Life Insurance
Align your Life Insurance with your Financial Objectives
Have you reviewed your life insurance policies in light of your current and planned financial situation? Life insurance can serve multiple purposes when structured correctly, including options like permanent life insurance and term life insurance. The key is to ensure you have only what is necessary and not overpay!
Term Life or Permanent Life
That is the question.
There is an ongoing debate between two main types of life insurance policies: term life insurance and permanent life insurance. The question often asked is, "Which is better?"
The answer to this question lies in a person’s unique situation and objectives. Unfortunately, there isn't a one-size-fits-all answer.
The fact is, the success of your life insurance policies will depend on one key factor…what do you want your insurance to achieve for you? People who opt for term life insurance typically have specific financial obligations with a set timeline they want to ensure are covered. Conversely, individuals who choose permanent life insurance often seek coverage for assets or needs that have an indefinite timeline.
IF YOU HAVE CLEAR EXPECTATIONS, LIFE INSURANCE is easy
We will help you explore the various possibilities of different life insurance policies, including both term life insurance and permanent life insurance, to find the most cost-effective solutions. Our team will assist you in determining the suitable amount and type of coverage based on your current and future financial objectives.
key questions to ask when considering life insurance
Strict time lines are, wanting to make sure a mortgage is covered throughout the life of the loan or wanting to make sure your children’s college is covered when the time comes
Many Life Insurance Policies have additional Riders for chronic illness if the need arises. This way if the policy owner is diagnosed with a life ending condition, they will be able to pull a percentage of the money for what suits them.
Some Life Insurance companies offer what is called Return of Premium or ROP. If you purchase an ROP policy and it expires, you will receive all of your premiums back. For example, if you paid $30,000 over a 30-year term policy, you would receive all $30,000 back at the end of the term.
Most of us think of estate taxes when it comes to being able to leave a legacy to our children, but many times it is the income taxes that reduce the actual money that beneficiaries receive. If estate preservation is an objective, a permanent policy is a consideration.
Some insurance policies can be structured in a way to provide future Income in the form of loans. These policies are purchased in a way to grow cash value, so in the future, you can use that Cash Value at your leisure. It is very important these are funded and established correctly or the end result could be different than what is expected.
The cost of Long-Term Care can devastate a families assets if not prepared for. Life Insurance can be used as a way to leverage your Capital if the need for Long-Term Care arises.
If you want to make sure that your Beneficiaries are established financially at any point, permanent life insurance can be a way to do this, regardless of your current financial situation.
Life Insurance
Investment advice offered through Strategic Financial Concepts, LLC., a registered investment advisor.
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