Selective Benefits and Financial Services, Inc.
899 Lincoln Avenue
Glen Rock, NJ 07452
201.652.0407
Jim Quinlan, CLU ChFC - President
Life Insurance
Life Insurance offers security for your family's future and is available as two different types: term insurance and permanent insurance.
Term Life Insurance is a very reasonably priced product and is often used as pure insurance protection. This type of life insurance is taken for set period of time - 10, 15, 20 or 30 years - and at the conclusion of the term, the coverage ends. Life insurance can be used to cover a mortgage debt, replace lost income or provide living expenses for those left behind.
"Layering" term life policies is an idea that many find appealing. To layer, a client would take out two (or more) policies for two different terms. The policies could have the same or different face values. As an example, the client takes out a 20-year Term policy for $500,000 and a 30-year Term policy for $300,000, so for the first 20 years, he/she will have a total of $800,000 of coverage. For year 21 - 30 (the final 10 years of the original 30-year Term policy), he/she will only have $300,000 of coverage in-force. This "layering" plan is especially useful for clients with young children who may need more protection in place while the children are growing and less protection in place after the children have grown and left home.
Business Owners often choose term policies such as Key Man and Buy/Sell Agreement. Key Man policy insures an important individual at the company; generally, the company itself is the owner and beneficiary of the policy and pays all premiums. A Buy/Sell Agreement policy is usually a provision in legal document drawn up between business partners, and protects the continuity of a business in the event one partner passes away.
Conversion: Most term life products have a period of time when the policy holder can convert the coverage to permanent insurance. This conversion option is valuable should the policyholder develop a change in their medical circumstances while the policy is in-force.
Permanent Life Insurance (also known as Universal and Whole Life Insurance) offers protection for as long as the policy is kept in-force. There is often a cash value that accrues with these products, which can be used as a loan in times of emergency.
Jim Quinlan is a Registered Representative of and offering securities through Foresters Equity Services, Inc
Member FINRA, SIPC
6640 Lusk Boulevard, Suite A202, San Diego, CA, 92121 800.350.9885
