Perhaps the biggest worry we have as responsible adults is being able to provide for our families. During our lifetime, we dedicate most of our energy to protecting and providing for our loved ones. Once we're gone, we not only leave an emotional void, but a financial one as well. Will the family have enough income? Who will pay off our debts? Will our children have enough for their education?
Having a proper life insurance plan provides you with confidence, knowing that your loved ones will be protected. Our advisors work with you to design a plan that incorporates the following:
Setting a Solid Foundation
We believe the foundation of any good financial plan includes life insurance. A well-designed life insurance program can potentially improve and enhance your retirement, estate planning and family protection plans.
Understanding Your Goals
As your life changes, so will your needs. It's important that you periodically review your financial plan to be sure that your foundation is still solid. The amount, type of insurance, and duration of your life insurance policy will depend on your family situation, financial goals and personal health. In our experience, an individual Life Insurance Policy is normally purchased to accomplish the following goals:
Support family members in the event a wage earner dies prematurely
Compensate for the loss of a spouse who raises children
Financially support parents, family members or children with special needs
Repay any mortgage, personal or business debts
Pay final expenses such as medical, burial, legal or probate costs after death
Pay for educational or retirement needs
Fund an inheritance or charitable bequest
Pay for federal estate taxes that may be due upon death
Our Wealth Advisors can help you select an insurance policy to suit your budget as well as your personal needs and financial goals.
Term Life Insurance – Provides coverage for a specific period of time or “term,” which can be 10, 20 or 30 years. Policies may offer level premiums that do not increase for a set number of years or inflation-adjusted premiums that increase over time. If the insured dies during the term of the policy, the death benefit is paid to the beneficiaries. There is no cash value for this type of policy.
Universal Life Insurance – Combines the low-cost feature of a term life policy and the savings feature of a whole life policy. Premiums are variable and are split between insurance and savings, enabling policy owners to make adjustments according to their financial situation. Accumulated savings and interest can be used to pay premiums.
Whole Life Insurance – Offers protection with level premiums while accumulating cash value that can be withdrawn or borrowed against.
Survivorship Insurance – Insures two people (usually a married couple) and provides benefits to heirs upon the death of the last survivor. This type of policy can be used to pay estate taxes or support surviving dependents.
For more information, call us at (877) 643-4344 or visit any conveniently located First Hawaiian Bank branch and ask to speak to a Wealth Advisor.
999 Bishop Street, Suite 1850; Honolulu, HI 96813 | P: (808) 525-5159 or toll free at (877) 643-4344
Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. First Hawaiian Advisors, First Hawaiian Bank and First Hawaiian Bank Wealth Management Group are not registered broker/dealers and are independent of Raymond James Financial Services.
Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.
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