Investing In Life Insurance

When it comes to establishing a financial plan suitable for you and your loved ones, having a discussion about life insurance needs to be a part of the conversation. It's important to consider the value of having insurance to help protect the financial well-being of your loved ones in the event of your death.

In simple terms, life insurance can financially help support your surviving loved ones after your death. It can be a difficult conversation to have — but it's ultimately one that helps protect the financial future of your loved ones.

Q: What is life insurance exactly, and why might I need it?

A: The primary benefit of purchasing a life insurance policy is in a majority of cases to provide a tax-free lump-sum death benefit, which is paid out to your beneficiaries, or your estate, in the event of your death. This lump-sum may be used to help pay off outstanding debts and costs — including unpaid bills and funeral expenses — and to preserve your loved ones' financial well-being by helping them to maintain their current standard of living in your absence.

Q: How do I know if I can afford life insurance?

A: Life insurance policies come in a range of coverage amounts and prices. Working with a trusted licensed insurance agent can help determine the policy that works for you, your loved ones, and your budget.

Q: How much life insurance coverage will I need?

A: Establishing the amount of coverage your beneficiary would receive involves a careful financial review of your income and living expenses. A licensed insurance advisor can help conduct an assessment of your financial assets and liabilities to determine the right amount of insurance coverage you need.