Life insurance is a misunderstood and underused financial product.
We insure our homes, cars and businesses but more often forget our value to loved ones and business partners. Life insurance is essential. It helps families maintain their standard of living by replacing income, paying off debt and final expenses of the deceased. Life insurance is also widely used in estate planning for wealth transfer and charitable giving. Businesses often use life insurance on a key person or in conjunction with a buy-sell agreement.
Young families are typically the most underinsured segment of the population. Thinking that life insurance is too expensive or not needed at a young age, they will opt to forgo coverage. This can leave their family or business partner at risk of financial hardship. This risk is typically less costly to insure than that of home or car. Term life insurance is less expensive today than it has been in the past.
Life insurance brings a quiet confidence, knowing you have planned and provided for those you love and care. A little-known fact about a life insurance. The death benefit proceeds are paid free of income tax. Contact our office for a complimentary review of your life insurance needs.