Life Insurance
Life insurance plays a major role in any family’s financial plan, and Key Wealth can help find the policies that are right for you — even as your needs change. Learn about the benefits of life insurance and the solutions offered by our team.
Benefits of Life Insurance
Income Protection
Safeguard your family's financial future by replacing lost income and maintaining their standard of living.
Estate Liquidity
Ensure immediate access to funds to cover estate taxes and debts, avoiding the need to sell valuable assets.
Estate Transition
Transfer wealth to future generations tax free using life insurance and strategic planning tools like an Irrevocable Life Insurance Trust (ILIT).
Estate Equalization
Provide the liquidity needed to balance the distribution of your estate, ensuring each beneficiary receives their fair share promptly.
Types of Life Insurance Policies
Get a broad overview of our life insurance solutions. Key Wealth professionals will provide expert guidance on our policies, identifying tailored, strategic options that fit into your overall financial plan.
Term Insurance
Get protection for a set period, often with an option to exchange the term policy for a permanent policy.
Coverage Term: 10 – 30 years, depending on age
Features:
- Option to convert to a permanent life insurance policy.
- Can be used for business continuation plans to protect against the unexpected loss of a business partner or employee.
Universal Life Insurance
A form of permanent life insurance. Typically designed to accumulate cash value with a death benefit that won’t expire when policy requirements are met, but with the flexibility to adjust premiums and/or death benefit.
Coverage Term: Lifetime
Features:
- Fixed universal life insurance: Cash value is credited via an interest rate determined by the insurance company.
- Index universal life insurance: Cash value grows based on an interest crediting strategy tied to a stock or bond index, such as the S&P 500.
- Variable universal life insurance: Cash value is allocated to investment options tied to the market, such as mutual funds or bonds.
Whole Life Insurance
A permanent, lifetime insurance policy designed for strong cash value accumulation.
Coverage Term: Lifetime
Features:
- Offers a guaranteed cash value.
- Potential additional cash value via dividends declared by the insurance company.
Single Premium Life Insurance
Allows you to preserve your legacy by transferring wealth to other generations.
Coverage Term: Lifetime
Features:
- An instant increase in the value of legacy dollars.
- A single premium payment.
- Guaranteed death benefit that will not change or lapse and is guaranteed to be greater than the premium.
- Most policies offer return of premium protection in case the insured’s needs change, as well as the ability to accelerate the death benefit for chronic illness expenses or a terminal illness diagnosis.
Combined Life & Long-Term Care Policy
Offers guaranteed benefits and protection against qualified expenses, plus a pool of funds exclusively for tax-advantaged reimbursements of long-term care expenses.
Coverage Term: Lifetime
Features:
- Pay the premium one-time, or schedule multiple payments.
- Some combination policies offer a return of all or most of the premium, providing protection against changing needs.
- Life insurance provides a death benefit.
- Long-term care fund provides protection against the cost of qualified long-term care expenses.
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Investing involves risk, including potential loss of principal amount invested. There is no guarantee that investment objectives will be achieved. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee returns or protect against losses.
KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank. Insurance offered by KIA is underwritten by and the obligation of insurance companies that are not affiliated with KeyBank. When you buy insurance, you are dealing with a licensed agency, not KeyBank. KeyBank cannot require you to obtain insurance from a particular agency or with a particular insurer. Before purchasing a policy of insurance, you should compare information obtained from more than two agents. You have the right to obtain insurance from the agent of your choice, and your decision will not in any way affect KeyBank's credit decision.
Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are non-bank affiliates of KeyBank National Association (KeyBank).
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Services provided by KeyBank, KIS and/or KIA should not be used in substitution for independent and personal tax advice. KeyBank, KIS and/or KIA do not provide legal advice. Individuals should consult their personal tax and/or legal advisor concerning their particular situation.
Wealth Protection Strategists are not fiduciaries, as such, they are compensated based on insurance product sales.
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