Life insurance can benefit you while you’re alive and/or those who are left behind. When shopping for life insurance, consider needs such as funds to help you with a terminal or chronic illness and/or replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. Properly structured life insurance can also provide you with Tax-Free Income in retirement. When planning for those you might leave behind, a general rule is to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.
How can we help you with your planning? What are Your Goals & Concerns?
To schedule a time to discuss your financial future and the possible role of insurance or investments in your financial strategy, contact us at 559-230-1648 today! We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
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