Life Insurance, Personal and Business
What is Life Insurance?
Life Insurance is a simple answer to a very difficult question: How will my family, loved ones, or business manage financially when I die?
It’s a subject no one really wants to think about. But if someone depends on you financially, putting together an answer in the form of needed Life Insurance allows you to take control of the situation and answer that difficult question in the way you want.
Instant Monies for Your Loved Ones If You Die
There are many types of Life Insurance, but for all types the bottom line is the same; Life Insurance policies pay cash to your beneficiary (you choose; your family, friend, business) after you die, allowing loved ones to remain financially secure. Life Insurance money can be used to cover daily living expenses, mortgage payments, outstanding loans, college tuition, essential expenses, and all those little daily expenses we all incur.
The Benefit Monies Received are Tax-Free
And the death-benefit proceeds of a Life Insurance policy (the cash) are almost never subject to federal or state income taxes. The benefit you choose is the amount received in case of your death. Life Insurance can guard against the need for your loved ones to make drastic changes to future plans when you die (such as having to sell a home or business, pulling out of school, your spouse rushing back to work, etc.).
And There Can Be Living Benefits
Certain types of permanent Life Insurance feature a built-in cash-accumulation feature that can help you reach savings goals while you are living, and you are able to utilize those monies in your lifetime for needs that pop up; large emergency expenses such as a new roof, supplement to retirement income, college tuition, helping pay for long term care expenses, infusing your business with needed cash, etc.
A Promise Kept- Life insurance is for the ones who you promise to protect
Click on this 60-second video to learn how Life Insurance is always #apromisekept
I Have Life Insurance Through Work, So I Don’t Need My Own Policy, Right?
Some employers do offer Life Insurance. But it is rarely what you need, and may not contain the same protections as a Life Insurance policy you choose yourself. Consider these points:
Benefit Limitations:
Many employer-sponsored plans limit the benefit amount, for example, to 2x salary, or to a specific amount, like $100,000. That is not enough for many people.
No Protections on Policy if you Leave Employer:
Most employer-sponsored Life Insurance policies end when you leave the company. But you still need Life Insurance. Purchasing your own policy keeps the protection in place no matter a job change, company change, etc.
Plus, Most Employer-Sponsored Life Insurance Policies are Expensive!:
In theory insurance purchased as a group should cost less. The opposite is usually true for Life Insurance, as the rating is based on everyone. A majority of the time buying your own Life Insurance policy costs a lot less for similar coverage.
Stephen and Katie’s Life Insurance Story
“Although nothing can bring Katie back, the Life Insurance has afforded us to be able to keep the life that we had before she passed.”
A mutual friend with a new dog brought them together. Stephen had headed over to his friend’s house to meet the new furry member of the family. When he arrived, he saw Katie playing with the dog in the backyard.
“Katie was so outgoing,” says Stephen. “She was the nicest person you’ll ever meet.” That first meeting in their friend’s backyard led to concerts and beach outings, and over time to getting married and thinking about starting a family.
It was Katie who suggested they get Life Insurance. Stephen admits he wasn’t too happy about the idea. They were young and healthy, so he didn’t see the point. Katie, however, convinced him to sit down with their insurance professional, Rose Goheen, who walked them through the process and presented them with affordable options. They both decided to get life insurance coverage and chose policies that fit their family’s needs and budget.
When the couple welcomed Chase, they decided to reevaluate their life insurance. Given their expanding family and responsibilities, they both bought additional life insurance.
It was during her recovery from giving birth to their second child, Reid, that Katie realized something was wrong. Her doctor confirmed her suspicion that the abdominal lump she felt was something much more serious. In fact, it was an aggressive form of cancer. Katie, with the love and support of her family, valiantly fought the disease, but just over a year later it claimed this young mom’s life. She was just 30 years old.
No words can capture the devastation that Stephen and his boys felt at Katie’s loss. “It’s horrible to lose your soul mate and best friend,” he says. “But I have two boys to support, and I want them to know their dad can carry on.”
Life insurance has helped with that process. “Nothing can bring Katie back, but having life insurance meant we didn’t lose everything,” he says. “I don’t earn enough alone to afford living in our house. Life insurance has eased my financial worries on so many levels.” Thinking back to that first meeting with their insurance professional, Stephen says: “Katie was the smarter one. She knew to plan for the future—our future—with life insurance.”
Are you a Business Owner or Partner in a Business?
People buy personal Life Insurance because someone counts on them financially (a spouse or child). Your business counts on you financially in the same way.
Many business owners are the “face” of the business, and without them, the bottom line would suffer. And if you are not there to take care of all the little details, will your business suffer?
You can purchase Life Insurance with your business as the beneficiary. If you died the money would be there for the business as a ready infusion of cash to pay salaries, the lease, daily expenses, and to hire someone to take over your daily duties.
Business Life Insurance can also help business owners secure a building or business loan, or finance a buy/sell agreement between partners. You can also purchase Key Man Life insurance for employees that are crucial to your business. If they weren’t there to do their jobs your business would suffer. Key man insurance will help keep you going if you lose an important key person to your business.
Free Life Insurance Quote
Complete the form below and click on submit. We’ll send you a free quote for life insurance coverage tailored to your specific needs! You are also welcome to call us for a quote, or with your questions, at (760) 580-9311.
