Four kinds, for different jobs.
Term Life
The most coverage per dollar, for the years it matters most.
Read more →Whole Life
Permanent coverage that builds cash value.
Read more →Final Expense
Smaller policies that keep funeral costs off the family.
Read more →Key Person
What happens to the business if the person holding it together is gone.
Read more →Size the obligation first, then pick the product.
Most bad life insurance decisions come from picking a product before doing the arithmetic. The arithmetic is not complicated: what would still need paying if your income stopped — the mortgage, the years until the youngest child is independent, any business debt you have personally guaranteed — less what is already there in savings and existing coverage.
That number tells you how much coverage you need. Only then does the type of policy matter, and for most people most of the time the answer is term, because it buys the most coverage per dollar during the years the obligation exists.
Business owners have a second calculation running alongside the personal one. If the company carries debt you have guaranteed, or if your absence would stall it, that exposure belongs in the plan too — which is what key person coverage addresses.
Life insurance, answered.
How much coverage do we actually need?
It comes from obligations, not a formula. Add the mortgage, other debt, the income your household would need replaced and for how long, and anything you have personally guaranteed for the business. Subtract existing savings and any coverage already in place. What remains is the gap.
Is the group life through work enough?
Rarely. Employer-paid group life is commonly one or two times salary, which is a start rather than a plan. It also usually ends when the job does. See group life and disability for how the workplace piece fits.
Do I need a medical exam?
Often, but not always. Simplified issue and accelerated underwriting programs can approve coverage on health questions alone within certain age and amount limits. If an exam is a barrier, say so at the start and we will quote accordingly.
Can the business pay the premium?
For key person and buy-sell arrangements, yes — the business owns and benefits from those policies. For personal coverage, business payment raises tax questions that should go to your CPA before you set it up rather than after.
Find out what coverage actually costs.
Most people overestimate the premium by a wide margin. A quote takes a short conversation.