Life insurance is one of those steps we take not for ourselves, but for our loved ones. It provides a death benefit to your beneficiaries should you die, but also offers certain benefits while you’re still living.
Benefits Should You Die:
- Pays your final expenses, debts, estate taxes, etc., or any other financial debt or need you may leave behind, without incurring a tax load for your beneficiaries
- Can be used by business partners to buy out the interests of the deceased partner and help ensure the continuity of the business
Benefits While You’re Still Alive
If your policy grows in cash value over time, any tax on that increase is deferred unless you withdraw the money before maturity Your policy (assuming it is a permanent life policy as opposed to term life) can become a good source of funds for such things as a down payment on a home or your child’s college tuition (with possible tax issues, as mentioned above)
How Much Life Insurance Do You Need?
Since we all have different obligations and different financial situations, the amount of life insurance you need may vary according to your personal circumstances. You no doubt need at least some life insurance if you have a spouse and dependent children.
Additional reasons for life insurance may include the need to support aging or disabled parents or other close relatives, funding your retirement needs or those of a spouse, executing certain aspects of a large estate, or protecting the ongoing sustainable of a business you share with a partner.
Life Insurance Plans We Offer
At Rine Agency, we can match your needs to the specific type of insurance plan that suits you best. The types of plans we offer are as follows:
Term Life Insurance
When you need just the protection aspect of insurance, term life is often a good place to begin. It costs less than permanent life (or whole life) and can be purchased for various lengths of time. In many cases, your term life policy can be converted to permanent coverage should your needs change.
Whole Life Insurance
Whole life insures you during your lifetime, as long as you are keeping premium payments up to date. It offers both the protection aspect (up to the face value of the policy) as well as an element that grows cash value over time.
Universal Life Insurance
Universal life is a type of permanent life policy, and differs from pure whole life in that it typically offers more flexible premiums, varying face amounts, and an unbundled pricing structure. It also builds cash value according to an interest rate that is guaranteed not to fall below a specific level, regardless of what may be happening in the economy.
Term, Whole or Universal? We can help you decide.
Our life insurance specialists can help you find the right type of policy for you so you don’t buy more or less insurance than you and your family really need. For a free assessment of your particular requirements, call, email us, or fill out the form above.
