An Investment for your Family
Life insurance is one of the most important investments you can make to protect your family’s financial security. Although the basic purpose of life insurance is to provide your dependents with a lump sum to pay off large financial obligations, it can also be used as a continuing source of income and provides for other financial needs including:
- Maintain your family’s standard of living
- Pay off the mortgage on your home
- Pay off any outstanding debts
- Provide for your children’s education
- Pay off any outstanding taxes
- Keep the family business going
Prudent insurance planning can help your family cope with their financial burdens in a time when they are trying to cope with their emotional loss.
See Also: Life Insurance Buyer’s Checklist
Tax Free Cash Benefit
Life insurance is one of the few assets that transfers a cash benefit to beneficiaries completely tax free. As a result, insurance is an important in the financial and estate planning process.
Do I really need Life Insurance?
Have you considered the impact on your family if a tragedy took you out of the picture? If someone will suffer financially when you die, you should consider life insurance.
Changing Needs of Life Insurance.
As you progress through your life, your insurance needs will not stay the same. Consider the following life events that trigger a financial impact and therefore, a changing need for life insurance:
- Get married
- Have children
- Become Self-employed or Changing Jobs
- Stay-at-Home Parent
- Buying a Home or other debt purchase
- Taking care of Parents
Life Insurance Needs Calculator
As part of an overall financial plan you need to consider protecting your family from the financial impact if you were taken out of the family picture. Use this calculator to estimate the amount of life insurance you need to protect your family.