Are you newly married, had a new baby, changed jobs, bought a new home, or considering retirement? When was the last time you reviewed and updated your life insurance policy? If you left home today and did not return, have you considered how this would financially affect the ones you love most?
At First Louisiana Insurance, we partner with you in developing a plan that will care for those most dear to you. Most of us have a deep desire to leave a legacy for generations to come. We can help in ensuring that your legacy of love and responsibility will last for those who depend on you.
Permanent Insurance provides lifelong protection. As long as you pay the premiums, take out no loans against it, no withdrawals or surrenders are taken, the full face amount will be paid when you pass on. Because it is designed to last a lifetime, permanent life insurance can accumulate cash value and is priced for you to keep over a long period of time. Permanent life insurance can also be a great strategy in transferring assets from one generation to the next with certain tax advantages.
Each type of life insurance has its purpose and place and depends heavily on your unique circumstances and financial goals. To begin the conversation and discover which options make the most sense for you and your loved ones, call First Louisiana today. One of our friendly, qualified team members will listen to your story and get better acquainted with what’s most important to you.
We appreciate the opportunity to get to know and serve you.
Business Continuation Plans (Buy Sell Agreements)
If you have a business partner or multiple ownership interests in your company, we help you plan and fund the buy-out process should any partner leave home and not make it back one day. This protects the interests of each surviving owner by ensuring that full control of the organization is maintained by the surviving partner(s) respectively. Without a buy-sell agreement and business continuation plan in place, you run the terrifying risk of being forced to do business with your deceased partner’s family or distant relatives, who likely have little or no expertise in your industry, who have done nothing to build the company or appreciate the sacrifices you have made, and who could limit your control/ability to make key decisions for the business in the future. We provide the expertise on how to properly set up the agreement and fund it in a way that makes sense for the business and its owners.
Term vs. Permanent Life Insurance
There are many forms of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
If you have a company with multiple owners, it may be wise to have a Business Continuation Plan in place.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you pass away during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Term coverage comes at a lower cost since the benefit period is only for a specific period time- 10, 20, 30 years for instance.