Life Insurance

Below you’ll find information about all of the insurance and financial products offered by Birkel and Associates. These products meet a number of insurance and financial needs. Feel free to contact us for an in-depth discussion of your financial goals.

Too often, people think of life insurance as only necessary for those with families. While it is true that life insurance can help provide for the needs of dependents after a passing, it can also be an important part of a well-thought-out estate, business succession or charitable giving plan. Permanent life insurance offers many living benefits as well, such as tax-deferred cash value accumulation. For all of these benefits, and more, life insurance can be important for someone starting out—or for someone who’s just starting over. You can use the following sections on this page to learn more about the various types of life insurance available.

Whole Life – This policy is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.

Term Life – Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.

Universal Life – Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change.

Variable Universal Life – Variable Universal Life combines the premium and death benefit flexibility of a Universal Life policy with investment opportunities. You can allocate your premium amongst a variety of professionally managed investment divisions and a fixed account. Assets allocated to the investment divisions are subject to market risk and may lose value. As with any investment opportunity there is risk with the potential for reward.

Survivorship Life – This policy is available as whole life, universal life or variable universal life, it covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals.