Why Get Life Insurance?
There are many reasons to consider opening a life insurance policy as soon as possible. In general, you can expect premiums to go up the longer you wait, which means that there's no better time to start thinking about it than right now! Make sure your loved ones are provided for in the unfortunate event of your death. Leave your spouse and family with the means to cover funeral expenses, mortgage payments, and the reduction in income.
What kind of coverage do I need?
There are two basic types of life insurance policies: term and permanent.
Term life insurance covers a limited period of time, such as 10 or 20 years. You might find term life insurance useful if you're saving money before retirement. Setting a term that expires when you retire guarantees your loved ones a payout if you die before that time. However, if you make it to retirement with the accumulated savings, you will no longer need the insurance to protect against the possibility of your family missing out on money you would be making.
Permanent life insurance means that you are covered for the rest of your life. There are many different options and benefits offered by these basic life insurance policies, and you will need to talk to your financial advisor to see which ones fit best with your goals and needs. The table below offers a brief summary of the options available with each type of plan.
Growing & Changing With You
As you move through life, your life insurance policy should be adjusted to meet your specific needs. Marriages take place, kids are born and eventually move away, and your professional, medical and financial circumstances will change as you transition from a working life into retirement. In order to optimize the relationship between your premiums and the potential death benefit, you want to make sure you're getting the coverage you need, when you need it, and nothing that you don't need.
Investing & Advising
Did you know that permanent life insurance can be used as a retirement investment vehicle? It works by borrowing against the cash value of your policy's death benefit. You never have to repay the loans you borrow, and because it's classified by the IRS as money borrowed, not earned, you pay no taxes!
To learn more about what you can accomplish with a well-chosen and carefully maintained life insurance policy, fill out the form below and a life insurance specialist will contact you.