Health and Life Insurance

The Value of Life Insurance

When you have someone who depends on you, Stonebraker McQuary Insurance can help you provide them with a lifetime of financial security. Life insurance is a crucial step in planning for your future and the future of your loved ones. We can help you make informed decisions about your life insurance choices.

Life insurance can assist your family if you are no longer around by providing a death benefit to your beneficiaries. Life insurance can also provide benefits while you are living.

Advantages of Life Insurance

Advantages of the Death Benefit:

• Provides income tax-free money to your beneficiary(s). This money can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind.
• Can provide business security 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 life insurance policy is tax-deferred, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn. (Note: Accumulated growth may be taxable upon withdrawal. If the policy is a Modified Endowment Contract (MEC), tax penalties may apply prior to age 59. Consult a tax advisor on your specific situation.)
• 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. (Note: Policy loans and withdrawals reduce cash value and the death benefit and may be subject to other charges outlined in the contract.)

Assessing Your Need

The amount of life insurance you select should be dependent on you and your lifestyle. Choosing the right amount can be difficult. Stonebraker McQuary Insurance agents are here to assist you in determining an appropriate coverage amount and help you decide on which type of life insurance is right for you.

Generally, you should consider life insurance if you have:

• A spouse
• Dependent children
• Aging parents or a physically-challenged relative who depends on you for support
• Retirement savings that is not sufficient to ensure your spouse's future financial well-being
• A sizable estate
• A business

Life Changes -- So Should Your Policy

As events happen in your life, your life insurance coverage may need to change to fulfill your current needs. Some life changes that may require you to reevaluate your coverage include: marriage, divorce, a new baby, purchase of a new home and retirement.

Types of Life Insurance

There are several different types of life insurance available. The most common include:

• Term Life Insurance: If you do not currently have life insurance, term life insurance can be a good place to start. Term life insurance provides protection for a specified period of time, such as 10 years. It's generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
• Whole Life Insurance: Whole life is a form of permanent life insurance that remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.
• Universal Life Insurance: Universal life is a form of permanent life insurance characterized by its flexible premiums, flexible 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.

See what Stonebraker McQuary can do for you.

We'd like to be your complete insurance company. We invite you to visit with your friendly Stonebraker McQuary Insurance agent today to find our more about our comprehensive line of insurance products.