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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.




300 E. 2nd Street

P.O. Box 808

Salem, Virginia 24153