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summit financial advisors blog

A message from Summit Financial Advisors

Once you’ve determined how much life insurance coverage you need, what type of policy should you buy? You can choose a term life policy, a cash value policy or a combination of both.

Term life insurance provides coverage for a specified period, such as 10, 15, 20 or 30 years. It can ensure your family will be able to pay off the mortgage, pay ongoing living expenses or fund college if you die prematurely. If you end up needing coverage for longer than the specified term, you can renew most level premium term policies without having to provide evidence of insurability, up to a specified age or within a specified period. In later years, you may have the option to convert to a cash value policy for the same or lesser amount of coverage without having to provide evidence of insurability.

Cash value life insurance, such as whole life, is designed to provide you with continuous lifetime coverage as long as you pay the premiums. Cash value insurance also provides a tax-deferred way to invest for your future needs. Part of your premiums pay for insurance coverage and expenses, and part go toward creating a cash value account.

While your children are young or while you still have outstanding debts, a cash value policy can ensure your family will be able to pay off the mortgage, pay ongoing living expenses or fund college education costs. In your later years, a cash value policy can provide retirement income, fund a trust, leave a bequest to charity or provide cash to pay any estate taxes owed.

For help determining what type of life insurance coverage you need, contact Summit Financial Advisors at 800.236.5560, Ext. 4012 or

Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 866. 512.6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.  MET, MWLI-132543.1-1015-1117