Life Insurance

Will your family be able to cope if something should happen to you? On the other hand, what if something should happen to your business partner? Can you carry on financially if something happens to them?

If the unexpected should happen, your family will have enough to think about. They don’t need to worry about money.  Your family needs a financial safety net, which life insurance provides. That same holds true for your business. Life insurance provides the cushion to keep things going. The key is to make sure you have the rightcoverage, for the right price.

For example, many people have bank-sold insurance to cover their mortgage and credit cards. Although this is better than no insurance at all, there are several problems with this option.

  • While it certainly helps to have your mortgage and credit cards paid off, it may not be enough to keep your family secure. If you provide the bulk of your family’s income, their quality of life may suffer after you’re gone. For example, the proper amount of insurance can provide extra funds for funeral expenses or for an education trust fund for your kids. Bank-sold mortgage or credit card insurance simply do not provide for this.
  • Bank-sold insurance is often underwritten at the time of death. This means the amount paid to your family can vary greatly depending on your age and other factors. Your payout may be much lower than expected. This certainly won’t help your family, especially during such a stressful time.
  • Finally, bank-sold insurance usually costs far more than anything you can purchase from an insurance company. It often looks affordable, but when you compare it with rates from insurance providers, you’ll find they provide far better coverage for the same price.

It’s also important to look at your investment portfolio.  This is something many people never consider.  Yet taxes on your estate can reduce the value of your investments by up to 80% after your death. This means your family may get only $20 out of every $100 on the assets you’ve worked so hard to build. However, there are several ways to reduce this potential tax burden with life insurance, often for just pennies on the dollar.

As for business owners, many never consider purchasing life insurance through their business.  Yet life insurance can keep your business humming if a partner should die unexpectedly.

Every situation is different, so you need to carefully consider your circumstances to ensure you and your family are protected.

Life insurance is more affordable than you may think.

If you’re uncertain about your insurance coverage, we can help. The first thing we’ll do is to determine the amount of insurance you need to protect your family. We’ll consider issues such as:

  • Your annual income, as well as that of your spouse or partner
  • The amount of your outstanding debt
  • The number of dependents you have, and their age
  • Future expenses, such as tuition for your children

After considering all of these factors, we calculate the best level of insurance for you and your spouse.

However, like many things, there are several options available to you. And we need to consider your budget. We ask for quotes from several companies to find the best price. Fortunately, many of our clients are pleasantly surprised at how affordable life insurance can be. Finally, we go over all of the options and quotes before selecting a policy thatworks for you. Our goal is to get you the best possible policy that protects your family, at a price you can afford.

Let’s arrange a meeting to go over your options.  There is no pressure and no obligation. You decide on the best option for your family and your peace of mind.