Life Insurance

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What You Need to Know About Life Insurance

Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone.

Don’t leave the future of you and your loved ones to chance. The Pavese-McCormick can help you find the right life insurance coverage for you, and help ensure that your policy continually meets your needs.

Life changes – so should your policy

The right life insurance will be unique for you and dependent on your personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” and our help at Pavese-McCormick include:

  • You recently married or divorced
  • You have a new child or grandchild
  • You have opened or expanded a business
  • Your health or your spouse’s health has deteriorated
  • You are providing care or financial assistance to a parent
  • Your child or grandchild requires assistance or long-term care
  • You recently purchased a new home
  • You are planning for a child or grandchild’s education
  • You are concerned about retirement income
  • You have refinanced your home mortgage in the past six months
  • You or your spouse recently received an inheritance
  • You have a sizable estate

What you need to know about life insurance

Pavese-McCormick can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:

Term Life Insurance

Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.

Whole Life Insurance

Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time

Universal Life Insurance

Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

So what type of life insurance is best for you? Call or email Pavese-McCormick at 732-247-9800 or info@pavesemccormick.com and talk with one of our agents today and we can assist in identifying the best protection for you.

What are the advantages of life insurance?

Having the right life insurance is essential to planning for your present, and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.

Advantages of the life insurance death benefit:

When you pass away, your life insurance provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need. Your policy can help provide security for your business security as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Advantages of Living Benefits:

The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.

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How Much Life Insurance is Enough?

Life insurance is a crucial step in planning for your future. Not only can life insurance provide assurance for your family if you are no longer around, there are life insurance policies that offer benefits while you are living.

We understand the life insurance needs of our customers.

The necessity of life insurance depends on your own personal and financial needs. At Pavese-McCormick we assist and help you determine the type and amount of life insurance that is appropriate for you and your family. Generally, you should consider life insurance if:

  • You have a spouse
  • You have dependent children
  • You have a sizable estate
  • You own a business
  • You have an aging parent or a physically challenged relative who depends on you for support
  • Your retirement savings are not enough to insure your spouse’s future against a rising cost of living

Additional benefits of life insurance other than providing for your loved ones, in case something happens to you include:

  • The cash value earned and borrowed from a permanent life insurance policy can be used to help with large expenses, such as a college education or down payment on a home.
  • The growth of a cash-value policy is tax-deferred – you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.
  • Life insurance can be used to cover funeral expenses and pay estate taxes – consult your tax advisor agent in Monmouth Junction for more information.

The right life insurance coverage for each and every one of our neighbors in New Jersey is unique – call or email Pavese-McCormick at 732-247-9800 or info@pavesemccormick.com and talk with one of our agents today to find out how to protect your family and your future with the right life insurance.