Do I need Life Insurance?
In general, if anyone is financially dependent on you or if you need a way to provide funds for your final expenses, the answer is yes. Life insurance is one of the most effective ways to help protect the financial security of your family or business against the economic loss that may result when you die. However, your life insurance may help you achieve other financial goals, such as providing cash for emergencies, preparing for retirement or ensuring that you leave a financial legacy for the next generation.
Preparing for Education
A whole life policy can help you meet your college savings goals in a couple of ways:
First, the policy provides life insurance to help protect your earning power and ability to save for college. If you were to die before reaching your savings goal, the policy death benefit would be paid income tax free to your beneficiaries. These funds could then be used to help pay for your children’s education.
In addition, the policy builds guaranteed cash value over time. This means that it increases each year and will never decline in value. You can access the policy cash value to help meet the cost of higher education.
First, the policy provides life insurance to help protect your earning power and ability to save for college. If you were to die before reaching your savings goal, the policy death benefit would be paid income tax free to your beneficiaries. These funds could then be used to help pay for your children’s education.
In addition, the policy builds guaranteed cash value over time. This means that it increases each year and will never decline in value. You can access the policy cash value to help meet the cost of higher education.
Preparing for Life Changes
Life changes constantly and your insurance needs change with it. That’s why it’s important to review your life insurance coverage on a regular basis to make sure it still meets your needs. Use this checklist to help you determine if changes in your life warrant a life insurance review. If you check any of the boxes, you should consider discussing your current coverage.
Preparing for Legacy
Many people want to help the children in their lives achieve their dreams and realize their financial goals. Whole life insurance can give a child a head start by providing a guaranteed amount of life insurance that will one day help protect his or her family. In addition, the policy will build guaranteed cash value over time. Giving a whole life insurance policy to a child can help you set an example of financial responsibility and emphasize the importance of protecting your loved ones.
Supplement to Retirement
People buy life insurance to help protect the financial security of their family or business. What they may not realize is that life insurance can help them achieve other financial goals, like preparing for retirement.
A Secure Tomorrow......
Protecting the financial security of those you love with life insurance is a caring and responsible act. It is also an important step in helping to secure their future. This is why it is important to have both the right amount and right type of life insurance to help protect your value as a provider for the people who depend on you.