Life insurance is one of the most misunderstood and underused financial products available today.
We insure our homes, cars and businesses but often forget our own value to our loved ones and business partners. On a personal level, life insurance is essential because it can help the family maintain their standard of living by replacing income, paying off debt and paying the final expenses of the deceased. Life insurance is also widely used in estate planning for wealth transfer and charitable giving. Businesses often use life insurance on a key person or in conjunction with a buy-sell agreement.
Young families are typically the most underinsured and uninsured segment. Thinking that life insurance is too expensive they go without, leaving the family at risk of financial hardship. This is a very real risk – one that is often much less costly to insure than that of home or car insurance. In reality, term life insurance has become less expensive than it has been in the past. Most parents want to know that their children will be well taken care of if something should happen to one or both of them. One of the greatest benefits of having life insurance is the peace of mind that it brings, knowing that you have planned and provided for their financial security.
A little known fact about a life insurance death benefit is that it is paid out income tax free. Contact one of our licensed life insurance professional to assess whether your family or business is properly protected.