Life insurance is a key part of a comprehensive financial plan

You can use life insurance to leave much-needed income to your survivors, provide for your children’s education, pay off your mortgage, and simplify the transfer of assets. It can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at relatively little cost to you.

There are two basic types of insurance: term and permanent, with many variations within each type.

Term Insurance

Generally, people purchase term-insurance policies to insure their families for a given period of time, usually no longer than 15 to 20 years. For instance, term insurance is often purchased by homeowners carrying a mortgage or by parents of young children. Term insurance is also called pure insurance—it consists of a death benefit only. It’s inexpensive compared to other types of life insurance products.

Permanent Insurance

If your insurance needs are longer than approximately 20 years, it’s usually more cost effective to use a “permanent” life insurance policy. Whole life and universal life are common types of permanent life insurance. These types of products contain an investment component and can allow you to accumulate savings on a tax-deferred basis. Some allow you to borrow against cash value you have built up in the policy.1

There are many different types of life insurance to fit your own personal needs and situation.

1. Policy loans accrue interest and will reduce the death benefit. A policy loan could result in tax consequences if the policy lapses or is surrendered while a loan is outstanding.

Now Is the Perfect Time

Should something unexpected happen to you, will your family be okay?

Planning for all the various important milestones in life can be overwhelming. You’re busy managing the needs of a family, home ownership, college savings, and advancing in your career — maybe even starting your own business.

A life insurance policy can give you the peace of mind that comes with having a backup plan in place for your family.

As your financial professional, we are here to help make sure your family is protected. Together, we can review the types of life insurance policies available and determine which solution and level of coverage is right for you and your family.

Insurance Policy Review

Life changes quickly ­ — that’s why it’s important to periodically evaluate your financial and life insurance needs.

When was the last time you looked at your life insurance policies? How long ago were they purchased? Have there been any changes in your life or financial plans that might affect the amount of insurance coverage you desire?

An insurance review can help you make sure your policies fit your current goals and financial plans. Your family’s financial future is too important to leave to chance.

Getting Started

If you answered "Yes" to any of these questions, please contact us to review your current life insurance policies today.