Personal and Life Insurance

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Personal and Life Insurance

Marsh Wortham has a specialized practice in personal insurance that can develop customized, comprehensive insurance packages to meet our clients’ unique requirements and goals. Our team of seasoned specialists offers hands-on guidance in identifying personal property and automobile policies, including homeowners, secondary vacation homes, high-rise condos, single or multiple autos, and personal aircraft as well as collections of antiques, fine art, jewelry, wine, antique or collector autos, and other vehicles. In addition, our professionals can handle coverage for watercraft and yachts, farms and ranches, family offices, workers’ compensation for household staffs, and executive personal risk management. To provide additional protection, we can handle liability policies for personal umbrellas that range from $1 million to over $100 million. For clients in designated groups, such as physician groups and legal firms, we can arrange group excess policies. We can also develop strategies for family limited partnerships and trusts.

Personal life insurance can help you and your family deal with the financial impact of life's unexpected events. A life insurance policy can ensure that when you die, your family members will have the financial resources they need to meet their expenses. Many people also purchase life insurance to accumulate equity for future needs, including retirement income, college funding, or funds for future emergencies or opportunities. Life insurance can provide an important layer of financial protection for any family member, including children. Aside from replacing the lost income of a wage earner, life insurance can help assure that expenses such as child care and household maintenance will continue to be covered. Acquiring life insurance when your children are young can help lower your premium while your insurability is at the highest level.

There are two basic kinds of life insurance:

• Term insurance delivers protection for a specific term of one or more years. Since protection is only provided for a specific time period, this insurance is best considered temporary protection.
• Permanent life insurance provides protection for as long as you live. Premium costs are typically averaged over your lifetime, so the premium does not increase as you get older. The premiums are higher than what you would pay for an equivalent amount of term insurance, but permanent insurance can be considered more economical when compared to the higher premium rates associated with a term insurance that is repeatedly renewed.

Business life insurance can be an important factor in managing risk in your business. The success of every company centers on key employees whose loss would materially affect the business. In addition to an immediate impact on profits, losing a key employee would cause a company to incur the expense of finding, hiring, and training a replacement. This insurance can indemnify a company or a business in the event of a death. Key person life insurance  is purchased by a business on the life of an owner or employee whose services contribute substantially to the success of that business. The company is both the owner and the beneficiary of this type of insurance.