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Everything You Need to Know about Life Insurance

A life insurance policy can and should be part of your overall financial plan. Insurance is there to protect yourself, your family, and your assets. A life insurance policy can also be an option in building wealth for you. Which type of life insurance makes sense for you depends on your situation and goals.

We’re here to help you understand insurance as part of a financial plan. With insurance protecting your assets, you have a solid foundation on which to build wealth. Together, we can put together the right insurance plan for you and your loved ones.

What You Need to Know about the Different Types of Insurance

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Life insurance can provide a safety net for your family in the event of loss of life. Term insurance has modest premiums and lasts for a specific time, such as 20 to 30 years. It includes a death benefit, even though the policy expires at the end of the term and doesn’t build a cash value.

We believe that term life is the best kind of policy to carry so you can save on premiums up front and use the savings to invest in better opportunities.  A term life policy is the most cost-effective solution.

Another important kind of insurance to consider is long-term care insurance. This can supplement your health insurance and cover expenses not covered by your health insurance. 

Both of these kinds of insurance can play an important part in your financial story.  

How Life Insurance Fits into Your Financial Plan

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Most people don’t like to think about life insurance, but having a policy is important if you have family members depending on your income. Even if you have significant assets, a life insurance policy can protect your family from the unforeseen expenses of a funeral. It can also pay off debt or help a child go to college.

Life insurance is the type of insurance you want to have but never use. It’s primarily useful to protect people who financially depend on you. You can even designate a charity as the beneficiary and use insurance to build a legacy. You can also use your whole life insurance as an investment vehicle to grow your wealth.

FAQs about Life Insurance

Why Do I Need Life Insurance?

There are different reasons people need life insurance, for example:

  • You have people who are financially dependent on your income
  • You have debts
  • You don’t have enough savings to pay for funeral expenses
  • You want to leave a legacy

We can help you set up the life insurance policy that best meets your needs. 

Will I Always Need Life Insurance?

Not necessarily. It all depends on what your goals are. Term life insurance is only useful for the time in your life when you have financial dependents. As the kids grow up and you build wealth, you don’t need life insurance to cover funeral expenses or provide for your children. 

What Is the Point of Having Long-Term Care Insurance?

Long-term care insurance protects your assets if you need medical care that’s not covered by health insurance. Long-term care can cover physical therapy, the cost of a nursing home, or the salary of a caregiver who comes to your house. Without long-term care insurance, you would have to use your retirement savings or investments to cover these expenses, and they add up fast.

What Does Insurance Have to Do with My Finances?

Your financial plan is like your blueprint for your money. You build your financial house using retirement accounts, investment accounts, and other savings. Insurance is like the roof or the exterior wall, protecting the assets inside. Without insurance, your assets must cover any unexpected expenses.

*Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured.

Let’s Review Your Insurance Policies

Having the right insurance policy is an important part of financial planning to protect your growing wealth. Whether you need life insurance or long-term care insurance, we’re here to find the policy that’s right for your specific situation. Reach out to our team and schedule an appointment to review your insurance policies today.

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