Why Life Insurance?
In today’s ever-changing financial environment, it’s important to know that there are some things you don’t have to worry about. Life insurance can be the foundation of helping you and your family in the event of a loss. Life insurance is a way to provide cash to your loved ones when you die. Generally free from federal and state income tax, life insurance proceeds can be used in a number of ways.
*Pay final expenses/burial costs
*Pay outstanding medical bills
*Mortgage protection to provide monies for family to keep their home.
* Income Replacement to provide monies to maintain standard of living.
* Estate Planning to provide monies to pay estate taxes in settling an estate. Please contact a legal tax or estate planning professional for guidance.
*Charitable giving= Insurance can be used to aid your favorite charity providing valuable tax benefits, so consult a professional tax consultant.
Types of Life Insurance
*Term life insurance provides coverage for a specified period of time—usually 10, 20 or 30 years. Term insurance only provides a death benefit if the insured dies during the specific period of time or term. Term insurance does not accumulate cash value. Term insurance does not last forever.
*Permanent Life Insurance= Whole Life/Universal Life/Variable Life
This type is designed to provide protection forever. It typically builds equity or cash value which can provide guaranteed funds to borrow against, or use to pay the policy.
How much life insurance do I need?
The amount of life insurance you need should take into consideration factors such as your current income, your savings, how much debt you have, and your family’s future education, retirement and final expense needs.
Life insurance is not a “one-size-fits-all” approach. Contact an experienced professional to discuss your personal situation and make appropriate recommendations. Speak with your life insurance agent.
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