Life insurance is a vehicle for protecting your beneficiaries. It is a contract between an individual and an insurance company. The contract is called a policy and is purchased to insure the life of a person. The policy owner pays a single premium or periodic premiums to the insurance company for this policy.
Upon the death of the insured, the insurance company pays a death benefit to the named beneficiaries. Proceeds from a life insurance policy are generally free from federal income taxes.
Life insurance is purchased for many reasons, including estate preservation, replacing lost income and eliminating debts.
There are generally two types of life insurance – term and permanent. Term insurance is purchased for a specific period of time, while permanent insurance covers an individual until their death.
Long Term Care Insurance generally covers expenses such as nursing home care, home care, assisted living, adult day care, respite care and hospice care. Purchasing long term care insurance can be an effective way to protect against the often devastating costs of long term care.
While long term care is generally considered to be primarily for the elderly, it has been found that of those who have long term care needs, approximately 41% are under the age of 65.
Insurance guarantees are based on the claims paying ability of the issuing company.
Call one of our senior financial consultants or 808-356-5199 to learn more about life insurance and long term care insurance.
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of Hawaii.
|NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE | NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Territorial Savings Bank and Investment Services at Territorial Savings Bank are not registered broker/dealers and are not affiliated with LPL Financial.