Services: Life Insurance — McConnell Insurance

LIFE INSURANCE

Whole Life

Whole life insurance is a form of permanent insurance that can provide life-long protection for you and security for your beneficiaries. In any permanent policy, there are some common features:

You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums. If you need to stop paying premiums, you can use the cash value to continue your current insurance protection for a specified time. You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit.

Whole life is the most common form of permanent life insurance. The premiums generally remain constant over the life of the policy and must be paid periodically in the amount indicated in the policy.

Universal Life

Universal Life insurance is a form of insurance that can provide life-long protection for you and security for your beneficiaries. In any cash value policy, there are some common features:

You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums.
If you need to stop paying premiums, you can use the cash value to pay premiums and continue your current insurance protection for a specified time.
You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit.

Universal Life w/Long Term Care Rider

Universal Life insurance is a form of insurance that can provide life-long protection for you and security for your beneficiaries. In any cash value policy, there are some common features:

You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums.

If you need to stop paying premiums, you can use the cash value to pay premiums and continue your current insurance protection for a specified time.

You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit. Universal Life gives you the flexibility, after payment of your first premium, to pay premiums at any time in any amount, subject to certain minimums and maximums. You can also reduce or increase the death benefit more easily than with a whole life policy.

Term Life

Term insurance protects you for a period of time specified within the policy. Premiums are relatively inexpensive when you are younger, but each time you renew the term, premiums will increase to reflect your age and health at that time. Many policies require that you present evidence of insurability at renewal to qualify for the lowest rates. Many are also convertible to permanent life policies -- whole or universal -- when you are able to afford the premiums required for a cash value policy.

Estate Guidance

Buy | Sell Policies

Based on the number of shareholders in a company, each shareholder agrees to buy the deceased shareholder’s stock. This allows the business to continue without having to borrow large sums of money to buy the outstanding shares.

Stock Redemption

Will work along the same lines as a Buy-Sell but the corporation will be buying the stock.

Disability Buy-Sell

Disability buy-out is designed to provide the funds needed to purchase a disabled owner or partner's interest in the business if they become disabled. Disability buy-out insurance should be made part of any business continuation or business succession as it will assure that the disabled business owner receives a fair market value for his or her interest in the business. At the same time, it will protect all business owners from the threat that a disability may impose on the company by allowing them to buy-out the disabled owner's interest at an agreed upon price set forth in a buy sell agreement.

Business Continuation

Business continuation focuses on planning so that the organization can ensure staff safety, be able to effectively respond to an unforeseen event, and continue or resume normal business operations. This plan identifies key resources that can be used by staff to obtain important information. It also outlines critical functions that will need to be restored and designates key personnel responsible for restoring those functions in the immediate aftermath of a business interruption.

Annuities

Annuities are one of the most powerful tools available for early retirement planning. Due to the much-extended life expectancy common today, it is quite possible for a person to outlive his or her financial resources.

Annuities possess a benefit that other financial products do not. This benefit is a payout that a person cannot outlive. An annuity is a retirement-planning tool that has two phases: the accumulation phase and the annuitization phase. In the accumulation phase, you give money to an insurance company over a period of time or in a lump sum, and it earns a rate of return. In the annuitization phase, you begin to withdraw regular payments (such as monthly or annually) from your contract until you die. The annuitization phase may begin immediately with an immediate annuity or may be delayed with a deferred annuity. Annuity settlement options allow you an income until your death or for a certain period. If you choose a period certain and die prior to that date, the balance of your annuity is paid to your designated beneficiary.

Annuities may be qualified or non-qualified. Tax qualified annuities allow you to set aside money in an annuity and defer taxation of that portion of your income until you retire, if you meet the IRS requirements for Individual Retirement Accounts.

Annuities may be fixed, variable or equity indexed. The fixed annuity will have an established interest percentage that will remain constant or "fixed" during the stated period. A variable annuity interest return will depend solely on the performance of the investment tool it is linked to. An equity indexed annuity is tied to an index such as the Standard & Poor's 500 Index or S&P 500. If the index goes up, the annuity is credited with a percentage of gain depending on the contract. If the index goes down, neither the original principal nor the previously credited interest is affected. This allows a person to invest in a market sensitive plan without the risk of losing their principle investment.

You may contact us for the current interest rates on fixed or equity-indexed annuities. Variable annuities can only be accessed through an NASD securities licensed agent.