Life

Term life insurance provides coverage for a defined period of time, typically ranging from ten to thirty years. If the insured individual passes away during the policy term, the policy pays a benefit to the designated beneficiaries. Term policies are often used to provide financial protection during key life stages, such as raising children or supporting family income. These policies typically provide straightforward protection with predictable premiums.

Permanent life insurance provides lifetime coverage and often includes a savings or investment component that builds value over time.

These policies may be used not only for protection but also as part of long term financial and estate planning strategies.

Common types of permanent life insurance include:

Key person insurance protects businesses from financial disruption caused by the loss of a critical employee or executive. Many businesses rely heavily on certain individuals whose expertise, leadership, or client relationships drive revenue. The loss of such an individual can have significant financial consequences. Key person insurance provides financial support to the business if a key individual passes away, helping the organization maintain operations during the transition.

Life insurance is often used to fund buy sell agreements between business partners. These agreements establish how ownership interests will transfer if a partner dies or becomes unable to continue operating within the business. In these arrangements, life insurance proceeds provide liquidity for surviving partners to purchase the ownership interest of the deceased partner. This helps maintain stability and avoid disputes among business owners and heirs.

Private Placement Life Insurance is a specialized life insurance structure used by high net worth individuals as part of advanced wealth planning. PPLI policies allow policyholders to hold investment assets within a life insurance structure, which may offer certain tax advantages depending on the policy design and applicable regulations. 

These policies are typically used in conjunction with professional financial and tax planning and may involve coordination with estate planning strategies.