It’s never easy planning for the “what if’s” in life nor is it ever enjoyable talking about it; unfortunately there is no way to deny that at some point, we will all pass away – we just don’t know when it will occur. Life insurance is a product you don’t buy for yourself – but for those you love and want to protect even after you’re gone.
There are 3 “types” of life insurance: whole life, term and universal life (there are additional ‘combinations’ of these 3). The premiums for these policies range from the lowest in cost (term insurance – or ‘renting’) to the highest in cost (whole life – or ‘owning’). Each person has different needs and circumstances and a review of the specific situation is needed to properly determine which product will provide the best outcome.
Why purchase life insurance?
- Life is too short – you never know what is going to happen to you or your loved ones in the future.
- Debt – do you currently have financial responsibilities that would leave a financial burden on your loved ones?
- Income replacement and/or child care – if something were to happen to you, would your surviving spouse/loved one be able to financially take care of your child(ren) without your income?
- Legacy – do you want to leave a legacy behind to a specific charity or church? Life insurance is a great way to do it.
- Buy/Sell or Key Person Insurance – Are you a business owner? Do you currently have a partner in the business? What if something were to happen to you or your partner(s)? Is there a surviving spouse? Life insurance is an inexpensive way to fund a buy/sell agreement, or protect the business from the loss of a key person.
- Funeral Expenses – the average cost of a funeral has gone up in the last 10 to 15 years and can range from $7,000 to $25,000 depending on services used.
- Estate Taxes – these taxes can be high and the most economical way of paying those estate taxes is through life insurance.
Let us help your protect you and your loved ones for the future.