The Wealth Consulting Group views life insurance as an essential component to an all-encompassing portfolio. Life insurance ensures protection to your loved ones and dependents upon your death. This benefit is meant to help replace the income you would have otherwise earned. There are two main types of life insurance – Term and Permanent.

Term
Term Life Insurance is meant for those who are in need of coverage at an affordable cost. This can help you get proper coverage for a specific need for a certain amount of time.

Permanent
If you are seeking lifetime protection - then this is absolutely your best option. Permanent Life Insurance is like owning property - it is meant for those individuals who are looking for solutions to help meet their long-term needs. In the long-run, this option may be the most inexpensive form of life insurance. Because premium are fixed, it builds value. Plus, this cash-value is accumulated on a tax-deferred basis.

Estate Taxes
A special type of life insurance can be used to pay estate taxes. Typically, the policies are owned by trust that is set up to keep the death benefit from inclusion in the client's estate.