Life Insurance and Financial Planning
Life insurance isn’t for the people that die, it is for loved ones that are left behind.
Life insurance is an inexpensive, but essential, part of any insurance plan if you have people that rely on you for your support. If you have a spouse, children or any other type of dependents, life insurance can protect them by replacing your income that would be lost should you die before your time. Life insurance in its most basic form is term insurance that will protect you for a period of years you select as needed to cover you through your working years. Term life insurance is very inexpensive. Life insurance is available in many different forms, however, and can be used for more than just insuring your life and replacing lost income.
Living Benefits of Life Insurance
Life insurance can be used to provide living benefits as well. For example, if you get diagnosed with a terminal critical illness, some life insurance policies will pay you a benefit amount to be able to pay for all of those unanticipated expenses without having to wait until death. Still others can be used to pay for costs associated with long term care needs that may be needed if an accident or illness renders you unable to perform daily tasks of living.
2 Step Process
Selecting the right life insurance plan begins by determining the amount of life insurance that would be needed to replace what is lost by the death of the insured. That can be done through a needs analysis performed by your insurance professional. You can also determine the need yourself by clicking the desired calculator above.
Determine the type and cost
The second step in getting the right life insurance plan is to determine the type and finally get the price with the right company. For every living benefit you add to a life insurance policy the cost for that policy goes up. For tight budgets, a simple term policy is likely the best solution. Living benefits can be added with a separate policy, with a lower face amount, for a minimal monthly cost. Let us design a package to best meet your life insurance needs.
Use each of these to help determine how much Life insurance and/or Annuities you should buy.
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