Why Do I Need Life Insurance?
Life is full of uncertainties. If you were to die today, would your family be self-sufficient? Will your children be able to pay for their education? If you own a business, what will you do in the event of a key employee’s unexpected death? These and many more are all questions to consider. Being financially secured against these events will give you and your family a peace of mind.
Purpose of insurance includes:
- Income Replacement
Your family may depend on your income to provide home, food, education and all the basic needs to maintain their current standard of living.
When do you plan to stop working? What sources of retirement income do you have? What are your expected income needs? Are you prepared to meet the uncertainties (life expectancy, long-term care needs and economic fluctuations) of retirement?
- Estate Planning
Create strategies to reduce/eliminate federal and state income, estate or inheritance taxes.
- Business Needs
Buy a business interest. Offer an executive bonus plan to recruit, reward and retain key employees. Insure against the loss of a key employee. Split premium and ownership of a life insurance policy between the employer and employee.
- Debt Repayment/Final Expenses
Life insurance can pay for your probate, funeral, medical and other costs.
Life insurance can help you leave an inheritance to your heirs, even if you have no other assets to pass onto them.
Types of Life Insurance
Life Insurance Companies
- American Funds
- Columbus Life
- John Hancock
- North American