Life insurance is an important way to protect a family or a business from financial distress after the death.

The proceeds from a life insurance policy are paid to the beneficiary on a tax-free basis that can be used for a number of purposes. Depending on the type of policy chosen, life insurance can also provide a savings component for the policyholder.

Life insurance provides financial security

The main reason people buy life insurance is to protect the people they leave behind. Life Insurance proceeds can pay major expenses such as a mortgage, car payments, college expenses, or provides for the needs of your business.

These funds can provide care for young children or aging parents that require assistance. Funds may be used to pay for help with cooking, housekeeping and child care to enable the remaining spouse to work.

Life insurance proceeds can replace income so that the policyholder’s family is less likely to have to face a major lifestyle change. Most people are underinsured.

The cost of final arrangements has become very expensive. An insurance policy can pay for funeral expenses and reduce the financial stress at this critical time.

The funds can also be invested to provide a source of income for the surviving spouse or partner in retirement.

Life insurance can assist with saving

Some types of life insurance plans have a savings component as well as provide protection if the policyholder dies. A portion of the premium can be used to fund an investment savings plan. The money grows over time and the policyholder can use the money as collateral for a loan from the insurer if he or she needs to get access to cash.

Life insurance for business Planning

 Death of a business owner, partner or key employee can be devastating to the operation of a business.  Careful advance planning can minimize operational disruptions and cash needs for this eventuality.

Let’s sit down together to understand your needs & determine your best course of action.