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Life Insurance is a very important part of the financial planning process, and there are a few things you can do today to ensure that your loved ones are protected in the future. Protect your loved ones Financial planning is all about managing your long-term financial goals by planning ahead. While some things in life you can map out, there are others that you just may not be able to predict. Life insurance will give you the peace of mind to know that if something happens to you, your loved ones will have the financial resources they need to continue on with their lives and keep your family plan going. Whether you have a spouse, kids who are young, or an adult-dependent with special, ongoing needs, a vital part of your financial plan will be to ensure that they have the financial support they need for years to come.
Act early and save money in the long run As you develop a financial plan, let’s take a look at why purchasing life insurance sooner rather than later is an important part of a successful strategy. As we age, the chances of developing health issues and frankly, the potential of eventually passing away increases. In light of this, the younger a person is when they buy life insurance, the lower their risk exposure is for the insurance company. This usually results in having to the best chance at getting the lowest premium as a policy holder. By purchasing life insurance early in life, you’re in a great position to save a considerable amount of money. Supplement employer sponsored coverage Many working people are offered an employee benefit for a certain amount of life insurance through their employers. Some companies offer their employees a life insurance plan that is equivalent to one year’s salary, sometimes with the option to buy more coverage at an additional cost. While this can be a great benefit, the life insurance offered through an employer may not provide an adequate amount to properly protect your spouse and/or loved ones. Additionally, employer-sponsored life insurance can be terminated if you leave your job. Purchasing your own life insurance policy can provide you with the financial protection you need, and it’s yours to take with you no matter what your employment situation. This has given many people the peace of mind to know that they are taking care of their family in a responsible way. Life insurance estate planning One of the fundamental beliefs of sound financial planning is developing a strategy on how your estate will be managed after your passing. For some people who have accumulated a certain level of wealth, chances are that their heirs will have to pay taxes on the estate. If it happens to be that your estate reaches a specific value and is subject to estate taxes, life insurance is a wise way to meet those tax obligations. For pennies on the dollar, life insurance proceeds can cover any tax payments, while avoiding the need to tap directly into your estate’s assets. Wealth accumulation Some people use life insurance as another way to accumulate wealth in a financial plan. Some forms of permanent life insurance include a cash component that grows over time and may be subject to changes with the market. This type of plan offers a death benefit and cash within it for future use. Final expense considerations Instead of burdening your family or loved ones with the costs of having to pay for your final expenses, life insurance is a great way to fund services such as traditional burial or cremation. Bottom Line: Financial planning through life insurance Purchasing a life insurance policy as part of any financial planning is a responsible strategy as you set out to accomplish your goals for the future. To get covered now click here.
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