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The Complete Guide to Life Insurance
People buy life insurance for many reasons: income replacement, mortgage protection, supplemental retirement income, liquidity for future tax liability and many others. Life insurance provides liquid resources your loved ones may need to pay immediate and continuing expenses in the event of a premature death. And if the opposite is true and you live a long life, the cash value in life insurance could be available to you as a source of additional retirement income
Forms of Life insurance
Life insurance comes in many different forms and what you choose for protection should be in line with your goals. One of the beautiful features of life insurance is that it is adaptable. It can provide immediate protection and later evolve as needed. Choosing the right type of life insurance and selecting the correct policy for you and your goals is an important decision
Why do I need life insurance?
Most people buy life insurance to cover debt or because others are dependent on them. Life insurance provides tax free cash to your family in the event of your death. The money your beneficiaries receive can be an important financial resource to cover daily living expenses, pay the mortgage, pay off the car and other debts. Life insurance proceeds can help fund school tuition and remove the burden of debt. The benefits a life insurance policy provides can reduce the stress caused by worry and financial concern. Many people see their needs change as they get older. Once the life policy might have been needed for mortgage protection and then later in retirement, it might be used to replace an income stream if a partner were to die. Those on fixed or limited income may find peace of mind knowing that a surviving spouse will not be faced with a financial burden after their death.
The purchase of life insurance is an important decision. There are many reasons why life insurance policies are purchased, but these reasons should be based on your specific financial planning needs and goals. Factors such as your marital status, number of dependents and cost for their support, future education needs, current and anticipated family income, and your current assets and debt obligations all play a role in determining the amount of life insurance that is right for you
The Complete Guide to Life Insurance
