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Planning with Life Insurance
As part of our client intake process, we ask our clients to tell us about their life insurance. People purchase life insurance for different reasons. If you’re married and/or have young children, and your family needs your income for support and to maintain their standard of living, you should consider life insurance. Life insurance can give you confidence that your children can afford to go to college should you pass before they are college aged. The need for life insurance typically decreases over time as your children age. Even after your children are out of college, however, you will want to consider maintaining life insurance to help your spouse maintain his or her standard of living should you predecease them. Although it’s not pleasant, you should always consider the financial impact that your death would have on your family. If your spouse relies on your pension, and your pension ceases when you die, you want to make sure you have insurance to fill that gap for your spouse during old age.
Another reason people often buy insurance is when they are small business owners. “Key person” insurance covers a person who is critical to the operation of the business and pays to the business. Further, buy-sell agreements can be funded with life insurance, meaning that if you pass away while a business owner, your family can be “cashed out” of the business with the proceeds of the life insurance.
For more on how we can help you determine your need for life insurance, and how we can help you evaluate your existing coverage, see our insurance services section. Our services include an independent insurance agency through which we offer coverage from nearly every major insurance carrier, as well as numerous specialty carriers.