Guidance

RESOURCES TO HELP SHAPE YOUR FINANCIAL FUTURE

If you are counting on the coverage you have through your employer, it may not be enough. Moreover, if you leave your job, your employer-sponsored group life insurance usually ends.

Life insurance is an important element in any financial plan, and although there are many uses and benefits to owning life insurance, the main result is that it provides peace of mind for you and your loved ones.

Why do you need life insurance?
As your life evolves and changes, so does your need for life insurance. When a major life event happens like marriage, the birth of a child, buying a home, changing jobs, or starting your own business, it is important to re-evaluate whether your life insurance coverage is in line with your current needs.

Life insurance offers your family protection from financial devastation in the event of your pre-mature death. The proceeds from life insurance are tax-free and can help pay off a mortgage, health expenses, car notes, debt obligations, burial expenses, or simply provide income for your surviving spouse. Life insurance can also be a useful tool in estate and tax planning. It allows you to protect what matters most to you and keeps your future plans in place for your loved ones.

What types of insurance are available?
There are several forms of life insurance, but in general, life insurance can be categorized as either permanent (known as whole life) or temporary (known as term life). The most common and affordable is term life insurance. Term life provides coverage for a specific period of time and is often used to cover the "earning" years. Permanent policies are typically more expensive than term, but can offer more financial flexibility.

Why should you consider more insurance?
If you are counting on the coverage you have through your employer, it may not be enough. Moreover, if you leave your job, your employer-sponsored group life insurance usually ends. Keep in mind that optimal health is not a requirement for life insurance. Affordable life insurance coverage is becoming more accessible for those who have been diagnosed with common health issues - like asthma and depression, for example. Many health issues are no longer barriers to receiving preferred rates on life insurance.

When is the best time to buy insurance?
Young people rarely consider life insurance but that can be a costly mistake should tragedy strike. Furthermore, the earlier you purchase life insurance the more affordable it is. This is especially true for those under 50, the age at which most premiums jump in price.

There is never a better time than now to ensure that those who you care for the most will be provided for and protected. Life insurance may be a crucial source of income that allows your family to maintain their standard of living in the face of adversity. Contact one of our Financial Advisors today to discuss your situation and determine the best life insurance for you.