life insurance

Protect your loved ones

If something happens to you, life insurance can help your family manage better financially.

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Life insurance is an important part of your family’s financial stability and well-being. If anyone depends on your income, they would likely struggle if you were to pass away. It’s a simple answer to a very difficult question: How will my loved ones manage financially if something were to happen to me?

A life insurance policy pays out a sum of money either on the death of the insured person or after a set period of time. Money from life insurance can be used to cover:

  • Daily living expenses.
  • Mortgage payments.
  • Loans.
  • Funeral costs.
  • Medical bills.
  • College tuition.
  • …and many other essential expenses.

It not only helps ensure your family’s financial security, but it also provides peace of mind.

Associates of Clifton Park is our life insurance partner. They offer a variety of policy options to fit your needs. Call 1-800-893-1621 for more information.

There are no exact rules to how much life insurance coverage you should have. But it’s helpful to look ahead at what your family may need in the future instead of looking at your current needs and salary. Consider future needs such as:

  • Replacing the services you provide your family.
  • Moving for a job or to be closer to family and friends.
  • Making up for lost benefits you provide such as insurance, pensions, or 401(k)s.
  • Providing financial assistance for your kids’ college tuition or a secure retirement for your spouse.

Benefits like Social Security may help, but probably won’t be enough for the life you want your family to have after you’re gone.

Use this calculator to help you determine how much life insurance you may need. You DO NOT need to provide any personal information.

The decision to purchase life insurance is a personal one. When considering your decision, start out by asking yourself a simple question: “Would someone suffer financially if I were to pass away?” If the answer is yes, there’s a good chance you should consider life insurance.

  • If you’re married, your spouse may find it difficult to cover daily and future living expenses without a your financial contributions.
  • The cost of raising children is expensive, whether you are working parent or not… even unpaid contributions to the family would be expensive to replace.
  • If you’re a retiree, your spouse may have to make do with less Social Security and pension support while they face increasing health care costs and other necessary costs. And if you’re leaving money to heirs, you could be required to pay estate taxes. Life insurance is almost always exempt from federal taxes.

Other life events that may warrant asking yourself whether you need life insurance include:

  • Starting or buying a business.
  • Buying a house.
  • Getting married.
  • Having or adopting a child.
  • Deciding to go back to school.
  • Deciding to stay home with children.
  • Getting divorced.
  • Starting to support someone financially like an aging parent.
  • Starting to save for a child’s college education.
  • Getting close to retirement.

Source: lifehappens.org

There are two major types of life insurance—term and whole life.

Term insurance is the simplest form of life insurance. It pays a cash benefit to your beneficiaries only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. It’s prime advantages include:

  • Term life insurance only offers a death benefit. This makes it the most economical type of life insurance policy.
  • You choose how long you want coverage to last based on your needs, often a milestone like when their kids graduate from college or when they retire for when to stop coverage.
  • Term life insurance typically involves just two decisions: how much coverage you want and how long you want it to last.
  • There are options that don’t require you to undergo a medical exam; however, the coverage amount may be limited as well as more expensive.

Whole life or permanent insurance pays a death benefit whenever you die, no matter what age. There are three major types which include traditional whole life, universal life, and variable universal life—and there are variations within each type. It’s prime advantages include:

  • Permanent life insurance covers you for life, as long as you pay your premiums.
  • You can build cash value over time, which accumulates on a tax-deferred basis just like assets in most retirement and tuition savings plans. The money can be used in the future for any purpose. However, withdrawing cash value from the policy will reduce the death benefit if you don’t pay it back.
  • There are different kinds of permanent life insurance. Some offer a guaranteed rate of return while others let you choose a mix of investments for a variable rate of return. Others even let you skip premium payments and increase or decrease your coverage level over time. For more information, read the Insurance Information Institute’s article on different types of permanent policies.

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