Krissie Berni
Protecting and Securing Your Financial Future
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Life Insurance
Why Do I Need Life Insurance?
Life insurance is an essential part of financial planning. Without it, your current plans may fall short or fail altogether if an unexpected tragedy occurs. No one likes to admit the fact that life doesn't last forever and it's even harder to foresee something unexpected happening to us or our loved ones. We all want to live a long healthy life and watch our children and/or businesses grow, but the reality is......life happens and we can't always control it.
Have you ever thought of what would happen to your family or business if something were to happen to you and/or your spouse? How do you feel about it? Are you secure and comfortable with your current planning? The truth is nearly 75% of most Americans are under insured or not insured at all. All it takes is a phone call and a few minutes of your time to make sure you're a part of the 25% that's sleeping well at night.
Types of Life Insurance
There are many different types of life insurance available and sometimes the information you receive is overwhelming and/or confusing, but it doesn't have to be. Working with an agent to discuss your current situation and future needs will give you the information you need to make one of the most important decisions in your lifetime. Here are some basic types of life insurance that you may hear about:
Term Life
Term Life Insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a
scheduled premium level. Premiums may increase at the end of the term.
You choose a coverage level, a term (usually 5, 10, 15, or 20 years) and name a beneficiary, that is, the person you want to
receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the
beneficiary you chose.
At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good
health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.
Whole Life
Whole life is permanent life insurance protection that protects your family or business no matter what lies ahead, from the day
you purchase the policy until you die, as long as you pay the premiums when due.
Whole life insurance can be a solid foundation upon which to build a long-term financial strategy because it guarantees a
lifetime of protection for your family or business.
Universal Life
Universal life insurance provides permanent life insurance protection and access to cash values that grow tax-deferred at
competitive interest rates.
Survivorship Life
Also known as second-to-die insurance, this coverage can insure both you and your spouse under one policy, with the
proceeds payable after the second death.
Group Life
Group life insurance policies are offered through employers to enhance benefits and provide life insurance coverage for their
employees and their families. Traditionally these policies are designed to supplement what you already have and do not
usually provide full coverage. In most cases you cannot keep your policy if you leave your employer.
Why People Buy Life Insurance
Individuals
• Secure insurability
• Supplement retirement savings
• Cover final expenses
Young Families
• Pay off mortgage
• Provide college education
• Replace lost income
• Pay off debts
• Cover final expenses
• Supplement retirement savings
Businesses
• Business Succession Planning
• Key Man Insurance
• Executive Bonuses
• Employee Benefits
• Supplement retirement savings
• Cover final expenses
Mature Couples
• Cover Final Expenses
• Replace Spouse's Retirement Income
• Supplement Retirement Income
• Provide a Legacy to Children and/or Grandchildren
• Make a Charitable Donation
The one constant in life is change. As we get older we still have a need for life insurance even though the reasons may be different. Whether you want to replace lost income, cover estate taxes, provide a college education for your child, or to just pay funeral expenses; there is always a need for life insurance.
