There are many Life insurance plans developed to ensure that your family and loved ones are protected against financial difficulties in the event of a premature death. This section is designated to provide some detailed information about Life insurance types. If you don’t find among listed below Life insurance plan which serves your needs the best, please contact one of our committed representatives who will customize Life Insurance plan for you.

Life Insurance for Individuals
If you have loved ones who depend on your income you should consider about obtaining life insurance. In the event of death Life insurance proceeds can:

Very big advantage about Life insurance proceeds is that it receive favorable tax treatment and will be income tax-free to your life insurance beneficiaries. Goodwill Financial experts understand that each family and individual have unique needs and encourage contacting them to customize Life insurance plan composed of your needs.

Life insurance to protect your Bussiness
If you are a small business owner, do businesses with your partner or you have a family owned business, have you ever asked yourself what would happen to you, your business, its employees or your family in the event of death? Will you have enough funds to buy remaining share? Would you like to run business with the heirs of the deceased who are not professionals? It might happen that heirs of the deceased won’t be here for you to help, but they entitled to share the profit.

Goodwill Financial representatives can help you in many ways to avoid such situations with Buy/Sell Agreement. This agreement is an important part of properly established business succession plan. A Buy/Sell Agreement creates a market for the business when a partner or owner dies, becomes disabled or leaves the business. This agreement establishes a predetermined business price and a buyer for the business interest. Two frequently used forms of buy-sell agreements are Cross Purchase and Entity Purchase.

To get free consultation about Buy/Sell Agreement or business succession contact one of our specialists.

Term Life Insurance
Term life insurance is the most simple and affordable insurance. 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 while children will graduate the college or you’ll pay all your debts. Definitions term defines that Term life insurance may last for the term of 10, 15, 20 or 30 years. You pay the premiums for the set amount of time and if you die during this period your designated beneficiaries receive life insurance proceeds. At the end of the insured term you may have an option to renew your insurance, but premiums will reflect your age and will be higher. This type of insurance doesn’t build cash value so at the end of the insured term you won’t receive any of paid premiums back.

Goodwill financial representatives are always ready to help and listen to your personal needs, please contact them for a obligation free consultation.

Return of Premium Life Insurance
Return of premium life insurance (ROP) is new type of term life insurance which has both features - death benefit protection and a return of premium. Consumers like it because they don’t feel like wasting their money while purchase it. They consider it as prudent decision, either they will get their money back at the end of the insured term or the beneficiary will receive an insurance benefits. Just imagine that you had the ROP for 30 years. If you are still alive when ROP ended you have two options. First, to get all your premiums paid toward ROP back. Second, leave your paid premiums and have reduced but paid Life insurance policy.

ROP is tax free because you are not receiving back more than you put into it. This type of term life insurance policy might be renewed but premiums won’t be fixed, they will reflect your age.

Feel free to contact our Goodwill financial experts to answer all questions concerning this subject.

Variable Universal Life
Variable Universal Life Insurance (often shortened to VUL) is a type of life insurance, that builds cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner. The 'variable' component in the name refers to this ability to invest in volatile investments similar to mutual funds This means that policy’s cash value as well as the death benefit may fluctuate within the performance of the investments that the policy holder chooses.

Whole and Universal Life Insurance
Whole and Universal life insurance and are types of permanent life insurance and provides life-long protection. They insure something that will unfortunately happen to each of us. These policies are designed for you to keep over a long period of time. In Whole or Universal life insurance consumer pays premium for the whole life. Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates cash value. Under current tax laws governing individual life insurance, life insurance proceeds are generally income tax free to the beneficiary. Whole life insurance is also type of permanent life insurance coverage for as long as you live and continue to make timely premium payments. With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The cash values can provide money later on to help with temporary needs or emergencies. There is a big variety of Whole or Universal Life insurance policies and Goodwill financial experts are ready to find the best solution for you.

Survivorship Life Insurance
Survivorship Life Insurance is also known as Joint and Survivor Insurance insures the lives of two people, typically a husband and a wife and death benefit is not paid to the beneficiary until the death of the second insured. The reason a survivorship life insurance policy doesn't pay until the second person dies is that it is designed to pay for estate taxes which usually are delayed until both spouses die. Generally those who purchase this insurance plan are wealthy consumers who want to preserve their net worth for their heirs.

Goodwill Financial specialists are ready to work with your personal attorney, estate planer or accountant to customize Survivorship Life insurance for you.