When you hear the words “life insurance,” you might immediately turn away from even discussing the matter. Yet, the facts are that Life Insurance can play a vital role in your financial plan. Together, let’s explore the variety of ways life insurance can benefit your plan.
Life insurance can help you secure your family’s financial future when you’re no longer around.
It can mean your family will be better prepared to continue to enjoy a quality lifestyle if tragedy strikes.
It also means your loved ones can focus on supporting each other at a time of immense grief, rather than having to worry about how they will pay bills and manage other expenses.
Life insurance can fund your legacy.
The payout from a life insurance policy can be a legacy that far outlasts your time on Earth. And it’s not only for people who want to leave a legacy to their spouse and children. A life insurance policy can change many different people’s lives, or even entire communities, after you’re gone.
Life insurance can be another piece in your portfolio.
In the right situation, a properly structured life insurance policy may provide a stream of cash that you can access at any age, at any time, for any reason — without taxes or penalty.
These types of policies might not necessarily be the best option for the average American family. For most, life insurance is a protection tool, not an investment.
However, these policies could be an under-the-radar strategy worth considering after you have maxed out other tax advantaged investment options.
One under-the-radar example to be aware of is related to the income calculation for taxability of your Social Security benefit: Did you know that cash withdrawals from a life insurance policy are excluded from the total income calculation? Yes!
This is just one of the many ways Gully Financial insights and expertise can help maximize insurance benefits in ways you may not have thought of!
What type of life insurance do you need?
Independent Financial Solutions will help you identify what to look for in selecting personal insurance that fit your circumstances and budget.
Contact us today for a no cost, no obligation review of your current policies and/or a quote.
Your family depends on your financial support to enjoy a decent standard of living, which is why insurance is especially important once you start a family. It means the people who matter most in your life may be protected from financial hardship if the unexpected happens.
None of us knows what lies around the corner. Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives.
No matter what your financial position is today, an unexpected event can see it all unravel very quickly. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward.
No amount of money can replace your health and wellbeing – or the role you play in your family. But you can at least have peace of mind knowing that if anything happened to you, your family’s financial security is assisted by insurance.
A lump sum death benefit can secure the financial future for your loved ones and protect their standard of living.
