Life Is For The Living, So Is Life Insurance

September is Life Insurance Awareness Month. Now is a good time to reflect on how life insurance can help those you leave behind.

Your spouse or life partner
A successful marriage is often predicated on sharing and providing for one another. That includes each other’s financial obligations. If you were suddenly no longer in the picture, would there be enough money to pay for your final expenses, cover debt, and buy some time to allow your partner to adjust to a new way of life? Life insurance can provide funds to cover immediate expenses and income to help support your surviving loved one.

Your children
Your children are likely your greatest responsibility — a responsibility that doesn’t end with your passing. Life insurance can help provide the resources for their continued growth and maturation.

Your home
Mortgage payments, often lasting 30 years, along with maintenance, utility costs, homeowners insurance, and real estate taxes can add up to a long-term financial commitment. Adequate life insurance protection can provide funds to be used to cover these expenses, allowing your family to remain in their home.

Your business
If you own your own business, life insurance can fit into your business plan in many ways. It can be part of an employee benefit program, with coverage under a group plan. Life insurance purchased on the lives of certain key employees can protect your company from the loss of talented and valuable workers. Life insurance can also be used to fund a buy-sell agreement.

Planning for retirement
Not only will your salary be unavailable to help pay for current living expenses, your income won’t be there to build the nest egg for the retirement of your spouse or life partner. Life insurance can help provide funds to be used for your spouse’s or life partner’s retirement.

Leaving a legacy
Life insurance can be used to increase the size of an estate for their heirs. The death benefit could provide your beneficiaries with a larger legacy than might otherwise be possible. The cost of life insurance may be significantly less than the proceeds of the policy paid to your beneficiaries when you die.

Charitable giving
Donating a life insurance policy to a charity may enable you to make a larger gift than you otherwise could afford. Further, the government encourages charitable giving by providing tax advantages for certain charitable donations (the charity must be a qualified charity). This means both you and the charity would benefit from your donation.

 Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016.

Speak Your Mind