Providing security and comfort by leaving a legacy of financial freedom
Life Insurance with You in Mind
What is Life Insurance?
Purchasing life insurance allows you to provide a safety net for your loved ones in case you pass away. A life insurance policy is a contract stating that, as long as your premium is paid and the policy is active when you die, your beneficiaries can receive a death benefit payout to be used however they like — for final expenses, paying off outstanding debt, and even everyday costs.
What is Term Insurance?
Term life insurance provides coverage for a specific amount of time: typically 10, 15, 20, or 30 years. It’s affordable and simple — it may make sense if you only want protection for the years you plan to support loved ones financially. If you pass away during the term, the death benefit of a term policy can be used however your beneficiaries choose.
What is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance that provides lifelong coverage with a guaranteed rate of return and premiums that are typically locked-in as long as all premiums are paid on time. A whole life insurance policy also offers a savings component that enables the policy to build cash value that could last until you die.
What is Final Expense Insurance?
Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary. This coverage can ensure that your loved ones aren’t left with a financial burden, as the average funeral can cost $10,000 or more.
Preparing your own income tax returns?
At Banks Tax Services, we keep up with the changes in the tax laws and are always looking for new ways to help our clients keep more money in their hand, instead of sending it to the IRS.