<strong>Fit</strong>: The best time to buy life insurance is when you are young and healthy. <em>*MCT photo</em>
Fit: The best time to buy life insurance is when you are young and healthy. *MCT photo

When considering financial planning needs, life insurance tends to be last on the list.

This article will help you with the who, what and where of life insurance.

New mothers or parents, first time homeowners and business owners are most likely to get life insurance.

A common misconception is that life insurance is only needed for protection when a life altering event occurs, such as having a child or owning a home, marriage or divorce, death of a parent or spouse. However, life insurance meets different needs at different stages of your life and you can tailor it to reflect important events that occur throughout your lifetime.

The most affordable time to buy life insurance is when you least expect to need it — when you’re young and healthy.

Everyone can benefit from financial protection; people with responsibility for others, people with no family ties, people with estates to protect, people who want to leave a legacy, people starting a child’s fund, business owners and more all need financial security.

At Freisenbruch-Meyer Group, we have partnered with London Life, a subsidiary of The Great-West Life Assurance Company, to provide a very competitive life insurance product with exceptional benefits and flexibility. Sharon Donawa, our London Life exclusive senior sales sdvisor, is an experience trained financial security advisor who can analyze any situation to help determine the coverage needed.  Mrs Donawa is the first Bermudian to be awarded membership into the exclusive London Life Executive Club.

To qualify for such membership an advisor must achieve significant sales figures, along with a 90 per cent persistency rate by year end. Mrs Donawa has significantly exceeded the requirement with a 95 per cent persistency rate for 2011 and did the same in 2010.

Her team of two, accompanied by Khalilah Phillips, provides exemplary customer service and product knowledge.

Top five factors to consider when determining the coverage you need:

  • Mortgage
  • Debts and lines of credit
  • Family’s standard of living
  • Education funding
  • Business continuation

What is the best life insurance to buy — term or permanent? The simple answer is that it depends on your short and long-term needs and preferences for flexibility and risk.

It is a cost-efficient way to protect your loved ones and ensure your family’s continued financial well-being.

Our life insurance cover has the flexibility you need to create the right plan for you.

Consider what protection you need today, keeping in mind your goals for the future.

Our sales advisor can talk openly with you about your specific situation right now and determine how much life insurance you need immediately and how much to include in your financial security plan for the years to come.

The following table is provided by our partners at London Life and compares the different coverage options available under Term and Permanent life insurance:

Term

  • Temporary need
  • Lower initial cost
  • Increasing premium at renewal
  • Pay as you go
  • Fixed expiry date
  • Fixed value over a limited time period
  • Level death benefit
  • No cash value
  • Benefit paid at death

Permanent

  • Permanent need
  • Higher initial cost
  • Level premium with built in flexibility
  • Buy and Own
  • Coverage for life
  • Increasing value over your lifetime
  • Level or increasing death benefit
  • Growing cash value
  • Receiving benefits during life and at death
  • Access to cash value while living
  • Life insurance proceeds at death