Life Insurance

Protect Your Loved Ones and Ensure Financial Security

At Dayes Law Firm, we understand the critical role that life insurance plays in comprehensive estate planning. Life insurance provides financial security for your loved ones, helping to cover expenses, pay off debts, and ensure their future well-being. Our experienced attorneys are dedicated to helping you navigate the complexities of life insurance planning, ensuring your policies are aligned with your overall estate plan and financial goals.

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Why Life Insurance Planning is Essential

Life insurance planning is a key component of a well-rounded estate plan. Here’s why it’s crucial:

  • Financial Security for Loved Ones: Ensure your family is financially protected in the event of your passing, helping to cover living expenses, education costs, and other needs.
  • Debt Coverage: Use life insurance to pay off mortgages, loans, and other debts, relieving your loved ones of financial burdens.
  • Estate Liquidity: Provide liquidity to cover estate taxes, funeral expenses, and other immediate costs, preventing the need to sell assets.
  • Business Continuity: Facilitate the smooth transition of your business through key person insurance or buy-sell agreements funded by life insurance.
  • Charitable Giving: Support causes you care about by naming a charity as a beneficiary, leaving a lasting legacy.

Important Disclosure:

Life insurance consulting may be provided by Dayes Family Offices, Corp and its network of independent advisors. Dayes Family Offices, Corp specializes in offering personalized life insurance solutions tailored to meet your unique needs and goals through our experienced and independent advisors.

Meet Anthony

Anthony entered the financial world  in 1997 after 6 years of playing professional baseball for several major league clubs.  He was on the Major League roster of the Seattle Mariners as well as the Philadelphia Phillies during his tenure. He then started working with business owners as a specialist in the 4 primary areas: Business Succession planning , Estate Planning , Key Employee Retention planning and retirement planning.

Understanding the tax code and how to best use company dollars to benefit owners as well as the best ways to defer income or use corporate dollars to fund retirement plans for owners and key people is also an area of expertise. As is finding the best and most efficient ways to use company dollars to fund personal life insurance , disability insurance and long term care insurance.

Anthony now has over 25 years of assisting business owners and successful people in all industries in helping them reach their financial goals while protecting what they’ve worked for.  Anthony is backed by IMS Associates, a broker general agency. 

Founded in 1985, IMS Associates has long served the insurance advisor and financial planning community with best in class insurance planning. Now operating in all 50 states nationwide and contracted with over 40 insurance carriers IMS has made a name for itself as leader in the brokerage community.

IMS Associates works hard to cultivate relationships with our advisors and agencies that feel like part of the family. IMS takes pride in the relationships we’ve built over the years and we strive to find creative, meaningful, and long lasting solutions for our partners.Anthony holds licenses in Accident, Health, Long Term Care and Retirement Planning.  As an independent advisor working with clients of Dayes Law Firm and Dayes Business Solutions, he is available to consult to plan a better and more secure future. 

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Our Life Insurance Planning Services

Our goal is to ensure that your life insurance policies are effectively integrated into your estate plan. Here’s what you can expect from our life insurance planning services:

  • Personalized Consultation: We start with a detailed consultation to understand your financial situation, family dynamics, and long-term goals.
  • Comprehensive Analysis: Our attorneys conduct a thorough review of your existing life insurance policies and overall estate plan.
  • Tailored Strategies: We develop customized strategies to optimize your life insurance coverage, ensuring it aligns with your estate planning objectives.
  • Policy Selection: Assist you in selecting the right type and amount of life insurance, whether it’s term life, whole life, universal life, or other options.
  • Beneficiary Designations: Ensure your beneficiary designations are up-to-date and reflect your current wishes.
  • Ongoing Support: Provide ongoing reviews and updates to your life insurance policies and estate plan as your needs and circumstances change.

Why Choose Us?

  • Experienced Attorneys: Our team of seasoned attorneys has extensive experience in life insurance planning and estate management.
  • Client-Centered Approach: We prioritize your needs and goals, offering personalized and attentive service every step of the way.
  • Transparent Pricing: We offer clear, upfront pricing with no hidden fees, so you know exactly what to expect.
  • Commitment to Excellence: We are dedicated to providing the highest quality legal services, ensuring your life insurance planning is comprehensive and effective.

Schedule Your Consultation Today

Secure your legacy and protect your loved ones with expert life insurance planning. Contact Dayes Law Firm today to schedule your consultation and start the process of integrating life insurance into your estate plan. Our dedicated team is here to provide you with the guidance and support you need to ensure financial security for your family.

Questions? Dayes Law Firm Has The Answers

Life insurance is a contract between an individual (the policyholder) and an insurance company, where the insurer promises to pay a designated beneficiary a sum of money (the death benefit) upon the death of the insured person. In exchange, the policyholder pays regular premiums. Life insurance provides financial protection and peace of mind, ensuring that beneficiaries are financially supported after the policyholder’s death.

The main types of life insurance are:

  • Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, 30 years). If the insured dies within the term, the death benefit is paid to the beneficiaries. It’s typically more affordable but does not build cash value.
  • Whole Life Insurance: A type of permanent life insurance that provides coverage for the insured’s lifetime and includes a cash value component that grows over time. Premiums are typically higher but remain level.
  • Universal Life Insurance: Another form of permanent life insurance with flexible premiums and a cash value component that earns interest. The death benefit and premium amounts can be adjusted.
  • Variable Life Insurance: Permanent life insurance with a cash value component that can be invested in various sub-accounts, similar to mutual funds. The cash value and death benefit can fluctuate based on investment performance.

The amount of life insurance coverage you need depends on various factors, including:

  • Income Replacement: Calculate how many years of income your beneficiaries would need to maintain their lifestyle.
  • Debt and Expenses: Consider outstanding debts (e.g., mortgage, loans), daily living expenses, and future expenses like college tuition.
  • Financial Goals: Think about long-term goals, such as retirement savings for your spouse or a financial legacy for your children.
  • Existing Resources: Evaluate any existing savings, investments, and other sources of income that could support your beneficiaries.

A common rule of thumb is to aim for coverage that is 7 to 10 times your annual income, but individual needs can vary.

Yes, many life insurance policies offer flexibility to adjust coverage as your needs change. For term life insurance, you can often convert the policy to a permanent one without a medical exam. With permanent policies like universal or variable life insurance, you can typically adjust the death benefit and premium payments. It’s important to review your policy options and consult with your insurance provider to make the necessary changes.

In general, life insurance premiums are not tax-deductible for individuals. The premiums are considered a personal expense. However, there are some exceptions:

  • Business Owners: If a business owns a life insurance policy on an employee and is both the policyholder and beneficiary, the premiums may be deductible as a business expense, subject to certain conditions.
  • Charitable Donations: If you donate a life insurance policy to a qualified charitable organization, you may be able to deduct the fair market value of the policy and any future premium payments as charitable contributions.

It’s always best to consult with a tax professional for advice specific to your situation.