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The most common reason for
buying life insurance is to protect your family in the
event you, your spouse or another family income earner
dies.
Life insurance is often
used to:
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Income replacement for the family to
continue its normal lifestyle. |
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Pay the mortgage and other outstanding
debts. |
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Cover funeral expenses. |
Life insurance can also be used
for additional reasons:
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To create a college fund. |
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Save money for retirement.
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Provide collateral on a loan for a
small business, home purchase, or automobile
purchase. |
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Provide
cash accumulation on a "tax deferred" basis. That
means you do not pay taxes on interest or growth until
the funds are withdrawn.
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Provide income through policy loans and
withdrawals, to use for a variety of needs.
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Create an estate for heirs.
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Cover taxes on an estate or
inheritance. |
When thinking of life
insurance, here are a few things to consider:
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How long do you need the insurance
coverage? Is it a short defined time or a long-term
need? |
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What is the driving force to make the
purchase? (For example, protection against premature
death, asset accumulation, etc.) |
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How much insurance do you need?
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Is Your
Coverage Adequate・
You
probably already have some life insurance - but is the
coverage adequate to fund all your dreams? And will you
still have enough life insurance if you change jobs? Many
employers provide life insurance coverage for as long as
you're on the payroll, but that coverage usually
disappears when you move on. The older you get, the more
difficult it may be to obtain coverage on your own.
 Click on company
link to the left for specific company's product info.
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Life
Insurance
