Do you need life insurance?

Chances are that you do. Life insurance can be easy to overlook but it is a very important component to preserving your wealth and making sure that your loved ones are provided for if you pass away.

To determine whether or not you need life insurance, ask yourself who will be impacted financially when you pass away. Would your loved ones and dependents have enough resources to take care of your final expenses and replace your income? Can they afford to pay someone to provide all of the services you take care of with running a household or raising a family?

If you answer yes to any of the questions below, you likely need life insurance:

• Are you married?
• Do you have dependent family members, such as children or aged parents?
• Do you provide for someone with a disability?
• Do you own a business?
• Do you have a large estate?
• Do you have significant financial obligations such as a mortgage or other loans?

Other common reasons to have a life insurance policy include:

• Creates a tax-efficient wealth transfer strategy.
• Paying off debts.
• Providing continuing income for loved ones.
• Offsetting loss of a key person at a company (also known as Key Man insurance).

What kind of life insurance do you need and how much do you need?

Today’s insurance market is complex with an array of different insurance policies, including term life, whole life, universal life, variable life, and universal variable life. Each different policy has its own pros and cons and premium rates. Your Allen & Company Financial Advisor can help you determine which is the best policy for you and help you get the most competitive rates. Your Financial Advisor can also help you to determine survivor needs and the amount of coverage you need.

Is your current life insurance policy still the right policy?

We recommend re-evaluating your life insurance periodically, at least once every three to five years. Changes in your personal situation and lifestyle, such as marriage, divorce, the birth or adoption of a child, or purchasing a new home, can impact how much insurance you need. Your age and changes in your health can also indicate a need to re-evaluate your insurance.

Even if nothing has changed for you, insurance policies and rates change. Your Financial Advisor might be able to get you similar or better coverage at a lower premium.

Life insurance is meant to protect your loved ones you leave behind. Are the people who depend on you protected?

Contact your Allen & Company Financial Advisor today and let us help you make sure that the people who depend on you are taken care of with the best policy and right coverage for you.
 
 
Life Insurance Disclaimer

Term Life Insurance is subject to exclusions and limitations. Term Life Insurance products are underwritten by a variety of different insurance carriers.

Simplified life insurance policies are underwritten and issued by various insurance companies. Policies may not be available in all states. Certain restrictions apply. Any guarantees are based on the claims paying ability of the issuing insurance company.

Some applicants may require additional testing or be required to submit additional information. Issuance of the policy or payment of benefits may depend upon answers given in the application and the truthfulness thereof.
Allen & Company of Florida, Inc.  is a licensed agency representing and compensated by the insurer based on the amount of insurance sold.