A staggering 50 million Americans have inadequate life insurance according to J.D. Powers and Associates! Are you adequately covered? Protect the financial security of your family and/or your business by insuring it adequately.
McLean Insurance can provide:
- Peace Of Mind: Sleep well at night knowing that your family and business would be taken care of financially if you were to pass away unexpectedly.
- Debt Payoff & Income Replacement: Funds to pay off mortgages, business loans, and much needed income for survivors.
- Estate/Business Liquidity: Lump-sum liquid funds that help avoid the need to divest investments, real estate or business assets at depressed prices.
Why Choose McLean Insurance
For Your Life Insurance?
Types of Life Insurance:
Term Life Insurance
Term, or “temporary” life insurance is best for individuals or companies with short-term needs or for a limited duration (up to 30 years) rather than an indefinite period of time. Term policies offer guaranteed level premiums and “pure” death benefit protection for a fixed number of years (generally between 10-30 years, depending on original age). After expiration of the policy period, the premiums typically increase drastically.
Term insurance is suitable for those seeking the highest amounts of coverage for the lowest premiums and those who are looking to provide death benefit protection to cover mortgage or other loan payments, or to provide income replacement during your prime earning and/or family supporting years. Policies are also available with additional features such as disability premium waiver, accidental health benefit coverage, and return of premiums upon expiration, and future convertibility to a permanent product without medical qualifications.
Uses of Term Life Insurance for Individuals/Families:
Income Replacement – Term life insurance provides funds to replace the income lost if a family’s income earner(s) or homemaker were to die prematurely. Typically an amount of 6-12 times annual income of primary breadwinner is recommended but individual circumstances may vary.
Mortgage/Loan Payoff – Term life insurance provides funds to pay off outstanding debt upon death, such as mortgage or another type of loan. Typically these debts decrease over the life of a policy; therefore the death benefit can be planned accordingly.
Uses of Term Life Insurance for Businesses:
Continuation or “Key employee” coverage – Offers high levels of liquidity at relatively low premiums to provide the business with a cash infusion in the event of an unexpected death of a key employee or business owner, allowing the company to transition and meet its obligations.
Buy-Sell agreement funding – Offers funding for equity partners to allow their families to permanently buy out the equity from the heirs of a deceased equity partner.
“Permanent” Life Insurance
Permanent Life insurance is a designed to provide cover for life (or to an advanced age such as 85, 90, 100, etc. depending on the choice of the policy owner). Permanent life insurance, in contrast to term life insurance, provides the policy owner with the advantage of low-term level premiums that can go beyond the normal duration of term life insurance. It is coverage that can be guaranteed for life, no matter how long you may live. Certain types of Permanent Life insurance policies can build up “cash value: that can be used to offset or eliminate future premiums or be loaned against for future expenses. Permanent Life insurance policies can be Whole life, Universal life, Guaranteed Universal Life, or Indexed Universal Life.
Uses of Permanent Life Insurance For Individuals/Families:
Final Expenses – Covers cost of burial, closing estates, and other legal expenses upon death – expenses that exist no matter the age of the deceased.
Estate Planning – Provides liquidity upon death (at any age) to fund estate tax obligations, or to prevent the need to liquidate assets (family businesses, real estate, etc.) at depressed prices.
Uses of Permanent Life Insurance for Businesses:
Continuation Planning – Provides a non-expiring funding mechanism to allow the company to have liquidity in the event of a key employee’s or businesses owner’s death.
Buy-Sell Planning – Provides the partner(s) with a non-expiring funding mechanism for a contractual buyout of a deceased partner’s equity from his/her heirs.
Our Customers Love Us
Most of us have heard sad stories about unexpected passing of people that has left their families with a terrible financial burden and/or their businesses on the verge of bankruptcy. Don’t let that happen to you! Request a life insurance quote today from McLean Insurance and ensure that your family and your business are adequately protected.
Insurance Carriers We Represent
McLean Insurance works with over 30 large and/or specialized carriers to offer our clients the best possible options. They include:
What is the difference between term and permanent insurance, and what are the types of permanent insurance?
Ask a Question
Use the form below to ask a question