Life Insurance

How to plan for the future and ensure your loved ones are taken care of.

Summer is the most popular season to get married. This started hundreds of years ago because people typically took their yearly baths during this season – you read that right, a bath once a year! Makes you grateful for running water, right? Brides also began the tradition of carrying bouquets of flowers back in the olden days to hide their body odor! Now that you know a few fun, yet gross, facts let’s get down to what most newlyweds are not thinking about – life insurance. Of course, starting a new life together should be filled with fun, happy thoughts, not morbid ones. But the truth is, insurance is all about planning for the unexpected. The best time to get a life insurance policy is when age is on your side because it can greatly affect your premiums. It’s common for young adults to not think about life insurance because most employers provide it as a benefit to their employees. However, the days of starting with a company in your 20s and retiring from the same company 30 years later are long gone. Forty percent of Americans will be laid off during their career and the average worker will change jobs 3+ times. When getting laid off or taking a career break, odds are you probably are not thinking about life insurance. We have agents that specialize in life insurance and are here to answer your questions and provide quotes, based on your life circumstances. 

Life insurance is an important financial product for many reasons. Here are some key points to consider: 

1. Financial Security for Dependents: Life insurance provides financial support to your dependents in the event of your death. This ensures that they can maintain their standard of living and cover essential expenses such as housing, education, and daily living costs. 

2. Debt Coverage: Life insurance can help pay off any outstanding debts, such as a mortgage, car loan, or credit card debt, preventing your family from being burdened with these financial obligations. 

3. Funeral and Burial Costs: Funerals can be expensive. Life insurance can cover these costs, alleviating the financial strain on your loved ones during a difficult time. 

4. Estate Planning: Life insurance can be a key component of estate planning, helping to ensure that your estate is managed and distributed according to your wishes. It can also provide liquidity to pay estate taxes and other expenses. 

5. Business Protection: For business owners, life insurance can be used to protect the business. Policies such as key person insurance can help the business continue operations by covering the loss of a key employee. Additionally, it can facilitate a buy-sell agreement among business partners. 

6. Tax Benefits: Life insurance policies often come with tax advantages. The death benefit is generally not taxable, and some policies offer tax-deferred cash value growth. 

7. Peace of Mind: Knowing that your loved ones will be financially protected in your absence provides peace of mind, reducing stress and anxiety about the future. 

8. Cash Value Component: Certain types of life insurance, such as whole life or universal life insurance, build cash value over time. This can be borrowed against or withdrawn for various financial needs during your lifetime. 

9. Charitable Contributions: Life insurance can be used to make significant charitable contributions, allowing you to leave a lasting legacy to causes you care about. 

10. Inflation Protection: Some life insurance policies offer riders or benefits that adjust the death benefit to keep pace with inflation, ensuring that the purchasing power of the payout remains strong over time. 

These reasons illustrate how life insurance can play a crucial role in comprehensive financial planning, offering protection and peace of mind to policyholders and their beneficiaries. To learn more, please contact our life insurance expert, Sabrina Gatewood. She would love to help you find a life insurance policy that meets your specific needs.  

Meet Sabrina here: 

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