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The Importance of Life Insurance
Finding what is the best life insurance policy is one way to improve financial security for your family, This is because it provides financial support if you die. For some, it can even prevent terrible situations, like needing to sell the family home.
Providing a Financial Future for Your Family
When a parent or the primary breadwinner in a family dies, life insurance can cover all the usual outgoings, like grocery shopping and utility bills. A life insurance policy can also pay for things like a college education for your children.
If you have relatives who need long-term care, good coverage will provide for them in the event of your death.
Leaving an Inheritance
It’s natural to want to leave as much of your hard-earned money and assets to your loved ones, or your favorite charity, as possible.
Life insurance is one way to make sure an inheritance reaches your heirs and beneficiaries. As a policyholder, you can elect several beneficiaries and specify exactly how you would like the inheritance shared.
Providing Extra Support During Retirement
There are many strategies for retirement planning. The most usual include an individual retirement account (IRA), a 401(k) retirement savings plan, or a planned budget.
While many people think about life insurance as providing coverage for death, the right policy can also supplement your retirement. Permanent and whole life insurance policies last the policyholder’s lifetime. They can also include a savings component, referred to as a cash value.
The cash value of these life policies can be withdrawn or used as a line of credit to boost your retirement income or even to pay for long-term care. This could be worth considering as many people who live past the age of 65 will need some level of care during their lives. Ensuring that funds will be available for medical and non-medical care through life insurance can help to prevent worry and improve your quality of life.
Protecting a Business
When a business owner dies, their staff and any business partners may be left in the lurch. Thankfully, life insurance can provide financial security and serve as valuable support to any business. The proper insurance benefits can provide the financial support necessary to keep a business running as usual while any matters related to the owner’s death are resolved.
Another option is to create a buy and sell agreement between the business partners. In this case, each partner obtains a life insurance policy for an amount equal to their stake in the business. If one of the business partners dies, the surviving partner will have the funds necessary to buy the business from the heirs. This increases the financial security of all parties, including the families.
Borrowing Money Against a Policy
A business owner may also be able to borrow money against certain types of whole or permanent life insurance policies. There is no approval or credit check associated with this type of loan. The borrower is going to borrow from funds that have already been deposited in the policy.
Be sure to check with an advisor before doing this as certain insurance policies in this category may charge fees or interest on the amount borrowed from the insurance policy.
End-of-Life Expenses
If someone dies, their loved ones often have to deal with the responsibility of trying to settle their affairs while making plans for a funeral and grieving their loss.
Including end-of-life expenses in a life insurance policy can help save your loved ones from extra expenses and heartache. This is well worth considering as funeral costs are high and it’s not uncommon for a funeral service, burial, and headstone to cost between $7,000 and $10,000.
Being Prepared for Anything
While planning for your own death may seem a little morbid, preparing for what could happen in the event will reassure you that your family members will be taken good care of.
Life insurance is important because it can protect your loved ones from financial hardship in the event of your death. The loss of a main breadwinner or caregiver has the potential to destabilize many families due to increased costs and decreased income. Even a small life insurance policy can assist in bridging the wage gap during such trying times.
Life Insurance for Women
Nowadays, men and women often contribute equally to the family budget, but in many homes, women are still responsible for the majority of childcare and household tasks. In financial terms, the costs of this unpaid care can reach many thousands of dollars every year. As a result, life insurance for the women in your family who are responsible for these tasks should be a key consideration when it comes to protecting your family’s finances.
How Our Process Works
Step 1: Schedule a call.
Call our office at 877.404.0733 or schedule online to book a free 30-minute income strategy session.
Step 2: Discuss your income goals.
We’ll talk about your unique needs and goals you want to accomplish for retirement.
Step 3: Review your custom solution.
We’ll go over the plan, which has been strategically designed according to your goals that we went over.
Step 4: Put your retirement solutions into action.
You’re all set! Now you can focus on other aspects of your retirement planning.
Help to Secure the Future for You and Your Loved Ones
Contact our friendly team to book a free 30-minute consultation to find out what is the best life insurance for you.
Call 877.404.0733 or book online.