In every good financial plan life insurance plays an important role. Whether in your personal life or in business the benefits of a strong life insurance portfolio are numerous. It can truly be one of the best financial tools available because it almost guarantees that even if you’re not here to see it, your plans can still be accomplished.
While some see insurance as another expense, we understand the importance life insurance plays in proving the best possible outcome during the worst possible time, and that’s important.
At home, coverage can provide needed income for your dependents if you die before expected, helping your family adjust to their new lives and providing them a fresh start from household debt while setting aside funding to ensure the goals you have for your children’s educations and lives are still financially achievable.
While in the office, partners and family-run businesses use life insurance to reduce debt and finance business purchases when used with a properly funded Buy-Sell agreement.
Only two things are guaranteed in this life, Death and Taxes, and life insurance can help with both.
Life insurance is divided into either term-life or whole life assurance . A term life assurance policy covers a selected period, generally, 10, 20, or more years, whereas the whole life assurance policy is for the entire lifetime of the policyholder. Some term life assurance policies offer the choice to be converted into an entire life assurance policy when the term expires.
Many life assurance policies do offer cash value and income-earning options also as other living benefits sort of a critical care coverage option; however, this is often not the most function of a life assurance policy. Its main function is to worry for your dependents after your death and buy end-of-life/final expenses.