Protection from Life’s Risks
Are there people in your life who count on you for financial support? If so, they could experience significant financial hardship if the unexpected happens. You have insurance for your home and car; protecting your wealth from catastrophe is just as important.
Think of life insurance as "asset protection life insurance." It should be part of your investment planning, shielding your family, business and wealth from unforeseen events. It is an essential part of a risk management strategy that also includes other types of insurance:
Umbrella liability policies Business protection Long-term care Disability insurance
There are many variations on life insurance that pay a benefit upon your death. The two main categories are term life and whole life; universal life is a subset of whole life insurance with different characteristics. Both act as asset protection insurance. Your Forest Hills Financial Group (FHFG) financial advisor can discuss the various types and how they might fit into your risk management plan now and for your future.
Term life insurance is the most affordable coverage option, perfect for young, growing families who want to ensure children are cared for if a parent dies. It provides high levels of protection at a rate most families can afford. Term life insurance provides coverage for a defined time – typically 10, 20 or 30 years.
Whole life insurance, also called permanent insurance, has features beyond traditional death benefit protection because, unlike term insurance, it has a cash value. A whole life insurance policy stays in effect as long as the payments are current; hence it is "permanent."
If you're a small business owner, you can use whole life insurance to manage risk in your business. You have all the great perks of working for yourself, but the downside is that there are no employer-sponsored benefits such as retirement plans, life insurance and sick time.
You can quickly tap into the guaranteed cash value component of whole life insurance if an unexpected circumstance arises, and generally do so without penalty. This can help keep you out of financial straits and can be used for rent or other expenses when you can’t work or an unplanned event causes a need for greater cash flow. You can also use insurance to ensure your business survives after you're gone.
When you've reached the end of your term life insurance contract, your coverage ends unless you renew or convert to permanent insurance. As you age, renewing a term insurance policy costs more.
Most term life policies offer the option to convert to whole life for a number of years, or sometimes for the entire length of the contract, or you may be able to add that option as a rider to your policy. You can plan from the beginning for the conversion from term life insurance to whole or universal life. Your FHFG financial advisor can help you choose the best option for you now and in the future.
FHFG advisors provide risk management strategies for clients of all ages and life situations. The right strategy can help ensure your family will have enough money to pay for college, remain in a treasured family home, and live comfortably in retirement, no matter what the future brings. Our skilled financial advisors will guide you through personal insurance planning to protect what's most important to you now and for many years to come.
When it comes to choosing a financial advisor, people have preferences. At FHFG, we believe the right client-advisor relationship is essential. Whether you need an advisor that speaks Cantonese or you want to work with someone who has experience with unique risk-management scenarios, we have a financial advisor to meet your needs. The diversity of FHFG’s team of risk and wealth management advisors is unmatched. Let us find the perfect independent financial advisor for you! You won’t be disappointed!
We've been in business for 41 years, consulting with our clients to protect their loved ones, businesses and wealth, and we want to help you, too. Talk to us about working with the Forest Hills Financial Group family. Contact us today or call 212-687-8901.
The primary feature of whole life insurance is the death benefit. All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.
Neither Guardian nor its subsidiaries issue umbrella policies.