If you or a family member were not here tomorrow would you or your family be able to financially make ends meet?
Financial planners usually suggest buying life insurance to replace seven to 10 times your annual salary.
No one likes thinking about life insurance? But if you have young children or anyone depending on you, you should have it.
Millions of Americans have no life insurance, and millions more don't have enough to provide financial security for their loved ones. It is unfortunate, because if you're fairly healthy, you can buy a lot of life insurance without spending a lot of money. Average premiums for individual life insurance have been falling about 5% a year since 2000
Life Insurance & Children
“Anyone at any age can become unexpectedly uninsurable, even children. When my son’s middle school team mate collapsed on the field all the parents were later surprised to learn that while hospitalized the young boy was diagnosed with diabetes. My son’s friend quickly learned to give himself daily life saving injections. His parents had no life insurance for him, being so young. Sadly, this boy is now uninsurable for most types of insurance.”Anne
I’ve never heard a life insurance claimant say the death benefit was more money than they needed. Sadly, it is often the opposite.
Term plans
Inexpensive and affordable. Term plans enable you to provide maximum protection for your dependents while “snapshoting” your insurability for the future.
If someone depends on you then you need a good Term plan.
Most employer sponsored life insurance is adequate for the term of your employment at that company and is not portable.
Permanent plans
It can be valuable to own and keep at least a minimal amount of permanent insurance that does not go away at the end of any term. Lifelong protection for final expenses is important and can build equity. During the Great Depression, many people kept afloat financially by having and utilizing permanent equity life insurance.
Legacy Plans
Children can become uninsurable just as an adult due to unexpected health issues such as childhood diabetes.
For centuries, life insurance has been an effective means of providing for the financial well being of spouses, children, grandchildren and/or your favorite charity. The gift of life insurance to loved ones or a favorite non- profit organization creates a lasting legacy. You can design an affordable, meaningful gift for a young person that lasts the rest of their life. Some plans can be fully funded when the child reaches adulthood. This is a “gift of insurability”.
Business plans – Life insurance is foundational to business plans/Buy-Sell agreements
In the event of an untimely death of a Business Owner, life insurance is essential for company strength and stability. Wise planning protects the business along with it’s most important members and their families. To insure the company thrives even with the loss of a partner or key member, Business Owners need life insurance on each other, their key executives and difficult to replace employees.
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