Life Insurance
Are You & Your Family Insured?
No one really wants to think about life insurance. But if someone depends on you financially, it is a topic you really shouldn’t avoid. Getting insurance doesn’t have to be hard (or boring). Let the McKnight Advisory Group Advisors answer your questions and help you make informed decision for protecting your loved ones financially.
Many people who own life insurance coverage do not know what they have, why they have it, or if it is too much or too little. Annual reviews of existing coverage are important because existing policies may no longer appropriately fit an individual’s overall portfolio. Lower interest rates and higher insurance costs could lead older policies to lapse early and not be there for an individual as originally planned. Because life happens and individuals may have skipped a premium payment or paid a premium late, the future performance of a policy can be adversely affected.
As with any other type of financial vehicle, older life insurance policies (particularly permanent, cash value policies) should be reviewed regularly. It ensures that an individual’s coverage is in unison with their goals as well as the planning strategies set forth.
Contact us today to discuss a policy review.
Key-man
Key-man life insurance is a policy that a business buys on the life of a key employee or executive. If the key person passes away, the company receives a death benefit payout. It helps protect the business from financial loss and covers expenses related to finding a replacement, managing the transition period, and maintaining stability. The company pays the premiums, and the policy is owned by the business.
Group
Group life insurance is a type of life insurance policy provided by an employer to a group of employees. It offers coverage to multiple individuals under a single policy. If a covered employee passes away while the policy is in effect, a death benefit is paid out to the employee's designated beneficiaries. Group life insurance typically offers a basic level of coverage and may be supplemented with optional additional coverage. The premiums are usually paid by the employer, and the coverage is often less expensive than individual life insurance policies due to the collective purchasing power of the group.
Individual
Individual life insurance is a type of insurance policy purchased by an individual to provide financial protection for their loved ones in the event of their death. The policyholder pays premiums to the insurance company, and in return, the insurance company pays out a death benefit to the designated beneficiaries upon the policyholder's death. Individual life insurance offers personalized coverage and can be customized to meet the specific needs and goals of the policyholder. It can provide financial support for funeral expenses, outstanding debts, income replacement, education expenses, and other financial obligations. The premiums are based on factors such as the policyholder's age, health, lifestyle, and coverage amount.