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Protection Strategies for Every Life Stage

Each life stage has unique financial needs. We're here to help with all your current and future protection goals.

A Family with Babies and Toddlers   A Couple with Teens   Empty Nesters

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LIFE INSURANCE

• WHAT TYPES OF LIFE INSURANCE ARE THERE?
  • TERM
    • Term Life: Term life insurance pays a specified face amount (the death benefit) if the insured dies during the policy term. The level term period is usually specified as a number of years, such as 10, 20, or 30, or as a period to a specified age. Premiums for most term contracts are fixed and guaranteed at issue for the chosen term, and level term policies have premiums that remain the same each year. The majority of term contracts provide a level death benefit, although decreasing and increasing death benefits are available as well. Term insurance has no cash value.
      
      
    • Convertible Term: Many term insurance policies include a convertibility provision, which allows the policy owner to replace term coverage with permanent coverage within a specified period or age without evidence of insurability. Converting to permanent coverage carries an increased premium. Convertible term insurance has no cash value. Best for: obtaining the highest death benefit with the lowest premium.
  • PERMANENT (CASH VALUE) LIFE INSURANCE
    • Whole Life Insurance: A whole life insurance policy’s face amount will be paid at the death of the insured as long as the policy is in force. The policy owner must pay the scheduled premiums on time and meet the requirements of the policy to keep it in force. Premiums for most whole life insurance contracts remain level and are calculated to ensure that the policy will remain in force for the lifetime of the insured (to age 121). The initial annual premiums can be several times higher than those of a term policy with a comparable face amount. These higher premiums fund the permanent coverage and establish cash values within the policy. The cash value forms a reserve, enabling the insurance company to keep premiums level and still pay the policy’s full death benefit. Policy owners may borrow from cash values via policy loans pursuant to the terms and conditions of the contract. Optional riders and benefits may be added to the policy and carry a cost.

      Whole life insurance policies can be issued as participating or non-participating. Participating policies are entitled to share, via non-guaranteed policy dividends, in any distribution of the insurer’s surplus funds that it decides to make to those policies. Some participating insurers have very long consecutive track records (150+ years) of paying dividends. Non-participating policies are not entitled to dividends. Participating whole life policies build wealth while still carrying guarantees, and the dividends (which are not guaranteed) create a compounding effect that builds wealth more rapidly.
      Best for: wealth building and guarantees.
      
      

    • Universal Life Insurance: Universal life policies offer more flexibility and transparency than whole life policies. The policy owner can modify the amount and duration of premium payments, within certain limits, and still maintain coverage for life as long as the cash value reserve is positive. Universal life premiums are reduced by the current policy expenses, and the remainder is deposited into the cash value account of the policy. Each month, the cash value is credited with interest and debited by a cost of insurance charge and any other policy charges and fees. Interest credited to the account is determined by the insurer (the crediting rate) and may have a contractually guaranteed minimum rate. Death benefits may be fixed at a specified level or may increase each year by an amount equal to either the accumulated cash value or the premiums paid. Similar to whole life contracts, loans may be taken against the cash value and riders may be added. Because this type of policy is more flexible, it requires the policyholder to be more disciplined.
      
      
    • Indexed Universal Life Insurance: Indexed universal life is a universal life variation with the same features and principles, but with an interest-crediting rate determined by reference to an equity index, such as the S&P 500, without dividends. The contract index return is typically adjusted by a participation rate and is subject to a maximum interest rate cap and a minimum interest rate floor. Indexed universal life offers the potential for a higher yield than universal life, with indirect participation in the equity market, as well as a guaranteed minimum crediting rate (the floor) that provides downside protection for the policy owner. Because this type of policy is more flexible, it requires the policyholder to be more disciplined.
      
      
    • Variable Universal Life Insurance: Variable universal life insurance policies are also based on the universal life platform but vary in their investment flexibility and risk/return opportunity. Variable universal life products permit the policy owner to allocate a portion of each premium payment into one or more “separate account” funds. Separate accounts, which are similar to mutual funds, are not part of the carrier’s general account portfolio. Variable universal life policies are subject to the rules established by the Securities and Exchange Commission, as the investment options are deemed to be securities and the policyholder takes on significant risk. All variable universal life policies must be accompanied by a prospectus that provides detailed information on policy mechanics, expenses, and charges, and general information regarding the inherent risks associated with securities. If the cash value dips due to market conditions, the death benefit may be reduced and is not guaranteed.
      Best for: individuals willing to accept greater risk for greater reward.
      
