Life Products

Term Life

Term life insurance is a type of life insurance that provides coverage for a specific period, or "term" (commonly 10, 20, or 30 years). If the insured person dies during that term, the policy pays out a death benefit to the beneficiaries. If the term expires and the insured is still alive, there is no payout, and the coverage ends unless it is renewed or converted.

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Who It Appeals To:

• Young families who want affordable coverage while raising children

• People with temporary financial obligations, such as a mortgage or college tuition

• Individuals seeking high coverage at a low cost

• Those not needing lifelong coverage or investment components

Whole Life

Whole Life Insurance 

Whole life insurance is a type of permanent life insurance that provides lifelong coverage with fixed premiums, a guaranteed death benefit, and a cash value component that grows over time. The cash value can be borrowed against or used for other financial needs.

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Who It Appeals To:

• People seeking guaranteed lifetime coverage

• Those who want predictable, fixed premiums

• Individuals interested in building cash value over time

• Families or individuals focused on estate planning, wealth transfer, or leaving a financial legacy

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Key Person (Employer or Key Man) Insurance 

Key Person (sometimes called Key Employer or Key Man) Life Insurance is a policy a business takes out on a crucial employee, founder, or owner whose skills, knowledge, or relationships are vital to the company’s success. If that person dies, the business receives the death benefit. The payout can help cover lost revenue, hire and train a replacement, reassure lenders/investors, or wind down the company responsibly.

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Who It Appeals To:

• Small business owners who are the primary driver of revenue.

• Companies with one or two key employees whose absence would significantly disrupt operations.

• Startups or businesses with investors/lenders who want assurance the business can survive if a key person is lost.

• Professional practices (law, medical, consulting, design firms) where specialized expertise is hard to replace.

Joint LIfe Insurace 

Joint life insurance is a policy that covers two people—usually a married couple—under one plan. It pays out once (either when the first person dies or when both have passed, depending on the type).

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Types:

• First-to-Die: Pays out when the first insured dies, helping the surviving spouse with income or debts.

• Second-to-Die (Survivorship): Pays out after both have passed, often used for estate planning or leaving an inheritance.

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Who It Appeals To:

• Married couples or domestic partners with shared financial responsibilities

• Parents planning to leave a legacy or cover estate taxes

• Couples who may not qualify individually, as joint policies can be easier to obtain

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Final Expense

Final expense life insurance is a type of whole life insurance designed to cover end-of-life costs, such as funeral expenses, medical bills, and small debts. It typically offers smaller coverage amounts (e.g., $5,000–$25,000) with affordable, fixed premiums and no expiration as long as premiums are paid.

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Who It Appeals To:

• Seniors who want to ease the financial burden on their loved ones

• People with limited savings who need a way to cover funeral and burial costs

• Those who may not qualify for traditional life insurance due to age or health issues

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Universal Life 

Universal life insurance is a type of permanent life insurance that offers flexible premiums, adjustable death benefits, and a cash value component that grows over time. The policyholder can change payment amounts and coverage levels, and the cash value can be used to help pay premiums or be withdrawn (though this may reduce the death benefit).

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Who It Appeals To:

• People seeking lifelong coverage with flexibility in premium payments

• Those who want a savings component alongside insurance

• Individuals with changing financial needs over time

• Higher-income earners looking for tax-advantaged wealth transfer or estate planning tools

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Business Overhead Expense (BOE) Insurance

BOE Insurance is designed to cover a business’s essential operating expenses—such as rent, utilities, payroll, and loan payments—if the owner becomes disabled and can’t work. Unlike personal disability insurance (which replaces personal income), BOE keeps the business itself running, buying time until the owner recovers or a long-term solution is found.

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Who It Appeals To:

• Solo business owners and small practices (doctors, lawyers, consultants, accountants) whose personal ability to work drives revenue.

• Entrepreneurs with fixed overhead costs who want to avoid draining savings or shutting down during illness or injury.

• Professionals with employees who need to ensure payroll and operations continue smoothly even if the owner is sidelined.

Policy Riders

Life insurance riders are optional add-ons to a policy that provide extra benefits or customize coverage to fit specific needs. They can enhance protection by covering additional risks like disability, accidents, or long-term care, or offer flexibility such as guaranteed future insurability. Riders make a life insurance policy more versatile and valuable by addressing specific concerns beyond just a death benefit.

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Common Life Insurance Riders

1. Accelerated Death Benefit Rider

   • Allows access to a portion of the death benefit early if diagnosed with a terminal illness.

2. Waiver of Premium Rider

   • Waives premium payments if the insured becomes disabled and unable to work.

3. Accidental Death Benefit Rider

   • Provides an extra payout if death results from an accident.

4. Guaranteed Insurability Rider

   • Allows the insured to purchase additional coverage later without a medical exam.

5. Child Term Rider

   • Adds term life coverage for the insured’s children.

6. Disability Income Rider

   • Provides a monthly income if the insured becomes disabled.

7. Return of Premium Rider

   • Refunds premiums paid if the insured outlives the term of the policy.

8. Long-Term Care Rider

   • Covers costs of long-term care or nursing home care, using part of the death benefit.

9. Cost of Living Rider

   • Increases the death benefit over time to keep up with inflation.

10. Spousal Rider

    • Adds life insurance coverage for the insured’s spouse under the same policy.

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