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 30+ 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 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 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.
Your business purchases a life insurance policy on the life of your key employee(s) and the business is policy owner, premium payor, and beneficiary. If a key employee dies, the policy’s death benefits are paid to the business. Since the business pays the premiums and is not entitled to an income tax deduction for the premium expense, the business generally will receive the death benefit proceeds income tax free (Absent "transfer for value" - Inernal Rev. Code 101(j)).

Advantages of Key Person Life Insurance and a tax-free death benefit:

- Replace profits or capital lost because of a key employee’s death.

- May be used to cover costs to recruit, hire, and train a successor key employee.

- Assures the stability of your company's financial position to keep its promises to its employees, customers, and creditors.

- Fund a buy-sell agreement so the estate of an owner-key employee may convert the business interest into cash.

- Fund executive benefit programs for owner and non-owner key employees.

- Policy cash values are an asset on the business’ balance sheet.

Potential Disadvantages:

- Premiums are not income tax deductible.

- Death benefits may be subject to the AMT (if the owner is a C corporation).

Having life insurance is pivotal in planning for the future of you, your family, and your business partners. Life insurance can help you fulfill promises you’ve made your family and business partners when you are gone. Don’t leave the future of you and your loved ones to chance. Protected World Insurance Agency can help you find the right life insurance coverage for you, and help ensure that your policy continually meets your needs.

A life insurance policy may be uniquely customized to 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 needs of the time.

Talk with Protected World Insurance Agency about what type of life policy may be best for you. Call:


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.

Our Company

Protected World Insurance Agency

Spencer Hawkins, CFP®
Owner / Agent
Central Ohio Agency
Upper Arlington, Ohio



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