Coverage for Every Stage of Life
When dreams start to become reality, it is best to ensure your coverage. The BlueSky team is ready to help put into place a life insurance plan that aligns with your needs. We have options from short to long-term and anywhere in between.
Short Term Life Insurance
If you have a family or others who rely on you, your untimely death could have a devastating impact on their ability to meet their financial responsibilities.
- Term life insurance can be used to provide your beneficiaries with funds to maintain their daily financial needs. This is a straight insurance policy with no investment component.
- You’re buying coverage that lasts for a set period provided you pay the monthly premium.
- You can choose a level-term policy, which keeps the same payout through the life of the policy, or you can opt for decreasing term insurance, which means the death benefit is reduced over time.
Long Term Life Insurance
A whole life insurance policy combines coverage with an investment fund.
- You’re buying a policy that pays a stated, fixed amount upon your death, with part of the premium going towards building cash value from investments made by the insurance company.
- Cash value builds tax-deferred each year that you keep the policy, and you can borrow against the cash accumulation fund without being taxed.
- The amount you pay usually doesn’t change throughout the life of the policy.
A whole life insurance policy can be used to fund business buyouts, so a family business or the insured’s stake in another business doesn’t have to be sold off but rather can be purchased by the next generation.
- It can also be used to help beneficiaries pay taxes on what they inherit from the insured.
- Some choose to use whole life insurance to fund trusts for grandchildren or to leave a legacy gift to a favorite organization or charity.
A universal life policy is a permanent insurance policy that combines term insurance with a money market-type investment that pays a market rate of return.
- In general, you can decide how much you want to pay into the policy at different times, as long as you meet a contracted minimum payment.
- If you make payments over and above your mandatory premium, the excess goes into investments the insurer chooses.
- Returns on those investments will build cash value in your policy, and those earnings aren’t taxed until the policy is used.
- It’s a viable option for those who want to have more control over their policy’s investment earning potential and premium payments.
Survivorship life insurance, or second-to-die life insurance, is a policy written on two lives.
- Only after the death of the second insured will the policy pay the death benefit.
- The death benefit can be used to pay estate taxes, care for a special needs child, leave a legacy to a charitable organization, and other purposes.