Planning to protect your family is the ultimate way to show your love.
Whether you want to fund a grandchild’s education, leave a legacy to a charity, focus on retirement, or provide for your loved ones, life insurance is likely part of your financial plan.
Life insurance throughout your life
Different types of life insurance can have a role in each phase of your life.
When you got married or began raising a family, term insurance may have been an affordable option to protect against liability. As your savings grew and income increased, permanent life insurance may have been added to your portfolio, since it provides death benefit protection with the ability to build the cash value. When planning for your retirement years, variable universal life will allow you to place more emphasis on cash value growth and the ability to provide supplemental retirement income.
Finally, other very specific types of life insurance such as “second to die” contracts can cover you and your spouse with one policy along with any estate or inheritance taxes.
Find out what type is right for you.
Accident and disability insurance
Life can throw us curveballs, which is why accident or disability insurance can be equally important—and sometimes more important—than life insurance. Disability, even short-term disability, can result in unexpected expenses if your earning capability is affected. If you require more extensive medical care, disability insurance can provide some assistance.
Does your employer offer accident, critical illness or long-term disability insurance, or short-term disability insurance as part of a group plan? If so, consider whether the amount available to you is sufficient to take care of expenses if you’re injured or disabled for a short term or even permanently.
If you’re self-employed, in addition to business-owned life insurance, you may want to explore disability or accident insurance with a financial professional. These benefits may help pay expenses for your business and your family.
Consider consulting a financial advisor to find the best coverage that works for you and your family.
LCN-1746091-032817 – B