Life Insurance

balancing whole and term life insurance

 

Throughout John Savadjian’s decades-long career in the financial services industry, he has advised both individuals and businesses on how to develop long-term plans for protecting and increasing their wealth. As an insurance agent and financial advisor, he helps people find the right financial products for their goals and their responsibilities. Because no two clients have exactly the same needs, John tailors each and every financial plan to the individual and his or her family.

Often, putting together a solid financial plan involves finding the right life insurance policy to protect one’s family in case the worst happens. John Savadjian’s extensive background in the insurance business enables helps clients find the policy that is the best fit for their situation.

Term Life Insurance

Because people need to safeguard their businesses and families in case something happens to them, John Savadjian regularly counsels his clients on the differences between life insurance policies. Term life insurance, for instance, covers the individual for a defined period, such as 10 or 20 years. If nothing happens to the policyholder during this term, the coverage ends, and no money is distributed.

Term life insurance is structured only to benefit your dependents in the event you die prematurely. You choose the length of the term when you buy the policy. Generally, the payout, or death benefit, and the premium remain the same throughout the term.

With John Savadjian’s guidance, clients can determine the amount their family would need if they were no longer around to provide for them. For instance, he can advise them on how to find the term that covers the years he or she will be responsible for most of the household bills.

Whole Life Insurance

Some clients find that whole life insurance is better suited to their needs. Whole life insurance lasts for the policyholder’s lifetime and retains a cash value. Over time, this amount accumulates in a tax-deferred account. While it can be more complicated than term life insurance, whole life can be more beneficial for a few reasons.

Whole life insurance premiums stay the same for the life of the policyholder. Furthermore, the death benefit is guaranteed, and the cash value in the account grows at a guaranteed rate.

John Savadjian’s expertise comes in handy when clients need to figure out which policies earn the best dividends and whether to leave them in the account earning interest or use them to lower premiums or purchase additional coverage.

Because things are not always straightforward in the insurance business, it makes a huge difference to have a knowledgeable insurance broker like John Savadjian to guide you through the process.