Life Insurance

If you have children, a mortgage, a business or a large estate, then you have good reason to purchase life insurance. In addition to paying for your final expenses and providing financial security to your beneficiaries, a life insurance policy can be used for estate planning and even build assets for funding college tuition or retirement.

Once you’ve made the decision to buy life insurance, Higginbotham will help determine how much coverage you need, what type of policy best serves you and which insurance company offers the right benefits at an acceptable price. Or, if you already have life insurance, we’ll evaluate your policy for free and suggest changes to maximize its benefits per cost. If your current policy is the best option on the market, we’ll tell you that too—all our efforts go into finding what’s best for you.

Our life insurance advisors treat each case individually. We build a comprehensive profile based on factors like your health, medications, lifestyle, hobbies and family history. Then we search the marketplace for the lowest rate class fitting your profile. Small details like certain medications can change your rate class from insurer to insurer, but because Higginbotham represents every major life insurance company and is familiar with the underwriting criteria of each, you can be confident in the options and the accuracy of the quotes we deliver. And with our wide market reach, we can often find coverage for individuals with difficult to insure health risks.

Planned Giving

Naming a charity as a beneficiary to a life insurance policy provides the policyholder with tax advantages while supporting philanthropy. Annual premiums may be deductible as charitable gifts, and donating a life policy can provide tax benefits to an estate.
 

Personal

Pays a designated beneficiary a sum of money upon the insured individual’s death or other covered event, like terminal illness. Exclusions such as suicide, fraud, war, riot and civil commotion are often written into the policy. Term life insurance provides coverage for a defined number of years for a specified premium and does not accumulate cash value.  Permanent life insurance remains in force until the policy pays-out and builds cash value that the policyholder can access.

Key Person/Key Man

Purchased by a business to compensate for financial losses arising from the death or incapacity of an employee who is especially valuable to the business. The policy covers losses related to hiring temporary personnel, recruiting and training a replacement, offsetting lost sales, protecting shareholder interests and guaranteed business loans. The term of the policy ends when the person’s usefulness to the business stops.

Buy/Sell

Ensures the continuation of a business in the event of a partner’s death. The agreement requires surviving partners to purchase the remainder of the business for a predetermined price, and the policy’s death benefits are used to fund the purchase.