Stoneman Schopf can help you with life insurance in Algoma, Door County, Egg Harbor WI, Fish Creek WI, Sister Bay and Sturgeon Bay. Life insurance is an affordable way to take financial care of your loved ones when you are no longer can. There are several types of life insurance policies such as are term life, whole life, permanent life, universal life and key man insurance.
Term life insurance offers a death benefit that gets paid to your nominated beneficiary or beneficiaries in the event of your death. This benefit can be paid as lump sum or an annuity. Term life insurance covers your life for a specific term, normally 30 years. At the end of the term the policy expires and no longer pays a benefit. However, should you die within the term-period, the insurance company will pay the benefit. Term life is a cheaper option than whole life and is suitable for a young family.
Whole life covers your for as long as you live. Whole life policies also accrue a cash value over time. The premiums you pay are used to fund the death benefit and cash value. Over time the portion allocated to cover fees will reduce and more will go towards funding the cash value. Another type of life cover is called variable life cover. This policy also has a cash value, but the cash value is more market related. This means your cash value is not guaranteed as is the case with whole or permanent life. However, your cash value might grow bigger and faster, depending on market conditions.
Keyman insurance is an instrument you can use to protect your business interests should a key man in your business die. A key man could be a director or partner in the business. Without that key man your business will likely suffer or even close. A key man policy can provide you with the means to continue the business while you find a new key man.