Life Insurance is a fundamental part of financial planning because it can cover your family and estate in many ways. Here are various examples of how life insurance covers you:

Paying Final Expenses – The cost of funeral and burial expenses can easily run into thousands of dollars. Protect your family from having to suffer financially in addition to emotionally in the event of a death.

Covering Children’s Expenses – You want to make sure that your children are provided for, including quality college education.

Replace Spouse Income – In the event that your spouse passes away, you want to remain in your current home, living at the same lifestyle level.

Pay Off Debts – In addition to providing income to cover your everyday living expenses, your family would need insurance to cover debts like the mortgage so they can remain in the house.

Business Partnership Shares – This provides coverage on your partner’s life. In the event your partner dies, you will have enough cash to buy his or her interests from heirs and pay the partner’s share of any company obligations without having to sell the business itself. All partners should take out policies on each other.

Estate Taxes – Estate taxes can be expensive, so having insurance in place to pay them is a must to avoid jeopardizing assets or funds that should be used for retirement.

How much coverage should you buy?

The face amount, or death benefit, of an insurance policy should be high enough to replace after-tax income you would have earned had you lived a full life. The proper amount of insurance allows your family to continue their lifestyle, even though your income is no longer available.

What type of policy – whole life, or term?

Term life insurance is often the most affordable coverage because if offers protection for a specific number of years. You may want to purchase a term policy to:

  • Whole life insurance is known as a permanent policy. Whole life policies provide guaranteed premiums, death benefits, and cash value.
  • Get valuable coverage at an affordable price
  • Help cover specific financial responsibilities, such as a mortgage or college expenses
  • Supplement a permanent policy or work policy

Whole life insurance is known as a permanent policy. Whole life policies provide guaranteed premiums, death benefits, and cash value.

You may want to purchase a whole life policy if you want:

  • Protection for life
  • Payments that stay the same each year
  • to the option to add funds into the policy on a tax-favored basis
  • Cash value you can use while you are living – either to cash in, or to borrow against.

 

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