Nobody likes to think about life insurance, but it can make or break a family if the unspeakable occurs. Having an adequate life insurance policy in place that can meet your family’s financial needs if you’re not here is the most valuable thing that you can pass along. Having a properly constructed life insurance policy is not just the smart thing to do – it’s the responsible thing to do.
At Maconachy Stradley Insurance, we have the experience and knowledge to help you find the right life insurance policy for your family. We’ve helped thousands in the Canton Ohio area select life insurance that fits their families needs and lifestyles.
Contact us today to take the first step towards a life insurance policy that will give you and your family peace of mind.
What are you passing on to your children?
Term life insurance provides a death benefit protection for a limited period of time – generally from 10-30 years. This defined period helps make term life insurance one of the most affordable coverage options on the market, while covering you in the years you need it most.
Of course, there’s a trade off. Once the period covered runs out the benefit expires. Sometimes a term life insurance policy can be extended, but you will most likely experience increased premiums that continue to go up as you age.
Just like it sounds, a whole life insurance policy covers you for your whole life as opposed to just a fixed time period. The policy actually build a cash value over time that you can borrow against while you’re still living, so it acts as a protective measure and an investment simultaneously.
One major advantage of whole life insurance is that if you get a policy written while you’re young, you can experience significant savings over the lifetime of the policy. That’s because a policy written for a young person generally has lower monthly payments than a policy written for an older individual.
A buy-sell agreement is a legally binding agreement between the owners of a business that governs what happens if a co-owner dies or is forced to leave the business for some reason. Such an agreement spells out the process of deciding who owns what, and what kind of compensation family members of the deceased individual is granted in the event of an untimely death among the owners.
To illustrate why this is important, imagine you and your business partner each own 50% of the shares in your company. If your partner dies, who is your new partner? The deceased person’s spouse? Their teenage son or daughter? If you would like to buy this individual out, what is the cost of doing so? Having a buy-sell agreement in place can help insure this process unfolds in a fair and agreed upon way, and prevents the unfortunate event from disrupting the normal functioning of the business.
Key person insurance, also called key man insurance, is an insurance policy that covers a business for financial losses that would arise from the unexpected death or incapacity of an important member of the business. It’s essentially life insurance for businesses. Key person insurance does not indemnify the actual losses incurred, but offers compensation with a fixed monetary sum as specified by the policy.
Many businesses have a key person that serves a crucial role in generating profits, or has a unique set of skills that is hard to replace. Key person insurance is a way for businesses to protect themselves in the event that tragedy strikes such an individual.
Peace of mind for you and your family.
We are here to take care of all your insurance needs. Contact us today!