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Life Insurance

Life Insurance Policies are in place to pay a benefit when someone dies in order to help loved ones financially. Having a life insurance policy available for your employees is important for a number of reasons.

Life Insurance

  • helps pay for funeral and burial expenses.
  • can provide much needed income for dependents.
  • is a source of savings, much like a savings account. Many types of life insurance can hold cash value.
  • can serve as an inheritance. Even if one does not have substantial assets, a life insurance policy can serve as inheritance for those left behind.
  • can be used to make charitable donations to organizations that have been important to the policy holder.
  • can be used to pay taxes.
  • is peace of mind. Having life insurance assures that loved ones will be taken care of after the policy holder passes away.

Two most common types of life insurance are Term and Whole (Permanent) policies.

Term Life Insurance: Provides coverage for a fixed rate for the term of the policy.

  • Usually the most affordable.
  • Lasts between 1 – 30 years.
  • Pays only if a death occurs during the policy term.

Whole (or Permanent) Life Insurance: Provides life-long protection as long as premiums

  • are paid.
  • Death benefit and premium will usually remain the same through the term of the policy.
  • Builds cash value, which may be withdrawn or loaned.

The three types of Whole Life Insurance are:

  • Traditional Whole Life
  • Universal Life
  • Variable Universal Life

Every business has unique needs and goals. When it comes to choosing the right life insurance package for your employees, Semple Solutions will help you every step of the way.

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