      
    • No-Lapse Guarantee Universal Life Insurance: No-lapse guarantee policies are universal life policies with a guarantee that if a specified minimum premium is paid regularly, the policy will not lapse for a specified period, or for life, even if the cash value decreases to zero. No-lapse guarantee insurance is often characterized as having minimal or no cash value accumulation. It is the least expensive permanent death benefit and an option when term insurance is closed due to age restrictions.
      Best for: individuals focused on ensuring the death benefit will be available at a guaranteed cost, where cash value accumulation is less important.

DISABILITY INSURANCE

• WHAT TYPES OF DISABILITY INSURANCE ARE THERE?
  • There is a variety of types, with different percentages of income replaced, wait times before benefits start (also called elimination periods), and benefit periods. These types of disability insurance normally do not cover work-related injuries or illnesses.
    • Individual Disability Insurance: Short-term coverage typically lasts 3–6 months. Long-term coverage lasts from 2 years to usually age 65 and can be lifetime.
    • Mortgage Disability Insurance: A specialized form of disability coverage that covers some or all of a homeowner’s mortgage payments if they are unable to work due to illness or injury.
    • Group Disability Insurance: An income protection plan provided through an employer or organization that pays a percentage of the employee’s base salary when the employee is unable to work due to a non-work-related illness or injury. Benefits are taxable to the employee when the employer pays the premium. Coverage ends when you leave the employer.
    • Key Employee Disability Insurance: A business insurance policy that pays the company a cash benefit if a key employee, executive, or owner becomes disabled and is unable to work. The policy acts as a business continuity safety net for the company.
    • Business Overhead Expense Insurance: Reimburses the business owner’s overhead expenses if the owner becomes disabled.
• WHAT ARE SOME PROTECTION PLANNING STRATEGIES?
  • Combine Two or More Policies: To reduce costs, many clients combine a term policy with a permanent policy. This addresses both an immediate protection foundation and a long-term approach to wealth building and permanent protection.
  • Life Insurance Retirement Plan (LIRP): A LIRP uses a properly designed cash-value life insurance policy to build accessible cash value. That cash value can supplement retirement income through policy loans and withdrawals while still protecting your family.
    • Key Design Considerations
      • Scenario testing: Evaluate both favorable and adverse policy performance scenarios to help ensure the policy remains sustainable.
      • Cash-value protection: Establish appropriate thresholds and monitor the policy to reduce the risk of excessive cash-value depletion.
      • Tax-aware access: Incorporate both taxable and potentially tax-advantaged methods of accessing policy cash value.
      • Policy management: Ongoing monitoring is important, particularly when policy loans or withdrawals are being used.
    • Role in a Retirement-Income Strategy
      • Traditional retirement accounts, such as 401(k)s and IRAs, are subject to market fluctuations. During a significant market decline, withdrawing from these accounts can mean selling investments while values are down, and the withdrawals also create taxable income. A properly structured life insurance policy may provide an alternative source of retirement income during these periods, potentially giving retirement assets more time to recover and providing greater flexibility in managing taxable income.
    • The Objective
      • When appropriately designed and managed, a LIRP can add another layer of flexibility and risk management to a diversified retirement-income strategy. It provides a source of accessible cash value while preserving the policy’s life insurance benefit.

Protection Strategies for Every Life Stage

Each life stage has unique financial needs. We're here to help with all your current and future protection goals.

Empty Nesters   Nearing Retirement   Living in Retirement

SURVIVORSHIP

A survivorship life insurance policy, also called a second-to-die policy, covers two people, typically spouses, and pays a death benefit only after both insured individuals have passed away. This type of policy is often used for estate planning and wealth transfer. Most policies are permanent, such as whole life or universal life, allowing them to last a lifetime and build cash value over time, which can be accessed during the insureds’ lives if needed, though this reduces the death benefit for beneficiaries. Survivorship policies are often less expensive than purchasing two separate life insurance policies for the same coverage amount because the insurer’s risk is delayed until both insureds die. Premiums depend on the age, health, smoking status, and occupations of both insureds, as well as the coverage amount and any policy riders. It is most effective when the primary goal is long-term wealth transfer rather than immediate financial support for a surviving partner.

