AMBER HEMPHILL-LIFE
LICENSED FINANCIAL PROFESSIONAL: PROTECTECTING WHAT MATTERS
THE IMPORTANCE OF LIFE INSURANCE
MY JOURNEY
I suffered a medical event in 2015 that forced me to accept the fact that I won't live forever; none of us will! While no one wants to think about death, it (and taxes, ha!) is a guaranteed experience we will all have, someday. After this realization and engaging in numerous conversations about other's experiences, I developed a true passion for educating others on the many, often unknown, benefits of life insurance. This prompted me to become a Licensed Financial Professional with a goal to teach people how to put the LIFE back in life insurance!
WHAT IS LIFE INSURANCE?
Life insurance is a contract that provides a monetary payout to a chosen beneficiary upon the insured’s passing. It is a tool for covering funeral/burial costs, as well as other expenses that remain after one’s passing and also one of the best methods of establishing generational wealth via the Waterfall Concept: the tax-deferred accumulation of wealth inside a tax-exempt permanent insurance policy, followed by a rollover of the policy to a child or grandchild.
TYPES OF LIFE INSURANCE
TERM LIFE INSURANCE
Term Life Insurance is a temporary policy that provides coverage for a specified period (typically, 10, 20, or 30 years). If the insured dies within this timeframe, the beneficiary receives the payout (death benefit). This type of insurance is usually best for short-term goals, i.e. paying off a mortgage or auto loan upon your passing.
Pros
⦁ High coverage amounts (substantial payout)
⦁ Affordability (usually one of the least expensive options)
⦁ Approval odds (fewer underwriting requirements)
Cons
⦁ Limited coverage period (10, 20 or 30 year terms)
⦁ No cash value (cannot borrow against the policy)
⦁ Difficulty converting (higher costs towards the end of the
term due to age)
WHOLE LIFE INSURANCE
Whole Life Insurance is a permanent policy that typically covers the entirety of one's life, as long as premiums are paid. This type of policy builds cash value over time that you can later borrow against by investing your funds.
Pros
⦁ Lifelong protection (can provide coverage up to 100 years
of age)
⦁ Cash growth (tax-deferred savings)
⦁ Level premiums (cost does not increase over time)
Cons
⦁ Higher cost (due to saving/investing and life insurance
aspect)
⦁ Cash growth (tends to be slow, but steady)
⦁ May require medical evaluation (stricter underwriting
requirements)
UNIVERSAL LIFE INSURANCE
Universal Life Insurance is a permanent policy that allows premium flexibility while investing your funds. This allows you to set your premium based on your financial needs at the time of payment. This option also permits the policy's cash value to cover the costs of maintenance/fees.
Pros
⦁ Lifelong protection
⦁ Cash growth (usually tax deferred)
⦁ Flexible premiums (can increase premium payments for
higher cash value)
⦁ Limited losses (some funds are usually covered by a
'floor' that provides lower risk of cash loss if
portfolio underperforms)
Cons
⦁ Higher risks (policy may lose value if higher premiums are
not paid consistently)
⦁ Loss of cash value (insurance company keeps death benefit
overage upon insured's death)
⦁ Returns not guaranteed (gains are unrealized if your
portfolio underperforms)
⦁ May require medical evaluation (stricter underwriting
requirements)
SERVICES
Expertise
CUSTOMIZED SOLUTIONS
CUSTOMIZED SOLUTIONS
Committed to providing clients with the best insurance solutions to meet their needs. My mission is to help you protect your assets, your family and your business with expert guidance.
CUSTOMIZED SOLUTIONS
CUSTOMIZED SOLUTIONS
CUSTOMIZED SOLUTIONS
Recognizing that every client has distinct insurance needs, personalized insurance solutions are designed to fit unique circumstances. By collaborating closely, the goal is to deliver the best coverage options tailored to specific requirements.
Value
CUSTOMIZED SOLUTIONS
Value
Quality insurance should be affordable, which is why partnerships with a variety of insurance carriers ensure access to the best coverage options to fit your specific needs.