Life Insurance

In order to ensure that the needs of your loved ones are met even in the event of your death, life insurance coverage is key. In the event of your death, your beneficiaries will receive income tax free money which can help cover funeral costs, medical bills or other unexpected expenses. These funds may also be used to assist in maintaining the lifestyle your loved ones have grown accustomed to or even help pay for future college tuition.

Do I Really Need Life Insurance?

While it may be difficult to face that fact you won't always be around to pay the bills, it's important to consider the needs of your family now, before you're gone. If you are the primary wage earner in the family, consider the costs of childcare and funeral expenses you might be leaving behind. Life insurance can be preventative solution, providing your family with a secure financial future.

Life insurance can help your loved ones:

• Pay hospital and medical bills
• Compensate for loss of income
• Cover burial and funeral expenses
• Pay any unexpected expenses
• Take care of your mortgage balance
• Provide tuition for your children's college
• Supply a retirement income for your spouse

What should I look for in a quality Life Insurance policy?

No matter where you are in life or your financial level, life insurance can be a vital part of your long-term financial planning.

Just Starting Out: If you've just finished school, found your first job or started a new family, now is the time to give close consideration to your financial future. Usually, the younger you are the less you'll have to pay for life insurance. It's a great idea to start early because it's possible to purchase an ample amount of coverage for a relatively low cost.

New Marriage and Family: As you begin a new marriage or family, your need for life insurance may increase. You'll want to ensure that your family's lifestyle is able to continue even after you're gone. Life insurance can be a part of a successful financial plan for your loved ones' future needs and make certain they are taken care of even when you no longer can.

Newborns and Children: When you purchase life insurance for your child you ensure that will have financial protection in place even if they become "uninsurable" or difficult to insure for chronic illnesses or health reasons as they grow up.

Nearing Retirement: At this point in the game, you may not need all the death benefit you purchased earlier in your life, and it is often possible to convert your benefit into an annuity in order to provide steady income for retirement. Instead of the lump sum being paid to you upon your death, you could essentially receive the funds as monthly or annual payments.

Financial Planning: Traditionally, life insurance has been a tried and true method of passing money onto your loved ones with generally income tax free benefit. It's always a good idea to consult with a tax advisor or financial planner when using life insurance as an estate planning tool.