Life insurance: a multi-purpose financial tool
Life insurance is designed primarily to protect your family’s financial security after you die. Your needs change and various types of insurance can offer you access to assets to meet needs during your lifetime. So it’s definitely a smart addition to any financial plan — because it can serve different functions within your overall investment strategy. It is additional security for your family should something happens to you. Check out The Power Of Choice and browse the highlights of some education and services we are able to assist you with when you have interest in life insurance.
Types of Life insurance
- Term Life
- Whole Life
- Index Universal Life
Here are a few life insurance benefits:
- Pay debts and taxes after your death
- Allow your family to maintain its standard of living
- Support your dependents’ goals and dreams
- Provide immediate access to cash
Should your need for a death benefit decrease, certain types of life insurance may serve to provide funds for other needs. Please schedule and appointment or discuss these options with your financial professional.
Why Life Insurance is a MUST-HAVE for your financial plan:
No matter what kind of life insurance you choose, there’s no substitute for the peace of mind it can provide. Life insurance is one of the ways you can protect your family’s financial security should something happen to you. Talk to your financial professional/licensed insurance agent about your long-term needs, and he or she can help you determine:
- Which type of insurance is right for you
- How much protection you and your family need
- How to make the most of your premium dollars
How much life insurance do you need?
One very simple way to get a rough estimate may be to base the amount of insurance on your current, after-tax income (since life insurance is generally paid out tax free). Multiply that by the number of years your beneficiaries will need the income. Remember to make an allowance for inflation.
But there is no substitute for a careful evaluation and review of your life insurance needs with your financial advisor. If you aren't yet working with a financial professional, we can have someone contact you.
But there is no substitute for a careful evaluation and review of your life insurance needs with your financial advisor. If you aren't yet working with a financial professional, we can have someone contact you.