Who needs life insurance? If someone else would be effected by your death or they depend on you in any way financially, you need life insurance.
Most people need life insurance. To determine if you need life insurance, you should consider the worst-case scenario. If you died today, how would your family, loved ones and business associates fare financially? What would the economic impact be on them?
Who would pay for your final expenses? (i.e. funeral costs, medical bills, taxes, debts, lawyers fees, etc.) Would your family be able to meet ongoing living expenses? (i.e. rent or mortgage, food, clothing, transportation costs, healthcare, etc?) How would your children pay for their education? What about your loved ones financial goals? (i.e. retirement) How would your business survive without you?
Final expenses, daily living expenses, mortgage payments and college savings are often mentioned in analyzing needs, but something often overlooked is inflation and taxes. Since there is no federal income tax on life insurance benefits, if they are paid directly to the heirs, it can offer a huge living benefit as well.
Something often overlooked is the living value of life insurance. While you are alive, permanent or whole life insurance cash values can be accessed for loans, income, critical illness and other needs.
Losing someone you love is always difficult, but emotional struggles don’t have to be compounded by financial difficulties. Life insurance secures your loved ones future.
Term Life Insurance covers your needs, Permanent Life Insurance provides many uses.
Life insurance provides tax-free cash benefits, in most cases, to your heirs after your death. This cash (known as the death benefit) can help to replace your income and can secure your family’s financial needs. You can learn more about the extraordinary benefits offered by whole life insurance here: http://legacyinsuranceagency.com/lifeinsurance/wholelife.html
There are many types of life insurance, so you’ll want to make sure you are dealing with an experienced agent. And, it may be important to you to have an indpendent agent who offers more than one life insurance carrier.
Until next time,
Barry Page, RFC
Barry Page is recognized as a leading expert on life insurance and private banking. He is a Registered Financial Consultant and independent life insurance agent who helps clients with tax advantaged investment alternatives. He specializes in showing families how to protect their assets, income and lives utilizing a macro-financial approach to planning.
He has created a service that caters to families and business owners that are frustrated with the risks involved with the stock market, but still want competitive returns. His specialized knowledge and services help consumers find alternatives to traditional investing and the stock market that not only safely protect their savings, but also provide tax advantages.
His business is based in Ocean Springs, MS and he services clients throughout the Southeast. He can be reached here: http://legacyinsuranceagency.com/contact.html
