Life Insurance

You should consider Life Insurance in your portfolio of protection.

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

Replace income for dependents. If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death

Pay final expenses. Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

Create an inheritance for your heirs. Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

Pay “death” taxes. Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance.

Make significant charitable contributions. By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.

Create a source of savings. Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

If you’re wondering, “Why should I buy life insurance?,” think about the people who depend on you. Life insurance is a way to provide for and protect them financially, making it an important (and often surprisingly affordable) part of a financial plan.

Reaching your goals at every stage of life comes with some financial prep. Think about your biggest financial dreams, like buying a house, sending your kids to college, or planning for retirement. As you and your family save for these milestones, life insurance can provide protection against the unplanned. If you were to die unexpectedly, a policy would provide your family with a tax-free cash payout they can use for whatever they need. That money can help cover daily expenses, ease financial burdens, and pay for those goals you’ve worked so hard together to achieve.

Let us help you protect your family and your dreams. Call us today to discuss Life insurance.