Its many uses include:

• Pay estate or inheritance taxes without liquidating assets
• Ensure heirs receive a legacy or inheritance without financial strain
• Ensure special needs children receive ongoing financial support and security
• Fund charitable giving, such as scholarships or endowments, after both insureds pass away
• Support buy-sell agreements or leadership transitions in family businesses
• Provide coverage when one person cannot qualify for life insurance but the other can

Protection Strategies for Every Life Stage

Each life stage has unique financial needs. We're here to help with all your current and future protection goals.

Empty Nesters   Nearing Retirement   Living in Retirement

LONG-TERM CARE RIDERS ADDED TO A LIFE INSURANCE POLICY

Americans are living longer, and studies show that nearly 70% of people age 65 will require some form of long-term care (LTC) assistance. To help cover that cost, carriers offer riders, and some offer joint riders, that can be added to a cash value life insurance policy to provide access to policy funds for LTC needs. Dementia, Alzheimer’s, or a chronic illness may impair your ability to perform the Activities of Daily Living: bathing, dressing, eating, toileting, transferring, continence, and mobility. Being unable to perform two of these activities typically qualifies you for rider benefits.

A 2025 CareScout survey found that Texas median annual costs range from $68,640 for in-home care from a non-medical caregiver to $91,250 for a private nursing home room.

Key Features

• Access to the death benefit: If the policyholder meets the rider’s eligibility requirements, a portion of the death benefit may be available to help cover qualified LTC expenses.
• Multiple uses: Depending on the policy, benefits may help cover care received at home, in an assisted-living facility, or in a nursing facility.
• Protection against an uncertain risk: LTC expenses can be substantial and may extend over many years. A rider can provide a dedicated source of funds if qualifying care is needed.
• Integration with life insurance: The rider combines LTC protection with a life insurance benefit, rather than requiring a separate traditional LTC policy.
• Retirement-income coordination: LTC benefits may reduce the need to draw heavily from retirement accounts to pay for qualifying care, potentially preserving other retirement assets.
• Benefit payment methods: Some riders reimburse you for submitted care expenses, while others are indemnity-based and pay a fixed monthly amount regardless of actual costs.
• Cost: Dedicated LTC riders may increase premiums by 30%–50%.
• Comparison to stand-alone policies: Like an auto policy, a stand-alone LTC policy buys protection only, so the premiums are lost if no care is needed. A rider keeps the life insurance benefit in place.
• Easier qualification: It is often easier to qualify for a rider than for a stand-alone policy.
• Joint coverage: Some carriers offer a single policy for both spouses.

The Objective

A life insurance policy with an LTC rider can provide two complementary forms of protection: a death benefit for beneficiaries and a potential source of funds for qualifying long-term care needs during the insured’s lifetime.

The specific benefit amount, eligibility requirements, waiting periods, costs, and effect on the remaining death benefit vary by policy and carrier and should be evaluated as part of the overall policy design.

Protection Strategies for Every Life Stage

Each life stage has unique financial needs. We're here to help with all your current and future protection goals.

A Couple with Teens   Empty Nesters   Nearing Retirement   Living in Retirement

ESTATE PLANNING STRATEGIES

• Charitable Giving
• Legacy Planning
• Multi-Generational Transitions
• Revocable Trust Funding Strategies
• Irrevocable Trust Funding Strategies
• Tax Minimization Strategies

BUSINESS STRATEGIES

• Succession Planning and Continuity
• Buy/Sell Agreement Assistance and Death/Disability Funding
• Key Person Death or Disability Coverage
• Tax Minimization Strategies
• MSOs

ESSENTIAL INFORMATION TO ORGANIZE

• Cash Reserves
• Debt
• Taxes
• Legal Documents
• Insurance Policies
• Bank Accounts
• Retirement Savings Accounts
• Emergency Contacts
• Beneficiaries and Trustees
• Health Records