it can easily become messy and complicated.
Each owner will be beneficiary, payor and owner of each policy they purchase on the lives of the other owners. It will provide a clear outline of how the deceased owner’s heirs will sell their interest to the remaining owner(s) with the insurance proceeds.
Such an agreement will provide clarity and comfort to all owners and their heirs. It will also avoid any costly and lengthy disagreements as to the future of the business going forward.