FREQUENTLY ASKED QUESTIONS

We offer a range of products; Annuities, Life insurance, Disability Insurance, Long-term Care Insurance, Accident Insurance, Business Insurance, Group Benefits, Worksite Benefits, etc.  

Life insurance is a contract between an individual and an insurance company, where the individual pays for product in regular premiums in exchange for a death benefit that is paid out to beneficiaries upon the insured's death. 

Getting life insurance for your children offers unique advantages. It provides financial protection by covering unexpected costs in the unfortunate event of their passing, locks in low rates for affordable premiums as they age, guarantees future insurability despite potential health changes, accumulate cash value, serving as a versatile savings tool for future needs such as education expenses, purchasing a home or even a huge retirement nest egg. Moreover, introducing them to insurance educates about financial responsibility, and it can be a thoughtful gift for their future endeavors. 

There are two main types: term life insurance, which provides coverage for a specific term, and permanent life insurance, which covers you for your entire life and includes a savings or investment component. 

The amount of coverage depends on your financial obligations and goals. It should cover debts, income replacement, and any specific financial needs you want to address. 

The cost of life insurance varies based on factors like your age, health, coverage amount, and type of policy. Generally, most people will be able to find something that fits their budget. 

Some companies offer life insurance for individuals with health issues, but the premiums may be higher. Guaranteed issue policies might be an option for those with severe health conditions. 

In most cases, the death benefit from a life insurance policy is NOT taxable income for beneficiaries. 

It's recommended to buy life insurance when you're young and healthy as premiums are generally lower. However, life insurance can be valuable at any stage of life. 

Yes, you can have multiple life insurance policies to meet different financial needs. 

Employer-provided life insurance can be a good starting point, it is usually very inexpensive, but it's often limited in coverage and likely ends if you leave your job. Buying an individual policy can offer more comprehensive and portable coverage. 

An annuity is a financial product that provides a stream of regular payments to an individual over a specified period, often for the rest of their life. Annuities are are often used as a means of securing a stable income during retirement or other periods of financial need.  

In many ways, annuities can be similar to a personal pension. Both annuities and pensions are designed to provide a consistent stream of income during retirement, helping individuals secure their financial future.  

Self Banking, often referred to as Infinity Banking, Bank on Yourself, Family Banking or Private Banking, involves using a specially designed whole life insurance policy with a high cash value component as a financial tool. The policyholder builds cash value over time, which can be borrowed against for various financial needs, acting as a personal banking system. 

Using life insurance for Self Banking offers benefits aside from just a death benefit. such as potential tax advantages, a secure way to accumulate cash value, access to liquidity, and the ability to create a source of financing for personal or business needs. 

Yes, many whole life insurance policies allow policyholders to take loans against the accumulated cash value. These loans are typically tax-free and can be used for various purposes. 

If you pass away with an outstanding loan, the death benefit paid to your beneficiaries will be reduced by the amount of the loan. It's important to plan for this when using borrowing against your policy. 

Self Banking allows individuals to become their own source of financing by using the cash value of their life insurance policy. This contrasts with traditional banking where individuals borrow from external institutions. 

Self Banking is not considered a traditional investment. It's a financial strategy that focuses on creating a reliable source of financing and promoting financial independence. 

While generally considered low-risk, it's important to manage policy loans responsibly to avoid policy lapses or reductions in death benefits. Additionally, the growth of cash value may be slower compared to other investment options. However, unlike traditional investments, your growth is guaranteed and can be accessed tax free..

Most people can use life insurance for Self Banking, but it's important to work with a financial professional who specializes in this strategy to tailor it to your specific financial situation and goals. 

Yes, Self Banking can be utilized for both personal and business purposes. It can provide a versatile source of financing for various needs, including business expansion, real estate investments, education expenses, and more.