Choosing Life Insurance Is Like Choosing the Right Clu


Selecting the right club for each shot is one of the most important decisions you make as a golfer, and you must consider the distance, wind and other hazards you face. Similarly, choosing the right type of insurance protection at each point in life can help protect your family’s finances and allow them to maintain their lifestyle should they unexpectedly lose you.

Life Insurance Policies Explained

  • Term life insurance guarantees a certain death benefit payout during a specified period, such as 1, 2, 10, 15, or 30 years, and then ends. Some insurance companies have a conversion period where you can convert part or all of the insurance to permanent insurance.
  • Whole life insurance is permanent insurance that has fixed premiums and a guaranteed cash value accumulation that you can borrow against. Some polices include living benefits or long-term care provisions.
  • Universal life insurance is like whole life, but gives you flexibility in the premium payments, death benefit amounts, and the savings or cash-value elements of your policy.
    Variable life insurance* is a type of permanent life insurance with cash value investment options that work like mutual funds which are called subaccounts, therefore there is the potential for loss or gains. There are no fixed premiums, but you need to pay enough to cover the insurance company costs and any losses due to market conditions.
  • Simplified issue life insurance can be approved with only minimal health questions and is geared towards people who need to obtain life insurance right away, therefore it can cost more.
  • Guaranteed issue life insurance is a type of whole life insurance policy that does not require any medical information; sometimes called “no questions life insurance.” It usually has a waiting period, usually two or three years, and if you die during that time your beneficiaries receive nothing.
  • Final expense insurance is coverage for burial or cremation expenses and/or final medical bills.
  • Group life insurance is a single policy issued to an organization covering its members or employees.

For more information about how to tee up the right life insurance plan to fund your life’s passions, hobbies and long-term dreams, contact Faye Sykes, CEO and Independent Wealth Advisor at 800-871-1219 or email fsykes@scarletoakfs.com.

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This article originally appears in Golf Central Magazine : Volume 22, Issue 1, page 50 on 05/06/21. Golf Central Magazine is The Southeast’s Turf, Travel, Philanthropy, and Lifestyle Magazine. Check out their websiteFacebook, and Twitter.  Golf Central Can be contacted  at (321) 765-7550 or info@golfcentralmag.com.

Advisory services offered through Capital Asset Advisory Services, LLC, a Registered Investment Advisor. *Variable contracts are offered by prospectus only. Investors should consider the investment objective, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other important information, is available from your Financial Advisor and should be read carefully before investing.