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Life Insurance: More Than Just a Safety Net

| March 27, 2024

Insurance often gets a bad rap, and life insurance, in particular, may not be on the top of your list of financial priorities. However, we believe it deserves a closer look for reasons beyond just covering funeral expenses. Life insurance can offer benefits and coverage for situations you may not have considered:

  1. Supplemental Retirement Income: Certain types of permanent life insurance, such as whole life, universal, and variable life insurance policies, can provide supplemental income during retirement. If this is of interest to you, it's worth discussing with an insurance agent before making a purchase.
  2. Long-Term Care Coverage: Life insurance policies with a long-term care rider can help cover caregiving costs for aging parents or yourself. This coverage can defray expenses for assisted living, at-home care, or a nursing facility.
  3. Student Loan Repayment: If you have private student loans and your parents are cosigners, these loans become part of your estate debt. Having a life insurance policy can ensure that these loans are paid off, relieving your parents of this financial burden.
  4. Business Protection: For business owners, key person and personal life insurance are important for protecting the family and ensuring a smooth succession plan. Additionally, if you lack access to employee benefits like retirement accounts or disability insurance, other types of insurance become beneficial.
  5. Coverage for High-Risk Activities and JobsExtreme hobbyists and individuals with high-risk jobs, such as scuba divers, rock climbers, firefighters, or NASCAR drivers, should consider specialized life insurance coverage. These policies can provide additional coverage beyond traditional life insurance.

Life insurance is not just about protecting your loved ones after you're gone; it can also provide financial security and support throughout various stages of life.


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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability ofthe issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.